Making the switch to green energy is important for ensuring the future safety and security of billions of people around the world. For this reason, we need to do more than talk about going green, we must demand it! With advancements in technology, green energy is becoming a viable solution to our problem with fossil fuels and other forms of dirty energy.
This improved technology has allowed many countries around the world to access green energy at rates competitive with their current dirty energy sources. The trigger for renewable energy expansion happened when the cost of oil has reached $141 per barrel forced us to look for cheaper sources of effectively harnessing renewable energy. Thanks to this, renewable energy now accounts for 24% of all energy produced globally.
However, we are significantly lacking in our action plan to stopping climate change. Our CO2 emission levels are on the rise and temperatures are steadily increasing, which will cause most countries to face significant problems down the road.
One of the biggest obstacles in the way of wide-scale renewable adoption is investment levels. A couple years ago, projects were mostly supported by subsidies. The problem with this is that subsidies are never a sustainable solution for reaching a long-term objective. With that said, they did help to create a short-term boost in investment through bank financing and investor who viewed renewables as a safe investment that is backed by the government.
As the subsidies decreased over time, renewable energy developers went where their energy can be produced at the market price. While this looked like a great opportunity for industry producers to enter into new projects, the banks happened to view these projects differently.
Bank lending plunged from 80:20 to 50:50 for projects developed at the market price, meaning that huge amounts of financing that should have come from other sources disappeared. This had a major effect on the industry by reducing the opportunity for greater involvement of the general public, which can only be remedied through enabling direct investments and greater inclusivity all green energy projects.
Accountability and transparency
When talking about efficient energy, you must always start with a smart meter that provides you a reference point. In the case of emissions, the same concept applies but gives much more benefits — not just to the person who has the meter, but to the community as a whole. We each contribute to emissions, and the cumulative result is very important as it affects all of us.
For us to really make a change, we need to take action. We must know how everyone can contribute to reducing emissions.
Like I mentioned at the start of the article, renewable energy has reached 24%. While this is great news, it also means that there is simply no way we can be 100% green while relying on traditional energy suppliers and generators. The only way that we will be able to move into a fully green society is if people demand green energy, and demand that the access be to the people and not in the hands of big companies.
The challenge that we are currently faced with is coming up with ways to supply more green energy without extensively changing the way it is produced. And this challenge has caused a lot of problems in the past as some countries were actually fined for manipulating data.
To solve this problem, we need high transparency; but the only way we’re going to get this is through blockchain technology. Public ledger serves as a great mechanism for transparent energy trade, and proof of production, consumption, and greater accountability for the industry as a whole can be achieved by blockchain cutting out the possibility of data manipulation. This manipulation is a problem across the world, which is why when our proposal was immediately accepted as soon as we approached the Ministry of Energy in Lithuania.
Why use blockchain?
Of course, if we only talk about domestic trades, then an open database is probably the best solution. However, for international trade, we need something that is a bit more inclusive and dependable — hence the reason we have embraced blockchain technology. We see it as an excellent opportunity make emission accountability a top priority in the international community so that we can move forward together in a renewable future.
You will find that there are many companies out there that claim to become 100% renewable over time, but few have proof or proper credentials. WePower creates tools required to take the next step in energy market evolution, but in a fully transparent way. Its transparent and accessible platform provides the necessary tools for the general public to be able to invest and trade in green energy, unlock the value from direct interaction with producers through smart contracts.
Anyone who wants to be 100% renewable has an option to do so!
Let’s change the way energy is done today!
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