China to Use Blockchain Technology to Distribute Green Energy
China’s National Development and Reforms Commission (NDRC), this past week, has introduced a scheme for green power transactions between consumers and renewable energy generators to promote the usage of green energy in the country.
In recent years, China has been leading the charts for the largest emitter of greenhouse gases in the world. In 2019, China emitted 52 megatons of CO2 and other greenhouse gases which were the most by any country in the world. This pollution has led the Chinese Ministry of Health to declare cancer, the main cause of death. Every year, and pollution kills hundreds of thousands of people in China and only 1% of the pollution of China breathes air that is considered safe.
The introduced program will be conducted by Beijing Power Exchange Center and the Guangzhou Power Exchange Center who will set up renewable energy exchange centers in their respective cities. Furthermore, State Grid and China Southern Power Grid will be assisting to distribute this power to the consumers.
The scheme will allow people to purchase renewable energy such as solar and wind. It will further expand to energy such as hydro and others in the coming years once the needs are too much to be sustained by solar and wind energy.
The transactions made will be completed with the help of technology offered by Blockchain. Blockchain will help in making green power transactions more accurate, more efficient, and more reliable. Wang Dong, head of State Grid Blockchain Technology (Beijing) said, “Aside from greatly optimizing trading procedures, reducing costs and enhancing efficiency, these technologies could effectively rule out risks of errors.”. “New technologies such as Blockchain can help to thoroughly record information on green power production, transactions, consumption, and other procedures,” the commission said.
Blockchain technology is a system that stores information digitally in blocks that are encrypted which does not allow any kind of stealing of data.
As of now, 22 enterprises have shown their interests in this program, according to Shi Lianjun, general manager of Beijing Power Exchange Centre. Policymakers are confident that the introduced scheme will be a success as companies and the general public of China have expressed their interest in consuming the green power even if they have to pay slightly more.
The scheme is predicted to reach 20-30 billion KWh energy by the next year. And according to Li Ting, managing director of Rocky Mountain Institute’s Beijing office, it seems it might hit 1.44 trillion KWh energy by the year 2050.
The proposed plan will also help China in achieving its climate goals. China's President Xi Jinping has said the country is aiming for its emissions to reach the highest levels in 2030. They also plan to reach zero carbon emissions by the year 2060. It is now believed that the current enrolling of the plans will help China achieve its environmental goal of achieving zero-emission as early as 2050.
”China is already leading the global energy transition,” says Yue Cao of the Overseas Development Institute. “One of the reasons we are able to deploy cheaper and cheaper green technology in China.”. China is also currently topping the charts in the world in the solar power production.
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