Harnessing blockchain to boost renewable energy use in manufacturing

Image credit: GE Renewables

The Green Chain initiative combines renewable energy and blockchain technology with the aim to decarbonise industry and boost the global green agenda.

The initiative was announced at the Global Manufacturing and Industrialisation Summit 2020 (GMIS). The UN Industrial Development Organization (UNIDO) has endorsed it.

“The Green Chain initiative will crowdsource renewable energy projects that will use 4IR [fourth industrial revolution] technologies to create the outcome of a greener planet for all,” said Badr Al-Olama, Head of the GMIS Organising Committee at the launch.

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“This initiative converges the interests of governments by providing new sources of green energy, with the interests of industries that will produce green products by decarbonising their manufacturing facilities, with the interests of consumers who are able to opt for green cryptocurrencies to purchase these products.”

Mass-scale decarbonisation of industry is an essential component in reducing carbon emissions. It also delivers sustainable industrial development.

Head of the GMIS, Deputy Director General of BDI, Deputy Chief Executive Officer of DIHK, and Deputy Director General UNIDO speak at GMIS about Green Chain (credit: GMIS)

The Green Chain initiative is claimed to be inspired by Germany’s leadership in driving clean technologies and its net-zero carbon ambitions. It has the support of several German industrial organizations. Among them are the Federation of German Industries (BDI), the Mechanical Engineering Industry Association (VDMA) and the German Electrical and Electronic Manufacturers’ Association (ZVEI).

The initiative also is envisaged to advance Germany’s national hydrogen strategy. Germany considers hydrogen key to decarbonising sectors such as the steel and chemical industries and transport. Hydrogen technologies are a potential export business.

The Green Chain initiative is being shaped by a GMIS working group, comprised of representatives from UNIDO and the various German organisations.

“We need to introduce innovative technologies, including renewable energy and energy conservation technologies,” said Dr. Hiroshi Kuniyoshi, Deputy Director General of UNIDO. “Manufacturing and industry need to help the whole world by actively working on that direction and we all need to work together to achieve this.”