Singapore Launches A Blockchain Based Renewable Energy Marketplace
“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 Katoen Natie Singapore, a global chemical logistics company, who are already planning to launch Singapore’s largest single unit rooftop solar facility at a warehouse. The CEO of Katoen Natie Singapore, Koen Cardon, stated:
“We are very excited to be part of the SP REC marketplace. We are launching a 6.8 MWh Solar Power Facility in Singapore this week. The SP REC marketplace gives Katoen Natie access to a broader ecosystem to drive sustainability.”
The concept of trading RECs on a blockchain-based platform is quite well appreciated by many as this enables even the smaller rooftop solar installations to participate in REC markets, that will be based on the peer-to-peer trading model.
U.S. also opened up to a similar platform that will enable tracking and trading of RECs at the kilowatt-hour scale. Energy Web Foundation initiated the project in partnership with the PJM Environmental Information Services, a subsidiary of grid operator PJM Interconnection.
A project in the city of Santa 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.
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