SP Group has launched one of the world’s first blockchain-powered renewable energy certificate (REC) marketplaces at the ASEAN Energy Business Forum (AEBF).
It carried out the first trade in front of attendees who witnessed the first purchases of certificates made by City Developments Limited (CDL) and DBS Bank.
The new marketplace enables local and international organisations – regardless of size, business or location in the world – to trade in RECs.
Unique blockchain attributes
“The unique attributes of blockchain technology will ensure the security, integrity and traceability of each REC transaction,” reads SP’s press release. “This will drive the greater integration of renewable energy sources on the electricity grid.”
The marketplace supports local, regional and international RECs. It also supports different supply options including types of sellers and renewable energy sources. SP has announced that local organisations such as CDL and DBS, who are keen drivers of sustainable solutions, have signed on as REC buyers.
“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,” says SP Chief Digital Officer Samuel Tan.
Solar developers such as Cleantech Solar Asia and LYS Energy Solutions have inked a collaboration agreement with SP to place their solar assets on the marketplace for sale of RECs.
Another REC seller
Katoen Natie Singapore, a global chemical logistics company that will be launching Singapore’s largest single unit rooftop solar facility at a warehouse, is also a REC seller. When companies purchase RECs, they are consuming electricity from renewable sources, sold to them by other companies that produce green energy.
With SP’s blockchain-powered marketplace, buyers are automatically matched with sellers, around the globe, according to their preferences. That helps big and small organisations to achieve their green targets and strengthens cross-border sustainability efforts with SP’s international reach. It contributes to Singapore’s low carbon targets, as part of its Paris COP-21 agreement.
“As a green advocate for over two decades, CDL has always been committed to embracing technology and solutions that reduce environmental impact,” says CDL Chief Sustainability Officer Ester An.
“Given that buildings consume 40% of energy globally, increasing the use of solar energy and neutralising our operations’ carbon footprint has been a priority in the way we build and manage our projects. 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.”