The Compact lays out a set of principles and actions that signees can commit to in order to adopt, enable, and advance 24/7 Carbon-free Energy. Focusing on hourly decarbonization of local and regional electricity grids, meaning that every kilowatt-hour of electricity consumption is met with carbon-free electricity sources, every hour of every day, everywhere.

As a founding signatory, Powerledger has made a commitment for 100% 24/7 Carbon Free Energy by 2025 and a commitment to decarbonize 20% of global cryptocurrency by 2030.

“Powerledger is delighted to be a founding signatory of this initiative alongside Google and others including Iron Mountain, the city of New York and the Government of Iceland,” said Powerledger CEO Dr Jemma Green.

A carbon-free electricity sector is the foundation for creating a net-zero emissions global economy. Electricity generates 25% of the world's greenhouse gas emissions, and is key to decarbonizing other sectors of the economy, including buildings, transport, and industry.

“As part of our commitment, Powerledger will work towards expanding peer-to-peer energy trading networks to over three million prosumers by 2030, as well as decarbonizing twenty per cent of global cryptocurrency by 2030,” said Dr Green.

Within the Energy Compact Powerledger commits to:

• 100% 24/7 Carbon Free Energy by 2025.
• Expand peer-to-peer energy trading networks to over three million prosumers by 2030.
• Decarbonize 20 percent of global cryptocurrency by 2030.
• Help digitization of 20 percent of clean energy markets by 2030.
• Enhance the integrity of 20 percent of environmental commodity markets by 2030.

For comments from the Google CFO Ruth Porat click here.