With the crucial climate agreements underway, world leaders are doubling down on an energy transformation that will rely majorly on renewable energy sources.
Fremont, CA: Daily news articles announce new projects for wind, solar, hydro-generation, battery and other storage technologies, hydrogen, bio-based fuels, and carbon capture and storage, indicating that investment in the energy transition is well underway. The truth for energy markets is that the global economy is still heavily reliant on oil and natural gas as key energy sources; renewables must grow substantially to replace them. In turn, markets play a crucial role in facilitating these lower-carbon resources' appraisal, trade, and distribution. New technology and trading instruments provide the energy sector with a variety of choices for addressing emissions from current, transitional, and future energy sources and for doing so more swiftly and with less risk.
Digital innovation is transforming energy trading.
All of this new information need new technology and faster distribution channels so that the market can respond appropriately. The desktop and application programming interface (API) delivery of core energy data enables traders to not only assess the worth of transition commodities but also trade them using the most accurate data in real-time.
APIs enable data to be accessed, integrated, and searched according to the user's preferences in order to facilitate digital transformation and unlock new value. They are one of several delivery channels utilized by Platts, which also distributes its pricing data, news, and analytics via the desktop site and mobile application Platts Dimensions Pro.
In conjunction with such data delivery systems, technologies such as artificial intelligence (AI) and blockchain can enhance the efficiency and velocity of commodity and energy trading. In addition, they allow businesses to model the intricate global integrated energy system and to manage the deluge of data generated by the increased monitoring of commodities and energy supply chains.
The same technologies have the potential to promote the exchange of assets vital to the energy transition, increase supply chain transparency, and facilitate the reduction of emissions through more efficient resource utilization, among other applications. Additionally, AI is being utilized in the voluntary carbon market to deliver much-required transparency.
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