Collecting silences: entrepreneurs, energy efficiency, carbon emissions and de-growth markets

Energy markets are diversifying. Secondary markets for white certificates, flexibility and carbon emission reductions are growing while an increasing range of entrepreneurs provide market access. This paper analyses the ability of entrepreneurs to define, assetize and trade property rights relating to energy demand and carbon emission reductions to facilitate the trade of white certificates, flexibility and carbon emission reductions. Using insights from transaction cost economics, this paper suggests that the combination of market-based instruments, business model innovation and technological innovations facilitate the assetization of energy demand and carbon emission reductions property rights for subsequent trade by enabling all aspects of energy (non-)use to be monitored and time-stamped (collecting silences). This provides the basis not only for flexibility (flexiwatts) and energy demand and carbon emission reductions (negawatts) to compete on equal footing with units of delivered energy (megawatts) but also the foundation for de-growth markets.