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Green Energy, Emissions, and Blockchain Technology

In: Fintech and Sustainability

Author

Listed:
  • Tony Erwin

    (J. Mack Robinson College of Business, Georgia State University)

  • Baozhong Yang

    (J. Mack Robinson College of Business, Georgia State University)

Abstract

In this chapter, we investigate and review how blockchain technology can facilitate and accelerate sustainable development by adopting renewable and clean energy and reducing greenhouse gas emissions. We first review the fundamentals and unique features of blockchain technology, such as immutability and transparency, and its applications in tackling challenging problems in a wide range of industries. We then examine the potential applications of blockchain solutions in the environmental ecosystem. We review and describe potential solutions and use cases, including secure green energy trading, green energy as digital assets, efficient tracking and reporting of CO2 and air pollution reduction, efficient tracking and reporting of sustainable energy creation, and ESG compliance methodologies and strategies. Finally, we analyze in detail a use case for the energy market, the Renewable Fuels Standard (RFS) program introduced by the Environmental Protection Agency (EPA), and propose ways in which blockchain solutions can improve the program. We consider the challenges and issues with the existing system in coping with the complicated landscape of environment protection and sustainable development, study the benefits and characteristics of blockchain-based solutions, and delineate potential challenges and opportunities going forward.

Suggested Citation

  • Tony Erwin & Baozhong Yang, 2023. "Green Energy, Emissions, and Blockchain Technology," Springer Books, in: Thomas Walker & Harry J. Turtle & Maher Kooli & Elaheh Nikbakht (ed.), Fintech and Sustainability, chapter 0, pages 29-51, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-40647-8_3
    DOI: 10.1007/978-3-031-40647-8_3
    as

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