Blockchain-Based Joint Incentive Mechanism for Tradable Green Certificate and Carbon Trading Market

doi:10.12204/j.issn.1000-7229.2022.06.003

Abstract

Abstract:

The current trading system for renewable energy is immature. The green certificate system has not performed well in encouraging the integration of renewable energy into the grid and alleviating the pressure of financial subsidies. The current carbon market has no obvious effect on promoting emission reduction. In order to solve the above problems, this paper proposes a joint incentive mechanism for green certificates and carbon trading market applying blockchain. The decentralization, openness and transparency of blockchain are used to combine with the renewable energy trading market to make the renewable energy market more transparent and convenient and safety. In order to motivate market entities who contribute to emission reduction, the consensus algorithm in blockchain is studied, and a PoCT consensus algorithm suitable for consortium blockchain is proposed to encourage market entities to participate in the transaction of renewable energy products, while solving traditional N@S attack problem in the PoS consensus mechanism and the fairness of reward distribution. Simulation results show that PoCT can effectively incentivize renewable energy trading with high efficiency.

Key words: blockchain, consensus algorithm, tradable green certificate, renewable portfolio standard (RPS), carbon trading

CLC Number:

TM734

YANG Xue, JIN Xiaojun, WANG Haiyang, WEI Yifei. Blockchain-Based Joint Incentive Mechanism for Tradable Green Certificate and Carbon Trading Market[J]. ELECTRIC POWER CONSTRUCTION, 2022, 43(6): 24-33.

Figures/Tables 8

Fig.1 Blockchain-based trading system for renewable energy products

Fig.2 The consensus process of an epoch of PoCT

Fig.3 PoCT stake analysis

Fig.4 Comparison of the numbers of block-produce times of the four algorithm nodes

Fig.5 Comparison of delays between PoCT and PBFT

Fig.6 Comparison of TPS between BFT-PoS and PBFT

Fig.7 Comparison of delays between PoCT and PBFT under different μ

Fig.8 Comparison of TPS between PoCT and PBFT under different μ

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