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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Jerry I.-H. Hsiao
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DOI:10.17265/1548-6605/2018.02.002
Affiliation(s)
University of Macau, Macau SAR, China;
University of London, London, UK
ABSTRACT
The market for renewable
energy among corporations has been driven by corporate social responsibility (CSR)
objectives, continued cost reductions in renewable technologies, and more
flexible regulation. As such, corporations have signed agreements to purchase
5.4 GW of clean energy globally in 2017, up from 4.3 GW in 2016. To date, 127
companies have committed to the RE100 initiative, where signatories commit to power
100% of their electricity demand from renewable energy. Liberalized power
markets has lead companies headquartered in the U.S. (e.g., Facebook, Google,
and Apple) to become the world’s leading players in renewable power
procurement. Physical/virtual power purchase agreements (PPAs) are now the
favored tool for bringing new renewable energy onto the grid but mechanisms, such
as green tariffs, renewable energy certificates (RECs), and direct investments
also play a role. This paper focuses on REC and explores issues regarding the
verification of RECs on the market. In light of the potential fraud (e.g., double
counting) of RECs, this paper provides a forward looking proposal to eliminate
this issue via the use of blockchain technology.
KEYWORDS
blockchain, smart contract, renewable energy, REC verification
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