This paper proposes the application of a cradle-to-grave multi-pronged methodology to obtain a more realistic carbon footprint (CF) estimation of electro-intensive power electronic (EIPE) products. The literature review shows that methodologies for establishing CF have limitations in calculation or are not applied from the conception (cradle) to death (grave) of the product; therefore, this paper provides an extended methodology to overcome some limitations that can be applied in each stage during the life cycle assessment (LCA). The proposed methodology is applied in a cradle-to-grave scenario, being composed of two approaches of LCA: (1) an integrated hybrid approach based on an economic balance and (2) a standard approach based on ISO 14067 and PAS 2050 standards. The methodology is based on a multi-pronged assessment to combine conventional with hybrid techniques. The methodology was applied to a D-STATCOM prototype which contributes to the improvement of the efficiency. Results show that D-STATCOM considerably decreases CF and saves emissions taken place during the usage stage. A comparison was made between Sweden and China to establish the environmental impact of D-STATCOM in electrical networks, showing that saved emissions in the life cycle of D-STATCOM were 5.88 and 391.04 ton CO2eq in Sweden and China, respectively.