The blockchain in the renewable energy sector: a tool for sustainability promotion

Abstract

Energy transition and companies’ commitment to sustainability can be supported by integrating innovative technologies into the renewable energy (RE) sector. Blockchain technology (BT) represents one such technology. This paper explores how BT can support RE consumption as an answer to energy sector companies’ technological, transparency and traceability needs. We conducted a literature review on blockchain’s ability to adapt to the energy sector, focusing on RE applications. In addition, we qualitatively analysed two projects pursued by energy sector companies in Europe. Although there is an abundance of research on the application of BT in the energy sector, there are only a few operational studies on this theme. Therefore, we combined the theoretical analysis with an exploration of the practical application of BT in two actual developments that highlight its positive implications for the transition to RE. BT applications for RE are at an early stage and require time for development. The analysis invites interactions among academics, energy sector operators and legislators. The findings contribute to facilitate the RE adoption and greenhouse gas emissions reduction in compliance with 2030 and 2050 goals.