In a keynote address, Zhu Gongshan emphasized that with the full commoditization of electricity and the propertization of green value, the "electricity carbon factor" has become an indispensable and crucial piece of the value puzzle.
He explained that as a key parameter for measuring the "carbon content" of electricity, the electricity carbon factor precisely traces carbon emissions from generation back to carbon responsibility at the consumption end, giving each kilowatt-hour a dynamic "carbon identity." Relying on this mechanism, a unified market loop integrating environmental rights and carbon reduction value is being built through the four-way linkage of green power, green certificates, carbon markets, and finance.
Zhu noted that in 2025, green certificate transactions in China reached 930 million, with both volume and price doubling year-on-year. In the same period, the annual trading volume of carbon emission allowances in the national carbon market hit 235 million tons, with a cumulative turnover exceeding 57.6 billion yuan. The trend of monetizing green rights is clear and particularly evident in the main arena of the global energy transition. Standards such as the carbon footprint benchmark for low-carbon materials like FBR granular silicon and the trusted carbon data system for the full lifecycle of carbon-chain components are defining future industry carbon standards as strategic assets and data sovereignty.
He pointed out that the accelerated diversification of global photovoltaic manufacturing capacity is driving the formation of a dual-layer supply chain structure. The mass market is still determined by the lowest cash cost curve, while the premium market is determined by compliance packages, traceability packages, and low-carbon packages. This necessitates a value orientation towards ESG, configuring dual market access based on verifiable sourcing and sustainable standards.
An Unstoppable Industrial Paradigm Shift
Zhu stated that the industrial paradigm revolution is already vigorous and unstoppable. He believes the first half of the photovoltaic industry's paradigm shift is undoubtedly AI + Energy. This is not a simple technological overlay nor merely a functional complementarity between an energy base and an intelligent core, but a deeply interactive, structured symbiosis. By using electricity to strengthen computing and computing to promote electricity, with synergistic computation and power, the dilemma of "the smarter AI gets, the more energy it consumes" is broken. Energy is no longer just silent fuel for AI; every kilowatt-hour has perception, can think, and make decisions. The entire chain of energy production, transmission, consumption, and governance becomes fully intelligent and wise.
Zhu indicated that the next wave of AI is Physical AI, whose greatest constraint is energy efficiency per watt. The amount of tokens produced per watt of green electricity and the green cost per unit of computing power are becoming new yardsticks for measuring corporate competitiveness. In the future, there will be no pure power generation enterprises, only digital economic entities operating on the energy network.
The New Paradigm of AI and Energy Integration
Under the AI + Energy paradigm, power equals computing power, AI equals the grid, and synergy equals efficiency. The evolution of watts must synchronize with the iteration of bits to meet the requirements of AI's ultimate performance, natively synergistic architecture, and green compliance. Photovoltaic companies are upgrading from mere electricity manufacturers focused on kilowatt-hours to diversified value service providers offering green power direct supply, computing power leasing, token sales, AaaS subscriptions, and AI factory solutions.
GCL TECH (ASX: 03800)
The company, a leader in the photovoltaic materials sector, is positioned to benefit from the industry trends towards green value integration, digital transformation, and the AI+Energy paradigm highlighted in the address.