leading energy utilities firm SP Group revealed the launch of a blockchain-powered renewable energy certificates marketplace.
Launching the marketplace at the opening session of the ASEAN Energy Business Forum, SP’s Chief Digital Officer, Samuel Tan, said,
“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.”
This marketplace will enable local and international organizations to trade in RECs regardless of their size, business or location. RECs are proofs that a particular amount of electrical energy has been produced by solar batteries. The new marketplace will also support different supply options including types of sellers and renewable energy sources.
When firms purchase RECs, they consume electricity from renewable sources, which is sold to them by other companies that produce green energy. This new blockchain-powered platform by SP Group will allow buyers to connect with sellers around the world directly, as per their requirements. SP Group’s global outreach helps big and small companies to achieve their green targets and boost cross-border sustainability efforts. And thereby, contribute to Singapore’s low carbon targets, as part of its Paris COP-21 agreement.
According to the press release, global real estate developer City Developments Limited and multinational banking corporation DBS Bank, have signed the first contracts as REC buyers. Three other solar energy firms—Cleantech Solar Asia, LYS Energy Solutions, and Katoen Natie Singapore, have also come onboard as REC sellers.
Esther An, Chief Sustainability Officer, City Developments Limited commented,
“As a green advocate for over two decades, CDL has always been committed to embracing technology and solutions that reduce environmental impact. Given that buildings consume 40% of energy globally, increasing the use of solar energy and neutralizing 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.”
Further on the development, Mike Power, Chief Operating Officer of Technology and Operations, DBS added,
“As Southeast Asia’s largest bank, we recognize the leadership role we can play in promoting sustainable development, including supporting innovations in renewable energy. SP Group’s blockchain REC platform will make it more economically effective for organizations and will catalyze the transition towards a low carbon economy. We look forward to many more innovations in renewable energy technologies to achieve a sustainable, affordable, secure and inclusive energy future.”
SP Group believes that the unique attributes of blockchain technology will ensure the security, integrity, and traceability of each REC transaction. This will bring in greater integration of renewable energy sources on the electricity grid.
SP Group is a leading energy utilities group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and district cooling businesses in Singapore and China. It provides customers with effective solutions to customers to manage their utilities, reduce power consumption and save costs.