Towards net zero: Comprehensive approach for voluntary carbon trading among microgrids
In the context of growing focus over climate changes and promoting sustainability across a various range of fields, microgrids can play a significant role in global decarbonization endeavors, contributing to carbon neutrality and ultimately attaining net-zero emissions in the energy sector. The obje...
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| Format: | Article |
| Language: | English |
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Elsevier
2024-10-01
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| Series: | Heliyon |
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| Online Access: | http://www.sciencedirect.com/science/article/pii/S2405844024151377 |
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| _version_ | 1846170137039732736 |
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| author | Ayoub Zerka Mohammed Ouassaid Mohamed Maaroufi Reda Rabeh |
| author_facet | Ayoub Zerka Mohammed Ouassaid Mohamed Maaroufi Reda Rabeh |
| author_sort | Ayoub Zerka |
| collection | DOAJ |
| description | In the context of growing focus over climate changes and promoting sustainability across a various range of fields, microgrids can play a significant role in global decarbonization endeavors, contributing to carbon neutrality and ultimately attaining net-zero emissions in the energy sector. The objective of this paper is to address the integration of voluntary carbon trading within microgrid communities, in the perspective to mitigate greenhouse gas (GHG) emissions and boost the integration of renewable energy sources (RES). Introducing five modular algorithms managing key aspects of carbon trading, the study engineers a comprehensive framework aiming to optimally orchestrate the Voluntary Carbon Market (VCM) within microgrids. Particularly, the developed algorithms address aspects such as market enrollment decision, optimal energy dispatch, managing the market transactions, sellers-buyers matching as well as the dynamic adjustment of carbon credit prices and emission taxes. The framework has been rigorously tested across three distinct scenarios. Results show that the developed VCM, with adequate configurations, has the potential to incentivize microgrids to curtail their GHG emissions, encourage the integration of more RES into their generation mix, and rewards the more proactive microgrids with substantial financial incentives. |
| format | Article |
| id | doaj-art-0f25d32c92dd43b58c5cdbb01f4c6357 |
| institution | Kabale University |
| issn | 2405-8440 |
| language | English |
| publishDate | 2024-10-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Heliyon |
| spelling | doaj-art-0f25d32c92dd43b58c5cdbb01f4c63572024-11-12T05:19:48ZengElsevierHeliyon2405-84402024-10-011020e39106Towards net zero: Comprehensive approach for voluntary carbon trading among microgridsAyoub Zerka0Mohammed Ouassaid1Mohamed Maaroufi2Reda Rabeh3Engineering for Smart and Sustainable Systems Research, Mohammadia School of Engineers, Mohammed V University in Rabat, Ibn Sina, Rabat, 10000, Morocco; Corresponding author.Engineering for Smart and Sustainable Systems Research, Mohammadia School of Engineers, Mohammed V University in Rabat, Ibn Sina, Rabat, 10000, MoroccoEngineering for Smart and Sustainable Systems Research, Mohammadia School of Engineers, Mohammed V University in Rabat, Ibn Sina, Rabat, 10000, MoroccoLERMA Laboratory, College of Engineering, International University of Rabat, Sala Al Jadida, 11100, MoroccoIn the context of growing focus over climate changes and promoting sustainability across a various range of fields, microgrids can play a significant role in global decarbonization endeavors, contributing to carbon neutrality and ultimately attaining net-zero emissions in the energy sector. The objective of this paper is to address the integration of voluntary carbon trading within microgrid communities, in the perspective to mitigate greenhouse gas (GHG) emissions and boost the integration of renewable energy sources (RES). Introducing five modular algorithms managing key aspects of carbon trading, the study engineers a comprehensive framework aiming to optimally orchestrate the Voluntary Carbon Market (VCM) within microgrids. Particularly, the developed algorithms address aspects such as market enrollment decision, optimal energy dispatch, managing the market transactions, sellers-buyers matching as well as the dynamic adjustment of carbon credit prices and emission taxes. The framework has been rigorously tested across three distinct scenarios. Results show that the developed VCM, with adequate configurations, has the potential to incentivize microgrids to curtail their GHG emissions, encourage the integration of more RES into their generation mix, and rewards the more proactive microgrids with substantial financial incentives.http://www.sciencedirect.com/science/article/pii/S2405844024151377Optimal carbon tradingMicrogridsMarket entry gameVoluntary carbon marketCarbon credits |
| spellingShingle | Ayoub Zerka Mohammed Ouassaid Mohamed Maaroufi Reda Rabeh Towards net zero: Comprehensive approach for voluntary carbon trading among microgrids Heliyon Optimal carbon trading Microgrids Market entry game Voluntary carbon market Carbon credits |
| title | Towards net zero: Comprehensive approach for voluntary carbon trading among microgrids |
| title_full | Towards net zero: Comprehensive approach for voluntary carbon trading among microgrids |
| title_fullStr | Towards net zero: Comprehensive approach for voluntary carbon trading among microgrids |
| title_full_unstemmed | Towards net zero: Comprehensive approach for voluntary carbon trading among microgrids |
| title_short | Towards net zero: Comprehensive approach for voluntary carbon trading among microgrids |
| title_sort | towards net zero comprehensive approach for voluntary carbon trading among microgrids |
| topic | Optimal carbon trading Microgrids Market entry game Voluntary carbon market Carbon credits |
| url | http://www.sciencedirect.com/science/article/pii/S2405844024151377 |
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