SP Group (SP) launched one of the world’s first blockchain-powered renewable energy certificate (REC) marketplace at the ASEAN Energy Business Forum (AEBF) on Monday, 29 October 2018. In conjunction with the launch, AEBF forum participants saw screenshots of the first purchases by buyers, City Developments Limited (CDL) and DBS Bank (DBS). Designed and built in-house by SP’s team of digital energy experts, this marketplace enables local and international organizations – regardless of size, business or location in the world – to trade in RECs. The unique attributes of blockchain technology will ensure the security, integrity and traceability of each REC transaction. This will drive the greater integration of renewable energy sources on the electricity grid.
“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, together we can embrace blockchain technology as a platform to accelerate Singapore’s transition to a low-carbon economy,” says Esther An, Chief Sustainability Officer, City Developments Limited.
“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.” Mike Power, Chief Operating Officer of Technology and Operations, DBS.
Launching the marketplace innovation at the opening session of the 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.”
The SP REC marketplace supports local, regional and international RECs. It also supports different supply options including types of sellers and renewable energy sources.
SP announced that local organizations such as CDL and DBS, who are keen drivers of sustainable solutions, have signed on as REC buyers. Solar developers such as Cleantech Solar Asia and LYS Energy Solutions, with local and regional solar assets, have signed a collaboration with SP to place their solar assets on the marketplace for sale of RECs. Katoen Natie Singapore, a global chemical logistics company who will be launching Singapore’s largest single unit rooftop solar facility at a warehouse, has also come onboard as a REC seller.
“Cleantech Solar is excited to be onboarded onto one of the world’s first blockchain-powered REC marketplace pioneered by SP Group. By having our 120 solar sites in Asia on board this platform, we can now allow consumers, who are unable to generate their own renewable energy, another reliable solution to achieve their clean energy goals,” explains Raju Shukla, Executive Chairman of Cleantech Solar Asia.
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. This helps big and small organizations 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.