Blockchain for Energy Management

Objective:

This Proposed Initiative helps to examine how Climate Education focusing on Blockchain for Energy Management can reach out to a myriad of energy engineering students both secondary and undergraduates and other individuals building skills in the renewable energy sector can understand the role Blockchain plays in energy management.

Introduction:

The advent of Blockchain Technology or Distributed Ledger Technology has generated a lot of applications and adoptions and has sparked up innovations that seek to build on the blockchain foundation to solve human problems. One such innovation is the Green blockchain solutions which would be a nonofficial description of blockchain innovations for the environment, energy distribution, and climate conservation. These innovations have become popular in the blockchain ecosystem and have attracted investments and efforts for their widespread implementation. However, for more appreciation of the utilities of blockchain technology in the environmental sector and Green ecosystem, an understanding of blockchain technology, how it works and its infrastructure is pivotal. Therefore, this initiative and capacity building to be held would give an exposition that would bridge the gap between blockchain technology and its application to energy distribution and management,  climate conservation, and the carbon crediting system

“As more and more companies recognize how blockchains, smart contracts, and oracles can advance climate change initiatives, we’ll begin to see a trend that will only grow with time until it becomes an industry norm,” a Chainlink Labs spokesperson told Blockworks. 

Among the use cases outlined in the report are tokenized carbon credits, which companies buy to offset emissions. By storing carbon credits as digital tokens, the thinking goes, the tokens can be more easily tracked and traded, and oracles can then issue and audit them.

Benefits of the Capacity Building Session

Participants would gain exposure to how;

1. Oracles can use satellite and remote sensing data to measure the carbon sequestration in a certain region to verify a project’s stated carbon offset before issuing a credit.

2. Hybrid smart contract system Hyphen, for example, uses Chainlink oracles to bring verified greenhouse gas data on-chain and prove stated corporate climate commitments.

3. Like the tokenization of carbon credits, climate bonds and green bonds — fixed-income instruments that raise money for environmental projects — can also be tokenized on blockchains.

4. Individuals could also be incentivized to reduce emissions through rewards programs. Consumers could be compensated with crypto or NFTs in exchange for meeting the requirements of a smart contract designed to minimize their carbon footprint.

OPERATIONAL PLANS: 

• The Activity would last 3 months. (First Month for Capacity Building sessions, Second and Third Months for Project implementation)

• The Capacity sessions would be held via Zoom, thrice a week with seasoned guest experts.

• 4 Assignments (Personal Research on the Topic, Test, Personal Project, and Team Project)

• Courses- We will email Daily Digest each day for  each week's topic (Reading materials or Videos)

TEAM: 

• Chizoba Nzeakor: 

Chizoba Nzeakor is recognised as a future leader, by the Aspen Institute is a Climate and Clean Energy Professional, an MBA candidate at Quantic Business School, Founder and CEO Climate Technology Solutions, Zoba Advisory and Caroline Raphael Events, Fellow at Student Energy and UN-SDSN Local Pathways fellow. She is a renewable energy enthusiast, a sustainable waste manager, an event planner,project manager, climate and clean energy advocate. A member of YOUNGO, SDG 7 youth Constituency, The commonwealth sustainable energy youth transition And have been Awarded a Climate Champion and Recognized as an Innovator by UNSDSN-Nigeria.

• Shalom Iboh: 

Shalom Iboh is a Chemical Engineer, a renewable energy professional, and a climate advocate. She is enrolled as a member of the Climate Vine community, Chatham House, Commonwealth Sustainable Energy Transition, and as a stakeholder with REAN. She works with renewable energy companies to provide solar-home solutions to clients. She leads Renew Watts Technologies in designing technological solutions and climate initiatives to empower youth and women. She has built a track record of excellence as she emerged among the top 10 most outstanding fellows during the Africa Fellowship for Young Energy Leaders and the top 5 fellows during the Student Energy fellowship. She bagged a Climate Ambassador Award during the Climate Leadership fellowship. She envisions solving the global climate crisis via clean energy systems. She is a registered graduate member of the Nigerian Society of Engineers, the Nigerian Society of Chemical Engineers, and the Association of Professionals Women Engineers of Nigeria. She is also affiliated with YOUNGO, SDG 7 YC, MGCY, and Masdar City’s WiSER Pioneer (Published White Paper).

• Favour Brodrick: 

Favour Brodrick is a Mechanical Engineering Professional and a Global Youth Ambassador at Theirworld, Charity Organization that Aims to Resolve Global Educational Cris, He volunteers with a lot of organizations including the UN international federation of Youths, UN1FY the youth coalition of the World Metrological Organization. 

• Idara Effiong: 

Idara Effiong is a certified Data Analyst who has a deep understanding of the challenges facing the community and the environment, and his ability to design and implement sustainable solutions has been truly impressive. He is a master at understanding complex systems and finding ways to improve them. He is also an expert in using technology to drive social and environmental impact, and his ability to leverage technology to drive positive change is truly remarkable. In addition to his technical skills, Idara is an excellent communicator and collaborator. He is able to build strong relationships with both internal and external stakeholders and is able to bring people together.