We are at a critical moment in the battle against climate change. Based on current emissions levels, average temperatures could soon cross an important threshold that will wreak irreversible damage on our planet. Only we can prevent that, but we must act now.
Advances in technology have made renewable energy a viable alternative to traditional sources that have long damaged our environment. This has led companies around the world to set green targets around energy consumption and carbon emissions. However, achieving these targets has been limited to big corporations which have the resources, capital and expertise to do so. This may no longer be the case.
Renewable Energy Certificates (RECs) provide a solution. RECs are tradable, non-tangible energy commodities that represent proof that one megawatt-hour of electricity was generated from a renewable source. For every megawatt-hour of green energy that is produced, a REC is recorded. Each REC is uniquely numbered and tracked, creating a credible means to report that consumed energy comes from renewable sources.
When businesses purchase RECs, they are consuming electricity from renewable sources, sold to them by other companies that produce renewable energy. This enables them to achieve their green targets while helping the world progress towards a clean energy future.
An Inclusive Solution to Achieve Green Targets
In 2018, Singapore’s SP Group launched one of the world’s first blockchain-powered REC platforms. Designed by SP Group’s team of digital energy experts, the platform aims to democratize green energy by enabling tradable RECs in smaller quantities. Businesses and even individuals can trade RECs regardless of size or location. This is in line with the SP Group’s goal of removing barriers to renewables for a greener future.
The platform provides a one-stop solution for the management of RECs. The entire process from generation to redemption is streamlined, therefore making it easy and convenient for the trading of RECs. Buyers are automatically matched with sellers around the world according to their preferences. This enables both large and small companies to achieve their green targets and strengthen cross-border sustainability efforts. Blockchain ensures the security, integrity and traceability of each transaction throughout the entire process.
SP Group’s REC platform has been accredited by the International REC (I-REC) Standard to be the first authorized local issuer of I-RECs in Asia Pacific. The result: a reliable, secure and transparent platform where everyone can support the development of renewable energy generation and drive greater integration of renewable energy sources into the electricity grid. The integration of SP Group’s REC platform with the I-REC Registry will eliminate the barriers for trading RECs and facilitate the adoption of renewables, especially in Singapore and Asia Pacific.
As companies around the world strive to achieve their green targets, the SP REC platform provides a simple and secure way to make that happen. The greatest threat to our planet is the belief that someone else will save it. The platform is an indispensable tool that will enable everyone to play a role in sustaining our planet for generations to come.