In a press release on Monday, Oct. 29, SP Group has launched a blockchain-powered renewable energy certificate (REC) marketplace. SP Group is a leading corporation providing electricity and gas transmission in Singapore. The product was unveiled at the ASEAN Energy Business Forum (AEBF) held on Monday, 29 October 2018.
Launching the innovation, an elated 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 new marketplace was developed by SP’s team of digital energy experts, to enable local and international organisations to trade in RECs. For clarity, RECs are the documents serving as proof on the particular amount of electrical energy produced by solar batteries. Therefore, the blockchain innovation will offer security, integrity and traceability of each REC transaction. Consequently, the development will spur more integration of renewable energy into the electricity grid.
SP Group has already signed a contract with its first clients DBS bank and global real estate developer CDL. Actually, at the launch of the project, participants viewed screenshots of the first purchase by these two multinationals. Additionally, SP Group seeks to work with different supply options including renewable energy sources and sellers. Notably, LYS Energy Solutions, Cleantech Solar Asia, and Katoen Natie Singapore have a signed a partnership with SP to use the marketplace for sale of RECs.
Not New to Singapore
For clarity, Singapore is not new in the development of blockchain-powered energy solutions. In early October, Solar Bankers Singapore announced its plans to develop a decentralised peer-to-peer electricity network for producing and trading clean energy. The network will be based on Skyledger, an innovative energy-sustainable blockchain platform resolving the issues facing Ethereum and Bitcoin.
Increasingly, decentralised platforms are extensively used to facilitate solar energy production and trading. Notably, New York State came up with the Microgrid project for households seeking to buy and sell solar-generated electricity. Additionally, Australian real estate giant Vicinity declared its intent to pilot blockchain solutions under a $75 million solar energy program. The aim is to use the program to supply a shopping mall with renewable energy.
With the SP Group blockchain-powered marketplace, buyers will automatically be matched with sellers across the globe, according to their preferences. As a result, small and big organisations will be able to achieve their green targets and strengthen their cross-border sustainability. Ultimately, the initiative will contribute to lowering Singapore’s carbon emissions.
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