Both are ways to measure environmental impacts. Carbon footprinting tells you the carbon impact your product has throughout its life cycle. The process measures the effect of greenhouse gases (GHGs) caused by your product or organisation on the Earth’s climate but only focuses on its contribution to global warming potential.
Life cycle assessments (LCA) typically also measure the carbon footprint but they also cover a much broader range of environmental impacts caused by your product or organisation by considering over 15 impact categories that potentially affect human health, ecosystems, and the Earth’s resources.