PTT, a state-owned oil and gas company and Energy Web Foundation an energy nonprofit is jointly developing a renewables platform based on blockchain.
On Sept 11th, according to a press release, “the parties are developing a regional solution based on the Energy Web Chain.” It will be compliant with the International Renewable Energy Certificate (I-REC) Standard and is public, “proof-of-authority” blockchain.
“It will better match demand with available supply, help corporate buyers to achieve their sustainability goals more easily, create a supplemental revenue stream for already-operating renewable energy assets, and unlock new investment in additional renewable energy throughout the region.” Worawat Pitayasiri, the senior executive vice president of innovation and digital at PTT
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“Energy producers can apply for I-REC tracking certificates from an issuer appointed by a government or trade organization. Once the tickets are submitted to a central registry, energy suppliers and purchasers can prove the renewable origin of energy by redeeming the certificates.”
Certificates are the principal way nations certify they are achieving renewable energy targets; how electric utilities certify they are reaching policy and regulatory-mandated renewable energy standards, and how corporations certify they’re meeting sustainability and renewable energy targets in their reporting, Jesse Morris, Energy Web Foundation CEO
It was reported that last year Thailand produced “about 28 million megawatt-hours (MWh) of clean electricity, while just 0.16 million I-REC MWhs were issued.” The number is expected to double by the year 2037.
The Congressional Research Service revealed a report last month that launching blockchain in the energy sector can make the whole energy system more efficient, and transparent for its consumers.