Transforming Climate Finance & Green Investment with Blockchains (July 2018)
Transforming Climate Finance and Green Investment with Blockchains is the world’s first book exploring the vital role blockchain technology can play in fighting climate change. It was published by the Academic Press on 2 July 2018.
Blockchain is a distributed ledger technology that records information on multiple different computers at once in a way that ensures both incorruptibility and transparency. It has the potential to revolutionise currency, government, and corporations -and the climate as well, through facilitating renewable energy grids, accelerating international climate finance, and empowering consumers to make climate-conscious decisions. It can cut bureaucracy and create the trust and verification necessary for effective climate investment.
A collaboration of over 40 climate and blockchain experts from more than 20 countries, Transforming Climate Finance and Green Investment with Blockchains may be the world 's first book to explore the ways in which this revolutionary 'trust machine' can scale and speed up international climate finance flows so important to our planet's survival.
The book aims to fill the gap in understanding this transformative technology and delve into the multiple use cases across the spectrum of climate action. Chapters include blockchain applications in renewable energy smart grids, climate finance transfers, clean technology transfers, carbon markets, the enforcement of green finance regulations, and much more.
Can Blockchain Soften a Potential ‘Hard Brexit’ for the UK Renewable Energy Market?
“Brexit means Brexit” was a famous tagline of the British Prime Minister Theresa May when she started campaigning to take over Number 10 on 11 July 2016. In the final weeks before her departure, Mrs. May also committed the UK to net-zero carbon emissions by 2050 by amending the Climate Change Act. The combination of Brexit and the 2050 emissions target are oblique nods to the desire for greater ‘energy sovereignty’ in a post-Brexit energy market.
Currently, the UK imports electricity from EU-27 countries, predominantly France, Ireland and the Netherlands. Connecting the UK grid with these countries are four international electricity cables, known as ‘interconnectors’, which have a capacity of 4 gigawatts (GW) and provide approximately 6%-10% of Britain’s total power supply. With 11 new interconnectors linking the UK and other European countries, including Denmark, Germany and Belgium, being contracted or planned, this percentage is expected to climb above 20% by 2025.
No matter if Brexit is ‘soft’ or ‘hard’, changes to such connections with continental Europe will be inevitable. Brexit poses a lurking risk to (renewable) energy trading across borders, as the Single Electricity Market cannot continue as it is. It is nigh impossible for the UK to meet its 2050 emissions target (even the UK chooses to abandon the EU’s 2030 renewable energy target of 32% after Brexit) without the interconnectors transmitting power generated by renewables, albeit intermittently.