Blockchain Company, Swytch to Partner with South Korean City of Chuncheon to Develop Solar
Swytch tracks and verifies carbon impact of renewable energy generation
August 20, 2018
Swytch, a U.S.-based blockchain-driven clean energy company, has signed a deal with Chuncheon, the capital of Gangwon Province in South Korea, to reduce carbon emissions in the city.
Under the partnership, both organisations have agreed to jointly pursue sustainable alternatives to traditional energy sources through the development and adoption of solar energy and the implementation of the Swytch network.
“This partnership aims to address energy shortages while incentivizing infrastructure development in a city that is ready to decrease its dependence on fossil fuels. Swytch enables renewable energy investments to shift to areas that will have the biggest impact on carbon reduction, creating a more fluid energy market,” said Youngsook Park, vice president of Swytch in South Korea in a media statement.
The Swytch platform tracks and verifies the carbon impact of renewable energy generation and other sustainable actions. It uses artificial intelligence and machine learning to determine how much carbon is being displaced.
Lee Jae-Soo, mayor of Chuncheon said, “There is no doubt that growing our renewable energy dependence is a positive action. We are enthusiastic about this partnership that will decrease our carbon footprint and increase sustainable energy.”
Many other cities in South Korea have also developed partnerships with Swytch. South Korea has taken an active interest in the promotion of clean technologies, both at home and abroad. Swytch is also in talks with other cities in Asia, Europe, and the Caribbean.
The Ministry of Environment in South Korea recently issued guidelines for solar power installation amid fears about environmental damage due to natural disaster.
Recently, the Korea Power Electric Corp. (KEPCO), a South Korean state-run utility, also signed a Memorandum of Cooperation (MoC) with India’s Power Grid Corporation of India Ltd (PGCIL) for the expansion of renewable energy projects in both countries.
Earlier, Hanwha Q CELLS, a manufacturer of solar cells and modules, signed a multi-party memorandum of understanding (MoU) under to supply solar modules for rooftop solar installations atop various gas stations across South Korea.
Nitin Kabeer
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