Saturday, June 10, 2023
HomeNewsSingapore Launches A Blockchain Based Renewable Energy Marketplace

Singapore Launches A Blockchain Based Renewable Energy Marketplace

Noting that the current systems for RECs and carbon credits are governed by laborious and costly audits, the immutable distributed ledger, blockchain could certainly streamline the processes. With Blockchain, the accounting process for trading REC will be replaced by an auditable, transparent, and automated record system that will enable greater integration of renewable energy sources on the electricity grid.

SP Group will be offering this service to all types of companies – regardless of size, business or location. Just the company should be keen to offset their carbon emissions. Meanwhile, Cleantech Solar Asia and LYS Energy Solutions, with local and regional solar assets, have partnered with the firm to place their solar assets on the marketplace for the sale of RECs. Raju Shukla, Executive Chairman, Cleantech Solar Asia, Stated:

“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.”

Another stalwart that has registered with the group is Energy Web Foundation initiated the project in partnership with the PJM Environmental Information ServicesSanta Clara, California has also involved blockchain solutions to track and trace carbon offsets that are being run in a solar PV and battery equipped garage in the city. Here, the solution tracks the power generated and used by electric vehicles at the garage, the blockchain automatically digitalizes and issues low carbon credits that are sold to big firms seeking to offset their carbon emissions.

RELATED ARTICLES

Most Popular