Major Singapore utility SP Group has launched a blockchain-powered renewable energy certificate marketplace, which is amongst the first of its kind worldwide. The platform allows local and international bodies of any size and in any location to trade in RECs related to a range of renewable energy sources.
Other than power trading, there are three major use cases for blockchain to impact the grid — grid security and generation balancing, infrastructure and microgrid financing, and a new REC. The following is a viewpoint by Kevin Stevens, partner at Intelis Capital, an early-stage venture capital firm investing in the digitization of analog industries.
The International Renewable Energy Agency wants to unlock the PV potential of the Asia-Pacific region with technical and planning support. It says a better flow of knowledge is needed to close the gap on a regional aim of generating 23% of energy from renewables by 2025.
Insufficient regulation and fossil fuel subsidies are holding back Southeast Asia’s transition to a low carbon economy. Government, business and civil society leaders across the region said the absence of tougher regulations around environmental standards was the biggest obstacle to their country adopting low carbon policies and abandoning old models of economic growth.
The energy sector in Asia is on the brink of a complete overhaul. According to the latest projections, Asia is set to receive almost 50% of the $11.4 trillion that will be invested in new power generation capacity until 2050. Considering the rising concerns surrounding climate change, renewables will become a centerpiece of the region’s energy transformation. Only one technology is equipped to unlock their full potential: blockchain.
The tipping point, where the world shifts from oil and gas to renewables, will be the year 2035, says Wood Mackenzie. This is when renewables and electric-based technologies converge, with around 20% of global power needs being met by solar or wind, and roughly 20% of miles traveled by cars, trucks, buses and bikes using electricity. Will the transition come soon enough, however?
Energy is at the root of modern economies and is vital to the Fourth Industrial Revolution and the Internet of Things. The challenge for policymakers is to craft policy frameworks that enable the three critical goals of energy security, environmental sustainability, and affordability and access while the energy sector undergoes a fundamental transition.
The cost of solar energy is dropping faster than anyone expected and installations of it are skyrocketing. If this exponential growth continues, with solar and other renewables wiping out coal usage while accelerating the transition to electric vehicles, it’s conceivable greenhouse gas emissions could begin plummeting at rates needed to avoid the worst-case impacts of climate change.