Energy Web (EWT) received a € 1 million grant from Google’s Impact Challenge program to harmonize low-carbon electricity markets across Europe.
Really excited about this one: with the support of @Google we will partner with utilities across Europe throughout 2021 to roll out open source @energywebx stack. Our vision = allow any device to participate in local and regional energy markets in favor of 100% green networks! pic.twitter.com/93Ug60oakm
– Jesse Morris (@ja_morris) April 13, 2021
Blockchain technology will help fight climate change
The Google Impact Challenge on Climate supports projects and startups that use technology to pave the way for a sustainable future for Europe. Europe’s leading climate-focused knowledge and innovation community, Climate-KIC, selects the winners of Google’s grant program. Rowan Barnett, Head of Google.org in EMEA and APAC, explains why Energy Web was selected:
We received an impressive number of applications for our Google.org Impact Challenge on Climate. The Energy Web project is so exciting because it has enormous transformative potential, not only for Europe, but for power grids around the world. We see the future electricity system, an intrinsically decentralized and democratized system.
The Energy Web Foundation is a Swiss-based global NGO that aims to use decentralized technology to create a low-emission energy system. With the support of Google, Energy Web wishes to provide a digital framework to coordinate the energy resources distributed through the market interface of transmission and distribution of the European electricity grid. Like Energy Web’s Press release States:
Together with mobile network operators, IoT service providers, original equipment manufacturers (OEMs) and network operators across Europe, the initiative will promote the purchasing of flexible services from in a transparent, non-discriminatory and market-based way, such as the EU’s Clean Energy Package priority.
Energy Web envisions carbon neutral crypto-mining by 2030
One as yet unresolved issue is the high power consumption of blockchain technology, particularly mining on proof-of-work chains such as Bitcoin. In collaboration with the Rocky Mountain Institute and the Alliance for Innovative Regulation, the Energy Web Foundation has assembled an initiative group called Crypto Climate Agreement by integrating CoinShares, ConsenSys, the Web3 Foundation, Ripple and the United Nations.
Together, they are working to make the energy use of the cryptocurrency industry 100% renewable by 2030. Energy Web CEO Walter Kok shares vision for neutral cryptocurrency mining in carbon:
These computers run a protocol to make sure that you can trust the result in a more decentralized way. At the highest level, if we can make sure that these services are actually running on green energy, then we have a solution. Our job is to prove that the blockchain runs on green energy.