- SP Group has launched a blockchain-based trading platform for RECs
- The platform automatically matches buyers and sellers based on their needs
- CDL, DBS, and others have already signed up to use the platform
According to a September 2018 statement, SP Group (SP) has officially launched a blockchain-based marketplace for the trading of renewable energy certificates, which is one of the first in the world.
The launch took place at the ASEAN Energy Business Forum (AEBF) where participants were able to see screenshots of the first ever purchases to take place on the platform by City Developments Limited (CDL) and DBS Bank (DBS).
The new platform was created by SP’s in-house team who made use of blockchain technology to ensure accountability and security for the data being exchanged.
This platform hopes to drive the inclusion of renewable energy in the world and thus, allows firms to trade regardless of size, business or location in the world.
“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,” SP’s Chief Digital Officer, Samuel Tan, said.
How the platform works
Local, regional and international RECs are all supported in this new marketplace and a number of supply options are also offered such as seller options and sources for renewable energy.
The platform has also gained significant support so far, with CDL and DBS signing up as buyers. They have also secured a number of firms to list their renewable energy certificates for trading on the platform such as Cleantech Solar Asia and LYS Energy Solutions, who own local and regional solar assets.
Another registered seller on the platform is Katoen Natie Singapore, a global chemical logistics company who intends to launch the largest single unit rooftop solar facility at a warehouse in Singapore.
The platform works in that when a buyer purchases a renewable energy asset or certificate from a seller, they are able to make use of renewable energy that is generated by other parties.
The use of blockchain means that buyers are automatically matched to sellers according to their unique needs. This system means that businesses of all sizes are able to have their renewable energy needs met. This also falls in line with Singapore’s low carbon goals.
