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STRICTs: A Blockchain-enabled Smart Emission Cap Restrictive and Carbon Permit Trading System

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  • Lu, Youshui
  • Li, Yue
  • Tang, Xiaojun
  • Cai, Bowei
  • Wang, Hua
  • Liu, Lei
  • Wan, Shaohua
  • Yu, Keping

Abstract

As the first legally binding global agreement on climate change, the Paris Agreement aims to limit long-term global warming to less than 2 °C, preferably below 1.5 °C compared to pre-industrial levels. Road transport, as one of the primary sources of energy consumption and carbon emissions, has great potential for energy conservation and emission reduction in achieving the climate goals. However, current approaches cannot efficiently reduce road travel, making it challenging to decarbonize in the transport sector. Therefore, in this paper, we propose STRICTs, a blockchain-enabled motor vehicle restrictive and trading system based on the carbon emissions cap. STRICTs allows automated carbon emission auditing and carbon emission violation punishment without relying on third-party escrow. Through a decentralized enforcer, STRICTs also enables carbon permit trading reliably and transparently. Finally, we implement a proof-of-concept prototype of the system based on Hyperledger Fabric and conduct experiments for comprehensive performance evaluation through CO2 Emission by Vehicles dataset. The experiment results show the practically affordable performance of STRICTs.

Suggested Citation

  • Lu, Youshui & Li, Yue & Tang, Xiaojun & Cai, Bowei & Wang, Hua & Liu, Lei & Wan, Shaohua & Yu, Keping, 2022. "STRICTs: A Blockchain-enabled Smart Emission Cap Restrictive and Carbon Permit Trading System," Applied Energy, Elsevier, vol. 313(C).
    • Handle: RePEc:eee:appene:v:313:y:2022:i:c:s0306261922002355
    DOI: 10.1016/j.apenergy.2022.118787
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    References listed on IDEAS

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    4. Li, Xuelian & Lu, Tinghui & Lin, Jyh-Horng & Lai, Yingkuan, 2023. "Assessing insurer green finance in response to manufacturing carbon emissions trading in a dragon-king environment: A capped barrier cap option approach," Energy Economics, Elsevier, vol. 128(C).

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