American blockchain clean energy company Swytch will help South Korean city of Chuncheon to adopt solar energy and explore alternatives to traditional energy sources by implementing the Swytch network.
Both the parties will cooperate to achieve the objectives that is envisioned to help drive economic and environmental sustainability and to reduce carbon emissions in the city.
Through its blockchain technology, Swytch tracks and verifies the carbon impact of renewable energy generation and other sustainable actions. It provides smart meter and blockchain technology to reward companies and people that reduce carbon emissions.
"This partnership aims to address energy shortages while incentivizing infrastructure development in a city that is ready to decrease its dependence on fossil fuels," said Youngsook Park, vice president of business development of Swytch in South Korea. "Swytch enables renewable energy investments to shift to areas that will have the biggest impact on carbon reduction, creating a more fluid energy market."
The meeting between the two partners was also attended by a representative from the United Nations Future Forum.
No other details were shared about the arrangement, except that Swytch already has similar partnerships with several other cities in South Korea. It is in discussions for additional arrangements in Asia, Europe and the Caribbean.
South Korean capital Seoul is working to become a solar city. In November 2017, it unveiled its Solar City Master Plan to power one out of three households with solar panels by 2022 (see South Korea Plans Solar Capital).