Climate Investment Thesis

1. Green Energy Market Map
Looking for Green New Deals.
1

2. Big Picture: Finding Investments That Reduce CO2 Emissions
1. The climate crisis represents an outsized threat to humanity.
2. The climate crisis is caused by greenhouse gasses, which trap heat in the atmosphere. 76% of global
greenhouse emissions is carbon dioxide.
3. ⅓ of carbon dioxide emissions in the US is from electricity, as ⅔ of US electricity is from burning fossil
fuels. Another ⅓ of US CO2 emissions is from transportation such as freight, shipping and flights.
4. One big sector USV can invest in is companies that help move us to 100% renewable energy or become
carbon neutral to reduce or remove CO2 trapping heat in the earth’s atmosphere.
2

3. This is for SURE a network-styled market
● Electrons (similar to ISPs)
● $ (Financial Markets)
● Data networks
And so we can apply the existing thinking and theses:
Looking for USV-style networks in the green energy space
3
Core Thesis Idea Applied To Energy
Thesis 1.0 Large networks Networks of meters, buildings, EV chargers, etc.
Thesis 2.0 Less obvious network effects Energy and storage marketplaces, demand response
Thesis 2.0 Infrastructure Devices and grid are becoming programmable
Thesis 3.0 Trusted brands Carbon offsets are a high confusion market with a trust gap
Thesis 3.0 Broadening access Community solar and energy finance

4. Generally we are looking for green energy investments that:
● Fit with core thesis ideas (network effects, broadening access, building trust)
● Can grow through bottom-up adoption w/out requiring permission from gatekeepers like utilities or gov
● Are usable in single player mode but get significantly better in networked, multiplayer mode
● Are superior products to the current system, even when not accounting for their sustainability benefits
● Move bits and $ as well as e-
● Have true environmental impact
● Are capital efficient
● Have technology leverage
4

5. Focus areas that potentially seem most interesting
Category Customer Reason
Clean energy suppliers Residential,
Commercial
● It’s a software-defined network that moves bits and $ as well as e-
● There is a network effect where the more EUM, the better the company can move $ and e-
● Adoption is bottom-up
● By leading with savings and simplicity, can reach users beyond those who care about green energy
● It’s set and forget, once you have customers you have them
● It’s a low trust space with an entrypoint for a high trust brand
Virtual Power Plants Commercial ● It’s a software-defined network that moves bits and $ as well as e-
● There is a network effect where the more EUM, the better the company can move $ and e-
● The product is useful in single-player mode and powerful in multiplayer network mode
● If positioned as a savings/revenue product, can reach beyond those who care about green energy
● Large impact by going through big energy-consuming buildings
Automatic Demand Response Commercial
Residential
● Can be built in a software-only way. It’s a software-defined network that moves bits and $ as well as e-
● There is a network effect where the more EUM, the better the company can move $ and e-
● The product is useful in single-player mode and powerful in multiplayer network mode
● If positioned as a savings/revenue product, can reach beyond those who care about green energy
Group PPA Buying Commercial ● Physical same-grid PPAs are actually impactful in changing the makeup of the power grid
● Today PPAs are only accessible to large corporations because they are custom contracts
● Group PPA buying is an emerging behavior and a platform could broaden access to that
● PPAs are a growing market because of increased demand from enterprises for clean energy
Carbon Markets That Expand
Offset Supply
Consumer
Commercial
● Carbon offset purchasing is a high confusion space with an entry point for a high trust brand
● Software-based verification can increase the amount of trust and transparency
● Software-based verification lowers the cost of verifying a project, so it makes it possible for new types of carbon sequestering behaviors to
occur (such as individual farmers changing their practices)
● Voluntary offset purchasing is a growing market as more companies and individuals want to offset
● There are no gatekeepers in the voluntary offset market so new companies can lead the charge
Consumer offset subscription Consumer ● There is no clear answer for consumers how to offset their emissions, one brand could build that
● It’s set and forget, once you have customers you have them
● It’s a low trust space with an entrypoint for a high trust brand
5

6. Basic Power Flow
Renewable Energy
Generators
Wholesale
Energy Market
Day Ahead
Market
Imbalance (aka
Day Of) Market
Traditional Energy
Generators
Suppliers bid on
energy day
ahead, and
deliver it through
utility company
to buildings
Delivered
through
power grid,
run by utility
cos
Renewable energy
generators also generate
Renewable Energy
Certificates
Green energy suppliers
buy RECs to make the
energy ‘green’
Capacity Market
(aka 6 mo
ahead)
6

7. Table of Contents
Renewable Energy and Carbon Market sections refer to voluntary markets, not compliance markets.
Sector Desc Slide
Renewable Energy Market Map 8
Renewable Energy Market Overview 10
Carbon Offsets Market Map 24
Carbon Offsets Market Overview 27
EV Charging Market Map 35
EV Charging Market Overview 37
Energy Storage The beginnings of an overview 47
7

8. Renewable Energy Market Map
8

9. 1. Buying renewable power is a high-confusion market with a real opportunity to build a trusted
voice/brand
2. The grid is on a path towards greater decentralization where electricity is created everywhere and
flows of power are bidirectional.
3. There are electrons AND bits in these systems. It is about the energy transmission itself but also about
moving money and data (bits).
4. Energy storage is the holy grail for renewables and a more decentralized grid but it is prohibitively
expensive today.
5. Even in deregulated markets, utilities still have a monopoly on transmission and utilities can slow down
a process in changes to electricity flow in any grid.
6. In retail electricity, it may be beneficial to position a renewable product as a savings or convenience
product than an impact product where the product will be niche and nice-to-have.
Themes We’ve Run Across In Renewable Energy
9

10. Bi-directional
One-Way
Flow
of
Power
Behind-The-Meter
Manage the energy use of the building
Supply the building with energy
This can be in-grid or out-of-grid, in-grid is most impactful
This can be on-site generation (solar panels) or virtual (community solar)
Offset other non-renewable energy usage
This can be like a broker (3Degrees) or a two-sided marketplace (Nori)
Financing energy generation
Finance on-site energy generation such as solar and batteries
Sell Back Negawatts (Power that wasn’t used)
Sell Power Back To Grid
Power can also be sold to other buildings and vehicles (but not directly, it has to go through the grid)
This can be generated power or stored power
Electricity Markets
Markets connecting generators to energy buyers either for spot or long term power purchasing agreements
Electricity Traders
Financial players buying and selling electricity for arbitrage
10

11. US Voluntary Renewable Energy Market Overview
11

12. The price of solar and wind in US has fallen by 90%+ in 40yrs
12

13. And that is driving exponential growth in deployment
We have deployed > 1TW of clean electricity
13

14. There are many ways to buy renewable energy
25% of all renewables buying is voluntary, 75% is compliance by utilities to meet Renewable Portfolio Standards (RPS).
Commercial buying makes up 68% of $ but 4% of customers. Residential is 32% of sales but 96% of customers.
Type Description Customer Sales (MWh) Participants
Unbundled RECs Sales of unbundled RECs (just the RECs, not the
power)
Mostly commercial 51.7 M 192 K
Power Purchase Agreement Long term one-off purchasing contract with
renewable generator
Commercial 21 M 273
Competitive Suppliers Non-utility energy suppliers like Arcadia and Drift All 18 M 1.7 M
Community Choice
Aggregation
Municipality-run electricity supplier where
municipality chooses where to buy power
Mostly residential,
small commercial
8.9 M 2.7 M
Utility Green Pricing
Programs
Utility sells RECs to users through added fee on
utility bill
Residential, small
commercial
8.9 M 885 K
Utility Renewable Contracts Long term green power purchasing with utility acting
as broker of long term bilateral contract
Commercial 2.8 M 15
Community Solar Buy a piece of shared solar project Residential 80 K 4.7 K 14

15. The big growing categories are PPAs, CCAs and community
solar.
15

16. 16

17. 17

18. Power Purchase Agreements
In a physical PPA, customer pays
outright for energy.
In a financial (virtual) PPA, customer
pays for the difference between
wholesale rate generator sells on the
local grid for and guaranteed PPA
price.
Tech companies are the biggest
buyers of PPAs.
~65% of PPAs is wind power. 18

19. New Purchasing Behavior: PPA Buyer Aggregation
● Multiple purchasers pooling together to sign a PPA with the same generators.
● This is a new purchasing behavior that allows smaller buyers to participate in
PPAs, reduces transaction costs because PPAs are one-off custom contracts.
● Etsy, Akamai, and Swiss Re partnered in 2018 to buy 290 MW of renewable
energy (125 MW of wind in Illinois and 165 MW from solar in Virginia).
● This is not commonplace yet.
19

20. Community Choice Aggregation
● CCAs are opt-out not opt-in for customers
● Can only exist within an investor-owned utility
territory
● Investor-owned utility remains responsible for
transmission and distribution
● There are 97 CCAs in 5 states: California, Illinois,
Massachusetts, New York, Ohio
● In 2017, CCAs sold 8.9 million MWh of green power
to 2.7 million customers
● CCAs don’t have to procure more green power than
required by RPS
● CCAs in CA serve ~140,000 customers, compared to
~11,000 customers in MA and ~9,000 customers in IL
● Utilities don’t like CCAs, in 2010, PG&E spent $43M
lobbying against the Marin CCA
20

21. Community Solar
About 70% of community
solar projects operate in
states with virtual net
metering.
14 states + DC have VNM:
CA, CT, CO (solar only), DE
(solar only), MA, MN (solar
only), ME, MD, NH, NY
(solar only), PA, RI, VT, WI
(solar only) and DC
21

22. Utilities and monopolies: regulated vs deregulated markets
● 17 states and DC have deregulated
energy markets
● Deregulated: there is competition for
energy generation and supply, buyers
can choose their electricity supplier
● These are states where competitive
suppliers like Clean Choice Energy,
Green Mountain Energy and Drift can
play
● Physical PPAs and competitive suppliers
only work in these markets
22

23. Utilities hold a monopoly on transmission
● Even in deregulated markets, utilities have a monopoly on transmission
● Can’t setup electric wires and transmit electricity without permission of the utility
● That means that if one building generates or stores excess electricity, that
building cannot setup a cable to connect to another building and sell that building
its excess energy
● All energy sales are instead done indirectly - energy can be sold back into the
grid, but not directly to another building
● In that way, electricity is different from ISPs/cables/internet
● One exception is EV chargers, you can connect an EV charger to a building and
sell it electricity directly
23

24. Carbon Offsets Market Map
24

25. 1. Buying carbon offsets is a high confusion activity. Even knowing how much carbon you need to offset is
highly confusing. And then understanding which projects are impactful, knowing that you want carbon
removals, not offsets, where your spend is going, etc.
2. There are many ways to sequester carbon but not all of them can be verified by the big agencies today.
This is an opportunity for startups to build software-based verification mechanisms to verify new types
of projects and sell their offsets.
3. The carbon offset system is becoming bundled and more streamlined. Software-defined marketplaces
are replacing auditors, verification agencies, registries, and project planning and financing.
4. This may cause market expansion where the number of offset projects grow from today’s 2,000. There
may be opportunities for projects that serve the offset projects themselves such as equity project
financing and planning software.
5. Buying carbon offsets is a manual process without any automation (such as offset automatically every
time a book a flight ticket).
Themes We’ve Run Across In Carbon Markets
25

26. Project Developers
Farmers, organizations and project developers who build
projects and sell their offsets
Third-Party Auditors
Trusted by the verification agencies, are paid to send
people to the offset projects and verify their legitimacy
Verification Agencies & Registries
Maintain the verification protocols and often also maintain a registry of
verified projects that marketplaces source from i.e. American Carbon
Registry, The Gold Standard
Marketplaces/Retailers
List available offsets from verification agencies and allow
consumers to sell them.
Resellers
Typically consumer retail - buys offsets and resells them
Brokers/Services
Full-service agencies that help enterprises navigate the
offset-procuring process.
Traditional Stack: Lots of different players
End Buyers
End customer who buys and retires the offset.
Emerging Stack: One marketplace expands supply
and serves demand
End Buyers
All-In-One Carbon Offset Platforms
● Use data to provide project planning insights and
financing to the project developers
● Create their own verification systems/protocols
● Verify projects using software and networks
● Lend their trusted brand stamp of approval
● Sell their own offset supply on their marketplace
● Work with enterprises in a services capacity to help
them purchase offsets
Project Developers
Project Financing & Planning Software
A layer of services that supports project development,
including planning software and upfront financing
26

27. US Voluntary Carbon Offset Market Overview
27

28. 2,008 projects have issued
offsets since 2005
72% of all voluntary carbon
projects are located in the top
five project-hosting countries:
India (442), China (426), the
United States (351), Turkey
(124), and Brazil (97).
Project
Landscape
Category Description #
Energy Efficiency improving energy efficiency or switching to cleaner fuel sources. 663
Renewable
Energy
installing solar, wind, and other forms of renewable energy production. 611
Waste Disposal reducing methane emissions from landfills or wastewater, often by
collecting converting it to usable fuel.
238
Forestry / Land
Use
managing forests, soil, grasslands, and other land types to avoid
releasing carbon and/or increasing the amount of carbon the land
absorbs.
170
Household
Devices
distributing cleaner-burning stoves or water purification devices to
reduce or eliminate the need to burn wood (or other inefficient types of
energy).
161
Agriculture modifying agricultural practices to reduce emissions by switching to no-till
farming, reducing chemical fertilizer use, etc
87
Industrial
Manufacturing
modifying industrial processes to emit fewer greenhouse gases. 72
Transportation increasing access to public and/or alternative transportation (like
bicycling) and reducing emissions from private transportation like cars
and trucks.
43
28

29. But actually, there are many types of offsets,
many of which can’t be sold in markets today because there’s no verification protocol
used by a trusted verification agency
● What offsets can be sold is limited by today’s verification process.
● A verification agency must have a protocol for verifying that type of offset, and
it must be cost-effective to verify that type of offset
● There is a big market-expansion opportunity to develop a trusted verification
protocol for an unserved offset type and build a marketplace for those offsets
29

30. Voluntary offset purchasing is growing
supply purchased
30

31. Prices vary, global avg price in 2018: $2.4/tCO2
31

32. There is so much confusion in offset purchasing.
Take a simple question: how many tons of carbon does USV need to offset for our
flights in 2019?
Emissions Calculator Estimate
Blue Sky Model 36 tCO2
ICAO 38 tCO2
Myclimate 87 tCO2
Cool Climate 148 tCO2
Unclear questions in purchasing offsets:
● How many tons of carbon do I need to offset?
No standard protocol for calculating amount of offsets to
purchase
● What type of offset should I purchase?
No easy way to understand what is the most impactful way to
spend offset $.
● How much should I pay? Where does the money go?
Price is determined by compliance market, where price is set
by government. 32

33. There is warranted low trust in the quality of offsets
33
● There has been some fraud amongst offset projects who sold offsets that would have been planted/built
anyway, and for projects that emitted more carbon than they sequester (see ProPublica article)
● Some people argue that carbon offsets are less impactful than just lowering carbon emissions directly
(i.e. a power plant offsetting 10% of emissions is not as impactful as actually lowering their emissions 10%)
● Also because of carbon offsets sold in such a way where 1 ton carbon offsetted is treated the same as 1
ton carbon removed, where people in industry generally agree removing a ton of carbon from the earth’s
atmosphere is more impactful than preventing future carbon emissions and both are called carbon
offsets.

34. So many middlemen, projects often keep 30% of offset price
34

35. EV Charging Market Map
35

36. EV Charging Market Map
Hardware: Charging Points
Services: Financing and installation
Software: Single or Fleet of Chargers Services (Billing, whitelabel app, energy manager, clean energy supplier/RECs)
Hardware and Software Network: Sell chargers and create
a network of chargers.
Software Charging Network: Let EV charger owners
connect their EVs to a network of chargers
Software Energy Network: Demand Response for a network of chargers
36

37. EV Charging Market Overview
37

38. The price of battery storage has dropped 85% in 10 years.
38

39. That is enabling EVs to take off - now 2% of all new cars sold
39

40. 5m EVs worldwide, 1m in US, 1m in EU, 2m in China
● There were 5m EVs globally in
2018, up from 3m in 2017
● There are also 260m electric
scooters (as of 2018)
● EVs only avoid GHG emissions if
the electricity source is not
emitting and if the manufacturing
process is clean. This remains a
challenge.
40

41. Public charging stations growing, but not at pace of EVs
● 5.2m EV chargers globally, 540k of
which are publicly accessible.
● Fast chargers can charge in < 30
minutes, gas station experience,
144k public fast chargers globally.
● Public charger growth rate slowing,
growing 25% yoy globally, 20% yoy
in US.
● For comparison, 22k public
charging stations in the US (3.5k
are fast charging) vs 168k gas
stations.
41

42. For gas station experience, you mostly just want fast charging
DCFC (Direct Current Fast Charge)
can charge 75% of an EV battery in
30 min.
Only 16% of US public chargers are
fast chargers.
In a network of public chargers, it
matters how many fast chargers are
in network.
42

43. 3 types of EV charging connectors, not that fragmented
3 types of plug connectors (plus a 4th in China):
1. SAE Combined Charging Solution (CCS), used by US and German car companies
2. CHAdeMO connector, used by Japanese and French car companies
3. Tesla
4. GBT, only used in China
Public charging stations usually have the 2 main connectors, or they are a Tesla
station, so not too fragmented, not too many limits on where drivers can go recharge.
43

44. Lots of vertical charging networks where the network
operator owns or sells the hardware.
60% of public chargers belong to one of 4 networks
(ChargePoint, Tesla, Blink, and SemaCharge)
Consolidation is happening: the three largest networks
(ChargePoint, Electrify America, EVgo) have signed an
interoperability agreement. These networks all own or sell
the hardware.
Most networks own/operate/sell the hardware. Some
software plays too.
The charging networks require drivers to have an account
with them so drivers need to have multiple apps and cards
to access all stations.
Goal is like gas stations: standardized pumps and credit
card readers.
44

45. Software-Only Charging Networks Are Emerging Too
They don’t go through the EV charging OEM, instead the EV charge point owner adds
the charger to the network. Made possible through open protocols: Open Charge
Point Protocol (OCPP) and the Open Smart Charging Protocol (OSCP).
45

46. There is a demand response opportunity in EV charging
Software networks can aggregate EUM (energy
under management) from EV chargers and
make revenue through grid demand response
programs.
Only in deregulated energy markets.
The utility pings the demand-response provider
about current demand related events, and the
DR provider changes electricity consumption to
sell back unconsumed kW.
Additional revenue stream for the EV charger
owner. 46

47. The Beginnings Of An Energy Storage Market Overview
47

48. Storage has grown 8x in 5 years. Most of that is
driven by utilities deploying lithium-ion
batteries (the cost of which has dropped 85%
in 10 years).
US grid energy storage is growing
48

49. Pumped hydro is the most utilized, Li-ion is fastest growing
There are several existing ways to store energy:
● Pumped Hydro
● Batteries
● Compressed Air
● Flywheel
● Thermal
94% (23.6 GW) of energy stored in the US is through
pumped hydro. Then another 5% is lithium-ion batteries.
Half of US grid energy storage is owned by independent
power producers, half is owned by utilities.
49

50. Pumped-Storage Hydro (PSH)
94% of U.S. grid energy storage is from PSH (23.6 GW), 42 PSH sites in the US
High efficiency: 76-85% efficiency
How it works:
● Water is pumped to a higher elevation for storage during low-cost energy periods
● When electricity is needed, water is released back to the lower pool, generating power
through turbines
Permit and construction takes 3-5 years each, 6-10 yrs total to build a PSH project. But then PHS
plants have long lifetimes (50-60 years). Geographically limited where PSH can be built.
Largest PSH is from 1985 in Bath County, VA, supplies 3 GW of energy to 750K homes.
Geographically limited, though you don’t need a continuously flowing source of water
50

51. Batteries
Price of Lithium Ion batteries ↓ 85% in 10 years, Li-ion
now makes up 80% of US large scale battery storage
Efficiency between 60-95%, li-on batteries at 95%
How it works:
● Batteries contain 2 electrodes (anode and
cathode)
● An electrolyte lets ions flow between the two
electrodes and external wires to allow for
electrical charge to flow
Types: lead-acid (way less now), lithium-ion
(high-growth), nickel-based (less now), sodium-based
(less now), flow batteries (promising), solid state (less
flammable, more expensive than li-ion)
How flow batteries work:
● two tanks of liquids, pumped into a
reactor where they generate a
charge
cheaper than lithium ion grid scale storage
and offer longer lifespan
51

52. Compressed Air Energy Storage (CAES)
Moderately efficient: 42-55% efficiency, can be 70% if heat is retained.
How it works:
● Air is pumped into an underground hole (usually a salt cavern) when electricity is cheap
● When energy is needed, air from the underground cave is released back into the facility,
where it is heated and the expanding of the air turns a generator.
As of June 2018, there are 4 operating CAES systems in the U.S. with a combined rated power of
0.114 GW.
There are only two operating CAES facilities: one in McIntosh, Alabama (110 MW) and one in
Huntorf, Germany.
Geographically limited
52

53. Thermal
Moderately to very efficient: 50% - 90% depending on the type of thermal energy used.
How it works:
● When energy is cheap, typically rocks, salt, or water are heated and kept in insulated
environments.
● When energy is needed, the thermal energy is released by pumping cold water onto the
hot rocks, salts, or hot water in order to produce steam, which spins turbines.
53

54. Hydrogen Fuel Cells
Moderately efficient: 60% efficiency
How it works:
● Generates electricity by combining hydrogen and oxygen, produces hydrogen when
electricity is cheap, and later use that hydrogen to generate electricity
● Release no emissions (when running on pure hydrogen, the only byproduct is water)
● The process is cyclical, water produces hydrogen and oxygen and then you can use those
to do storage again
Hydrogen can be produced in one place and used in another
Hydrogen can also be produced by reforming biogas, ethanol, or hydrocarbons, a cheaper
method that emits carbon pollution
Requires platinum which is an expensive metal, so hydrogen fuel cells are expensive 54

55. Flywheels & Supercapacitors
High efficiency: between 85-87%
Used for power management rather than longer-term energy storage, not suitable for long-term
energy storage but good for load shifting / load leveling
How it works:
● Motors store energy into flywheels by accelerating their spins to very high rates (up to
50,000 rpm). The motor can later use that stored kinetic energy to generate electricity by
going into reverse
● Flywheels are commonly left in a vacuum so as to minimize air friction, which would slow
the wheel
● Supercapacitors are similar to flywheels but store power electrically (versus in flywheel
stored in kinetic energy). they store energy as a static charge. there is no chemical reaction
during charging or discharging
55

56. Liquified Air
● By cooling air down to -196 deg C it is turned into a compressed liquid, which can
be stored
● When ambient air is exposed to this liquid it re-gasifies and expands in volume
rapidly, rotating a turbine in the process
56

57. Fusion is a big part of the answer but it’s not here yet
https://continuations.com/post/190177544425/calling-all-billionaires-fund-fusion-now
57

58. Appendix
58

59. Basic Power Flow
Renewable Energy
Generators
Wholesale
Energy Market
Day Ahead
Market
Imbalance (aka
Day Of) Market
Traditional Energy
Generators
Suppliers bid on
energy day
ahead, and
deliver it through
utility company
to buildings
Delivered
through
power grid,
run by utility
cos
Renewable energy
generators also generate
Renewable Energy
Certificates
Green energy suppliers
buy RECs to make the
energy ‘green’
Capacity Market
(aka 6 mo
ahead)
59

60. Notes About Basic Power Flow Diagram
By default there is no energy storage in this system so power is generated at the same time it is consumed.
Suppliers take the lowest price energy first, but they can also do bilateral trades to make an agreement with a
specific provider (Drift for instance aggregates renewable generators and then buys from them instead of
taking the lowest price).
There are two energy markets: the day ahead market bid on energy needs the day ahead and the imbalance
market where you can buy at the time you need it, it’s to fix the “imbalances” in what was purchased in the
DAM versus what is actually needed.
Once energy is put into the grid you can’t distinguish it so there’s no way to route just the clean energy to
someone’s home, once they are in the grid, the electrons are fungible.
In some states you can choose your energy supplier, in others your utility company is your energy supplier.
New retail green energy suppliers such as Arcadia buy offsets on your behalf to offset your energy usage.
The idea is that you buy energy from the grid, and then you buy the ‘greenness’ of the energy (aka you are
subsidizing the green energy) from the renewable generators via renewable energy certificates (RECs). 60

61. How electricity works
● The power plant splits electrons from their atoms
● The electrons want to resolve themselves back into the whole atom again
● The electrons without atoms (-) move towards atoms without electrons (+)
● The grid provides a route (the wires) for the electrons to go towards their atoms
● The route is a giant loop. The electrons pass through the wires and all the
devices we put in their way.
● Electrons will take all possible routes simultaneously with preference for paths of
lower resistance, regardless of distance.
● When you turn on a light switch you have lowered the resistance so electricity
goes into the light bulb circuit and turns it on.
61

62. The potential for decentralized networks here
If there really is demand for renewable energy, then you can start to setup
incentivized bottoms-up networks to supply renewable energy generation and
renewable energy storage.
Just like how there’s demand for file storage so there can be an incentivized network
for providing that (FileCoin), if there is demand for renewable energy, people will set
up wind farms and batteries the same way people today set up Bitcoin mining rigs and
FileCoin nodes.
Having said that, this all relies on there being demand for renewable energy and that
may be much easier to achieve with regulation than with convincing businesses and
consumers to care.
62

63. Smart Meter Rollout In US
63

64. Smart wifi-enabled thermostats in the US
64

65. Parts of the world that have carbon pricing (April 2019)
65

66. Renewable Portfolio Standards
● Mandated % of utility’s energy that must come from green power
● 29 states have RPS
● 21 states and DC’s RPS include carve outs (requirement for specific type of
green energy) or credit multipliers (a specific type of green energy counts for
more units)
● 20 states and DC have cost caps for RPS to not raise prices for consumers
66