The saving of CO2 emissions, produced by the replacement of diesel with green energy in farms, will be sold in the emissions market thanks to Blockchain. Greenb2e green energy consultancy and engineering accounts for the emissions savings of small farms, and Bankia tokens them (digital tokens of a Blockchain) so they can be sold in the CO2 Emissions market. The solution will be in this year.
Farmers are replacing diesel engines for water extraction from wells for irrigation use, with solar panel installations. They are autonomous self-consumption facilities, without connection to the electricity grid. Greenb2e makes the change, especially in the community of Castilla La Mancha, has more solar radiation than others. The savings are huge. A small installation of 17 Kw to irrigate vineyards that runs from June to October, can save about 30 tons of CO2 annually.
Greenb2e has developed a methodology to convert the Kwh generated by photovoltaic panels into avoided CO2 emissions. Issues certificates with the CO2 avoided from each installation. Then, the certificates are digitized and homogenized with Blockchain technology, guaranteeing their traceability.
“We monitor the energy of solar installations from the control platform of the Greenb2e plant in Valencia, and measure the CO2 savings produced by the change,” says Miguel Pelegero, director of business development at Grupo Green, the parent company of Greenb2e . With these data, they have made a kind of “bank” of the emission savings of agricultural green facilities, to sell them in the emission rights market. There are thousands of certificates of diverse amounts and provenances. "Thanks to Blockchain we can homogenize them, and group them to sell them in the secondary CO2 market," explains Verónica Rodriguez, General Director of Grupo Green.
Greenb2e has gone hand in hand with Bankia to convert verified emission reductions (carbon credits) into easily interchangeable digital securities (tokens). "They can be marketed and acquired by companies and / or individuals who wish, for example, to compensate for their carbon footprint," argues a Bankia spokesperson. The conversion of CO2 savings certificates into tokens is done on the Bankmin blockchain Stockmind platform.
The project has been developed in the incubator of the financial entity for fintech projects. In addition, Bankia has provided a specific loan to farmers, to encourage the replacement of diesel engines with solar panels.
Bankia's spokesman indicates that "the exploitation of the information collected in the system allows for a national accounting system for the environmental impact of diffuse sectors."
