Lition Set to Play Key Role in EU 2050 Carbon Neutrality Initiative
New documentary features Lition founders sharing their vision on how blockchain can help shape our future energy system.
Earlier this year, Lition was set to play a large role in the 2020 Berlin Energy Transition Dialogue Conference, hosted and supported by the German Federal Government. Over 75 ministerial delegations and a record number of participants from Germany and around the world had been planning to attend. This included high-level policy makers, foreign energy ministers, state secretaries, climate activists and more.
Lition was chosen to be featured in an official conference event where some of these participants were scheduled to visit the Lition offices for a presentation by CEO Dr. Richard Lohwasser on the impact that blockchain can have on the energy sector.
EU Green Deal — 2050 Carbon Neutrality
EU Commission President Ursula von der Leyen was scheduled to be one of the many prestigious speakers at this year’s Berlin Energy Transition Dialogue Conference.
President von der Leyen recently spearheaded the EU Green deal, which seeks to make Europe the first climate-neutral continent by 2050. The European Commission announced that it will be budgeting at least €1 trillion of investment over the next 10 years.
The initiative targets an extensive revision of existing legislation and structures in the energy sector.
Lition founders Dr. Richard Lohwasser and Dr. Kyung-Hun Ha have always been major proponents of updating Germany’s outdated energy infrastructure.
“Today’s market structure was designed decades ago. Back then, we had a very centralized power structure. Now, twenty years fast-forward, the world has changed. A decentralized approach like blockchain could be the key to unlocking this new opportunity,” said Lition CEO Dr. Richard Lohwasser.
The Key to Truly Unleashing Blockchain
In order to update the current power structure and realize the full potential that blockchain can provide to the energy sector, revision of existing legislation is an important step.
Blockchain is already playing a large role in the energy transition, empowering citizens to choose truly green energy, reducing the emission of climate-damaging CO₂, while simultaneously providing the highest levels of efficiency, transparency, security and regulatory compliance.
Despite the progress and incredible technological advances, there’s still work to be done. In order to break free from legislative mandates to utilize “guarantees of origin”, and enable pure household to household energy trading, revision of existing legislation and structures are still necessary.
Germany, as a nation, is already making aggressive moves in the right direction. To further reinforce this movement, as part of the European Green Deal, the EU commission has announced that it will work with all Member States to ensure that current legislation and structures are revised, implemented and rigorously enforced.
Covid-19 to Accelerate Green Deal Initiatives
The European Commission recently unveiled a 750 billion euro Covid-19 economic recovery plan.
“By using the European Green Deal as our compass, we can turn the crisis of this pandemic into an opportunity to rebuild our economies differently and make them more resilient”, said President of the EU commission Ursula von der Leyen.
In order to access these recovery funds, EU members must prove their investments are aligned with the Green Deal, and its 2050 climate neutrality goal.
German Chancellor Angela Merkel recently put her support behind aligning economic recovery efforts with the EU climate target as well.
“It will be all the more important that if we set up economic stimulus programs, we must always keep a close eye on climate protection,” Merkel said, adding the focus should be laid on supporting modern technologies and renewable energies.
Berlin Energy Transition Dialogue Conference
The Federal Government was forced to cancel the 2020 Berlin Energy Transition Dialogue Conference due to the COVID-19 outbreak. However, they recently released this documentary featuring Lition founders Dr. Richard Lohwasser and Dr. Kyung-Hun Ha, as well as the founders of Grid Singularity, to discuss blockchain’s role in the energy sector and share their visions of how it can help to shape the energy system of the future.
