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The carbon trading market has introduced new opportunities for the low-carbon transformation of China's power industry. To realize real-time coupling of the electric–carbon market at the mechanism level, this study constructs a P2P trading mode that improves economic and environmental benefits through innovative mechanisms. First, we propose a novel indicator, Green Energy, which has multidimensional composite attributes and accurately characterizes the supply of clean and low-carbon energy. Green Energy is used as a matchmaking indicator in the P2P electricity market to increase the rate of renewable energy consumption and encourage emission reduction of fossil energy suppliers. Second, the carbon price is dynamically adjusted according to real-time electricity consumption information and it is transmitted to the electricity market through Green Energy. Third, blockchain cross-chain interoperability technology is introduced to establish a real-time data-sharing network for electricity and carbon co-trading. Moreover, a case study is conducted, and the simulation results show that the proposed method improves social welfare by over 18% compared to the traditional trading mode. And it can improve renewable energy utilization efficiency by 26.78% and reduce carbon emissions by more than 17%. This study provides a reference for the real-time coupled electricity and carbon markets. • A novel indicator Green Energy for real-time coupled electricity and carbon markets is proposed. • Green Energy characterizes the clean and low-carbon attributes of different energy supplies. • Electricity and carbon co-trading mode is designed to improve economic and environmental benefit. • Blockchain cross-chain interoperability technology promotes the implementation of electricity and carbon co-trading. [ABSTRACT FROM AUTHOR]

Abstract: Forecasts of energy demand, the fuel mix meeting that demand and the associated emissions are a key requirement for informed energy planning and policy decisions to ensure energy security and address climate change. While there have been many studies on China focusing on the short and medium term (to 2020 and 2050) there is little in the literature focusing on the long term (to 2100). This paper seeks to address those gaps on sectoral energy demands and emissions on long term by following a two-stage approach. It develops key energy indicators on useful energy demand, transport mobility and end use fuel demand for various sectors. The main drivers of these indicators are socio-economic parameters. The indicators are used to project energy service demands and emissions forward for China in TIMES G5 model at least cost approach. The results from this reference scenario suggest that China will require approximately 4 Gtoe of primary energy, by the end of the 21st century to deliver 3 Gtoe final energy consumption, 10 PWh of electricity generation, 1.3 Gtoe of energy imports, which will results in 10 Gt CO2 emissions. [ABSTRACT FROM AUTHOR]