Applications of blockchain technology in peer-to-peer energy markets and green hydrogen supply chains: a topical review.

Countries all over the world are shifting from conventional and fossil fuel-based energy systems to more sustainable energy systems (renewable energy-based systems). To effectively integrate renewable sources of energy, multi-directional power flow and control are required, and to facilitate this multi-directional power flow, peer-to-peer (P2P) trading is employed. For a safe, secure, and reliable P2P trading system, a secure communication gateway and a cryptographically secure data storage mechanism are required. This paper explores the uses of blockchain (BC) in renewable energy (RE) integration into the grid. We shed light on four primary areas: P2P energy trading, the green hydrogen supply chain, demand response (DR) programmes, and the tracking of RE certificates (RECs). In addition, we investigate how BC can address the existing challenges in these domains and overcome these hurdles to realise a decentralised energy ecosystem. The main purpose of this paper is to provide an understanding of how BC technology can act as a catalyst for a multi-directional energy flow, ultimately revolutionising the way energy is generated, managed, and consumed.

Double Counting of Emission Reductions Undermines the Credibility of Corporate Mitigation Claims.

Companies are increasingly relying on emission reductions attributable to their adoption of renewable electricity to achieve net-zero emission targets. However, there is a risk of double counting of emission reductions threatening the credibility of corporate climate actions due to defective accounting rules of GHG emissions related to electricity consumption and the overlap between different market-based instruments, including carbon credit markets, renewable power purchase agreements, and renewable energy certificates. Using data of 63 major Chinese companies in seven sectors, we quantitatively assess the risks of double counting related to corporate sourcing of renewables and their consequent influences on the alignment of corporate emission trajectories with the 1.5 °C goal of the Paris Agreement. Results show that 7.1% of the electricity consumed by sample companies in 2021 was from renewable energy procurement and deployment, with which they reported 8.27 Mt of CO2e emission reductions compared to the scenario with no renewable electricity consumption. However, emission reductions that could be double counted are predicted to be 0.9-1.3 times as many as emission reductions that companies will report during 2021-2030. After adjustment of the reported emissions that might be underestimated due to double counting, the overall emission trajectories of sample companies are no longer aligned with the 1.5 °C goal. Our findings suggest that it is urgently needed to improve the corporate carbon accounting rules and increase the transparency of corporate carbon disclosures.

Impacts of renewable electricity standard and Renewable Energy Certificates on renewable energy investments and carbon emissions.

Accelerating the development of renewable energy is seen as an effective way for achieving the goals of carbon peak and carbon neutrality. The polices of Renewable Electricity Standard (RES) and Renewable Energy Certificates (REC) play increasing and important roles in developing renewable energy. In this paper, we develop an analytical model to analyze the impacts of the interaction of RES and REC polices on the renewable energy investment levels of an electricity generation firm and the carbon emissions. Our analysis reveals several interesting insights. First, we find that the green tags price under REC policy has a non-monotonic effect on the renewable energy investment, which highly depends on the quota (i.e., the required percentage of renewable electricity consumption on total electricity consumption) under the RES policy. Specifically, when the quota in RES policy is set too high, an increase in the green tags price will increase renewable energy investment; otherwise it will reduce the electricity generation firm's incentive to invest in renewable energy. Second, we show that the green tags price also has a non-monotonic effect on the carbon emissions. Specifically, when the quota in RES policy is set small enough, an increase in the green tags price will decrease the carbon emission. However, when the quota in RES policy is high enough, an increase in the green tags price will increase the carbon emission.