- China will use blockchain to certify green power and connect electricity data with carbon accounting
- A unified power market aims to boost renewable trading and remove regional barriers by 2030.
- Green certificates will serve as proof of clean energy use and support carbon tracking nationwide
China announced plans to use blockchain technology for certifying green electricity production and consumption. The State Council released a proposal outlining a comprehensive approach to track renewable energy.
The framework seeks to strengthen the traceability of green electricity usage across the nation. Officials also plan to explore ways to include green certificates in carbon emission accounting.
Blockchain Takes Center Stage in Energy Reform
The Chinese government document details blockchain as a key technology for the initiative. Full-chain certification will cover both the production and consumption of green electricity.
This marks a step toward transparency in China’s energy sector. The proposal comes as part of broader electricity market reforms scheduled through 2035.
According to the State Council document, the system will accelerate the establishment of green certificate consumption mechanisms. The plan combines mandatory and voluntary consumption requirements.
Blockchain technology will ensure data integrity throughout the certification process. Power generation and consumption parties can sign medium and long-term green certificate purchase agreements.
Market-Based Trading to Dominate by 2030
China targets market-based trading for approximately 70% of total electricity consumption by 2030.
The unified national electricity market system will include all power sources and users. Inter-provincial and regional trading will integrate with local markets. Spot markets will operate fully with unified rules and technical standards.
The framework promotes green electricity trading through various models. Multi-year trading contracts and aggregated trading options will expand.
New energy priority power generation plans can proceed through green electricity trading. The government encourages agricultural and forestry biomass projects to join voluntary greenhouse gas emission reduction markets.
Green Certificate System Gets Major Upgrade
The proposal improves the nationally unified green certificate market significantly. Green certificates serve as basic credentials for renewable energy electricity identification.
Officials will strengthen price monitoring to keep green certificate prices at reasonable levels. The system expands green electricity consumption scale across participating entities.
China plans to establish a green electricity consumption certification mechanism soon. Technologies, including blockchain, will conduct full verification of production and consumption chains.
The government continues strengthening traceability of green electricity consumption. Feasible pathways to incorporate green certificates into carbon emission accounting remain under study.
International Standards in Sight
The State Council document highlights plans to improve green electricity standard systems. China seeks stronger international communication regarding green certificate applications.
The nation aims to transform domestic green electricity consumption standards into international benchmarks. This move could influence global renewable energy tracking practices.
The framework establishes capacity markets to support reliable power sources. Coal-fired power, pumped storage, and new energy storage will receive capacity pricing mechanisms.
Market-based means ensure long-term sufficient reliable capacity across the system. The government promotes equal participation of all business entities in electricity markets.
New types of business entities can participate flexibly in electricity markets. Virtual power plants, smart microgrids, and adjustable loads gain market access.
These entities must share transmission costs, system regulation duties, and social responsibilities fairly. The proposal ensures they pay the required government funds and surcharges.
China emphasizes unified electricity market rules throughout the system. Local governments will formulate implementation rules according to regional conditions.
The National Development and Reform Commission and National Energy Administration will coordinate the initiative. Major developments require timely reporting through proper procedures.
The blockchain-powered green electricity certification represents China’s commitment to renewable energy transparency. Market participants await implementation details as the 2030 deadline approaches.
Source: https://www.livebitcoinnews.com/china-plans-blockchain-system-to-certify-green-electricity-and-emissions/
