Towards Energy Transition: Use of Blockchain in Renewable Certificates to Support Sustainability Commitments

Delardas, Orestis; Giannos, Panagiotis

doi:10.3390/su15010258

Cited by 10 publications

(12 citation statements)

References 37 publications

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“…Power purchase agreement [49,56] 2% Energy contracts are between those who generate and those who will purchase the generated electricity.…”

Section: Resultsmentioning

confidence: 99%

“…Net metering [28,56] 2% Energy credits are generated on their electricity bills for the excess electricity generated.…”

Section: Resultsmentioning

confidence: 99%

“…In the economic area, the majority of papers are focused on the role of markets [54][55][56] (71%), considering the feasibility of different technologies [49][50][51] and investment (54%) [27,57,62]. The government plays a role in financing with different taxes and other incentives (13%) [9,52,53].…”

Section: Climate Changementioning

confidence: 99%

See 2 more Smart Citations

Strategic Analysis of the Renewable Electricity Transition: Power to the World without Carbon Emissions?

Thompson

2023

Energies

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This paper explores the role of electricity in the transition to renewable energy to mitigate climate change. A systematic literature review with the Scopus database identified 92 papers relevant to the renewable electricity transition. A PESTLE (Political, Economic, Sociological, Technological, Legal, and Environmental) review of the papers provided a multidisciplinary analysis. The Paris Agreement created a global movement for carbon neutrality to address the threats of climate change, calling for a transition to renewable electricity to lead the way and expand into new sectors and regions. Although smaller renewable technologies are ramping up, complexities thwarting the transition include locked-in assets, high upfront costs, variability of solar and wind energy, infrastructure, difficulty in decarbonizing transportation and industry, material resource constraints, and fossil fuel support. This research found that renewables are not replacing fossil fuels to date but adding further energy demands, so that greenhouse gas emissions rose in 2021 despite an increased renewable electricity share. Without a major shift in the trillions of dollars of subsidies and investment away from fossil fuels to renewables, catastrophic climate change is predicted. This paper found that the Paris Agreement’s commitment to net-zero carbon and the transition to renewable electricity are undermined by record-high levels of subsidies and financing for fossil fuel industry expansion. Transitioning to a climate-neutral economy requires an investment away from fossil fuels into renewable energy ecosystems. Renewable electricity provides possibilities to realize sustainable development goals, climate stabilization, job creation, a green economy, and energy security with careful planning.

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“…Power purchase agreement [49,56] 2% Energy contracts are between those who generate and those who will purchase the generated electricity.…”

Section: Resultsmentioning

confidence: 99%

“…Net metering [28,56] 2% Energy credits are generated on their electricity bills for the excess electricity generated.…”

Section: Resultsmentioning

confidence: 99%

See 1 more Smart Citation

Strategic Analysis of the Renewable Electricity Transition: Power to the World without Carbon Emissions?

Thompson

2023

Energies

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“…Few of the reviewed papers consider a combination of emission trading with electricity trading [78]. Renewable certificates [79] or renewable energy credits [80] could also be managed within blockchain frameworks.…”

Section: Review Of Blockchain Applications In the Energy Sectormentioning

confidence: 99%

Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making

Andreoulaki,

Papapostolou,

Marinakis

2024

Energies

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The blockchain has been proposed for use in various applications in the energy field. Although the blockchain has technical strengths, several obstacles affect the application of the technology in energy services. The scope of this study is to highlight and prioritise the most important barriers to such applications. The first step in this direction is specifying the potential areas of the implementation of blockchain technology in the energy sector. Two useful tools for market analysis were used: Political, Economic, Social, Technological, Legal and Environmental, PESTLE Analysis, and Strengths, Weaknesses, Opportunities and Threats, SWOT Analysis, which examine external and internal factors, respectively. Thus, a list of the most important elements hindering the incorporation of the blockchain in the energy sector was extracted. The detected barriers were classified and ranked by energy and IT experts using the multicriteria method, “Analytical Hierarchy Process for Group Decision Making”. The results reveal that legal barriers relating to the complexities of deficiencies of regulations are the most significant, while technological barriers, especially those related to security issues, are also important. Sociopolitical barriers related mainly to lack of trust in blockchain, as well as economic concerns such as high upfront costs, are less influential but should still be considered. The conclusions of the conducted research have the potential to guide market actors in their endeavours to modernise energy systems through the use of the blockchain, assisting them in designing the most appropriate market strategies.

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“…In the face of low market prices, companies basically purchase GECs or carbon credits to complete low-cost compliance [14]. However, the environmental benefits of promoting the investment and consumption of RE power generation have not been realized [36]. In short, buying GECs that do not produce additional benefits is just a kind of "smart accounting" [25].…”

Section: Theoretical Analysis Of Environmental Benefits Of Gecsmentioning

confidence: 99%

Time Limit of Environmental Benefits of Renewable Energy Power Projects—Analysis Based on Monte Carlo Simulation

Shang,

Huang,

Leng

et al. 2023

Sustainability

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The supply of green electricity certificates (GECs) exceeds the demand, leading to companies being more willing to purchase GECs to meet their emission reduction obligations. However, concerns have been raised about the environmental impact of renewable energy (RE) projects labeled as “greenwashing”. Drawing on the “additionality” theory, we developed a cost model with construction, operation, and discount rates. We utilized cost data from China’s onshore wind and photovoltaic power generation in our study. After 10,000 Monte Carlo simulations, we made the following findings: (1) The environmental benefits of RE power generation diminish over time, and the time limit for judging whether RE projects have additional costs compared with traditional thermal power should be considered; (2) The time limit for marginal environmental effects of China’s onshore wind and photovoltaic power generation is estimated to be 7.65–10.78 years and 5.44–7.25 years, respectively. The analysis methods and ideas proposed in this paper can provide reference for the development of the GEC system in China and even other countries.

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Towards Energy Transition: Use of Blockchain in Renewable Certificates to Support Sustainability Commitments

Cited by 10 publications

References 37 publications

Strategic Analysis of the Renewable Electricity Transition: Power to the World without Carbon Emissions?

Strategic Analysis of the Renewable Electricity Transition: Power to the World without Carbon Emissions?

Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making

Time Limit of Environmental Benefits of Renewable Energy Power Projects—Analysis Based on Monte Carlo Simulation

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