THE INTEGRATION OF SMART GRID TECHNOLOGY WITH CARBON CREDIT TRADING SYSTEMS: BENEFITS, CHALLENGES, AND FUTURE DIRECTIONS

Authors

  • Afor Avwioroko Consultant, PwC, Nigeria

DOI:

https://doi.org/10.51594/estj.v4i2.1287

Abstract

The integration of smart grid technology with carbon credit trading systems offers a promising path to improve the grid efficiency and stability and reduce greenhouse gas emissions. This paper examines the possible interoperability of smart grid technology and carbon credit trading systems. Smart grid technology, characterized by its advanced monitoring, control, and optimization capabilities, offers the foundation for real-time data collection and analysis. On the other hand, carbon credit trading systems create financial incentives for reducing emissions. By combining these two systems, Nigeria can improve grid stability and increase the adoption of renewable energy sources, accelerating the transition to cleaner energy. Additionally, this paper discusses challenges that could hamper the successful integration of smart grid and carbon credit systems such as data security, regulatory compliance, and technological infrastructure requirements. Using case studies and examples, this paper examines the successful implementation of an integrated smart grid and carbon credit trading system, sharing valuable lessons learned and best practices. The paper also highlights the potential for advancements in technology and policy frameworks to promote wider adoption of these integrated systems..

Keywords: Integration, Smart Grid Technology, Carbon, Credit, Trading Systems.

Published

2023-06-30

How to Cite

Afor Avwioroko. (2023). THE INTEGRATION OF SMART GRID TECHNOLOGY WITH CARBON CREDIT TRADING SYSTEMS: BENEFITS, CHALLENGES, AND FUTURE DIRECTIONS. Engineering Science & Technology Journal, 4(2), 33-45. https://doi.org/10.51594/estj.v4i2.1287

Issue

Section

Articles