Energy efficiency is the area with the greatest potential to reduce the greenhouse gases emissions that cause climate change. Considered together with conservation and rational use of energy actions, the range of opportunities for climate change mitigation is broadened to include the common people in the global effort against this threat. The value of these actions are measured in terms of reducing GHG emissions in an effective way when they meet minimum criteria of confidence in terms of adequate Measurement, Reporting and Verification; this is a framework better known internationally as MRV. In order to fulfill these exigencies, this research considered the new software technology known as blockchain or distributed ledger technology (DLT), which made its first appearance with the invention of cryptocurrencies. Blockchain could transform the current Internet of Information towards the Internet of Value. Many developments of virtual currencies today are linked to renewable energy production, reforestation projects and other climate change-related environmental benefits. This research analyzed elements that must be considered when designing standards for energy efficiency’s MRV using DLT in a way that could support the issuance of digital assets through a rewards system such as a cryptocurrency for energy savings.
Central University of Venezuela
Leopoldo Molina is PhD candidate from the Central University of Venezuela (UCV) on Development Studies Doctoral Program. His area of research is blockchain and energy and is studying the benefits and threats of using blockchain developments for the follow up and accomplish of Sustainable Development Goals of the 2030 Agenda. Electrical engineer from Simón Bolívar University and Master in Finance from IESA Institute in Caracas, Venezuela, he is an enthusiast of cryptoeconomy and is working on the development of a cryptocurrency backed on energy savings achieved by the people, in an effort to bring the traditional-and-very-institutional carbon markets to the household and office levels. Currently he is based in USA.