The leading utilities company in Asia Pacific SP Group from Singapore has launched renewable energy certificate (REC) marketplace, being one of the first organizations moving in this direction. The starting up of REC took place at the ASEAN Energy Business Forum, according to the press release.
Through blockchain technology, we enable companies to trade in renewable energy certificates conveniently, seamlessly and securely, helping them achieve greener business operations and meet their sustainability targets.
Samuel Tan, SP’s Chief Digital Officer
The marketplace will probably solve the following problems:
- Problem of cooperation. Local organisations as well as the international ones will be able to trade in RECs, regardless of their size and business orientation.
- Fast communications. Joining the platform, its members are automatically matched with those who they are interested in, according to their preferences, around the globe.
- Security, integrity and traceability. These characteristics are improved by the blockchain implementation.
- Diversity of supply options. It will be achieved by different types of sellers and resources that they provide.
The first purchases were already made by DBS Bank, operating in Singapore, China, Hong Kong, India, Indonesia and Taiwan, and a real estate operating company City Developments Limited presented in 28 countries.
SP Group’s blockchain REC platform will make it more economically effective for organisations and will catalyse the transition towards a low carbon economy.
Mike Power, Chief Operating Officer of Technology and Operations, DBS
We are glad to support the innovative and timely initiative by SP Group to embrace blockchain technology as a platform to accelerate Singapore’s transition to a low-carbon economy.
Esther An, Chief Sustainability Officer, City Developments Limited
Collaboration with SP is also signed with Cleantech Solar Asia and LYS Energy Solutions solar developers and the Katoen Natie Singapore, a worldwide chemical logistics organisation, has also become a REC seller.