Singapore-based utility giant Singapore Power (SP) has created a blockchain-powered maketplace for renewable energy certificate (REC).
SP, one of the largest corporations in Singapore, provides electricity and gas transmission, distribution services, and market support services to more than a million customers. Since 1995, SP has been wholly owned by Singapore investment fund Temasek which in turn is wholly owned by the Singapore government.
The new REC maketplace, unveiled at the ASEAN Energy Business Forum held in Singapore, enables local and international organisations – regardless of size, business or location in the world – to trade in RECs. It is utilizing blockchain to ensure the security, integrity and traceability of each REC transaction. The marketplace supports local, regional and international RECs, as well as different supply options including types of sellers and renewable energy sources.
“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,” said SP Chief Digital Officer Samuel Tan.
According to SP, when companies purchase RECs, they are consuming electricity from renewable sources, sold to
them by other companies that produce green energy. With the new marketplace, buyers are automatically matched with sellers, around the globe, according to their preferences, which helps big and small organizations to achieve their green targets and “contributes to Singapore’s low carbon targets, as part of its Paris COP-21 agreement.
Global real estate developer City Developments Limited (CDL) and multinational banking corporation DBS Bank have been named as the first buyers in the marketplace. Three solar energy sellers — Cleantech Solar Asia, LYS Energy Solutions and Katoen Natie Singapore — have also signed a collaboration with SP and will place their solar assets on the marketplace.
“As a green advocate for over two decades, CDL has always been committed to embracing technology and solutions that reduce environmental impact,” said Esther An, Chief Sustainability Officer of CDL. “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.”
“As Southeast Asia’s largest bank, we recognise 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 catalyse the transition towards a low carbon economy,” said Mike Power, Chief Operating Officer of Technology and Operations, DBS. “We look forward to many more innovations in renewable energy technologies to achieve a sustainable, affordable, secure and inclusive energy future.”
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