The platform automatically matches vendors with suppliers located anywhere in the world according to their requirements and preferences
Singapore Power (SP), a national supplier of electricity and gas in that Asian country, launched the exchange of renewable energy certificates (REC) with energy engines in a new market.
This company issued a press release, last October, where it was explained that the exchange of certificates will be carried out through the block of chains in order to guarantee their safety and transparency.
According to SP, the chain of blocks is designed and built by the SP team so that its traceability is totally reliable, as well as every transaction of renewable energy.
When companies are interested in buying REC, they are sold electricity from renewable sources to companies that produce “green energy”. The platform based on blockchain technology and developed by SP will automatically match vendors with suppliers located anywhere in the world and according to their requirements and preferences.
In addition, it will allow local and international companies to meet their energy sustainability objectives.
The blockchain initiative was launched on Monday at the ASEAN Energy Business Forum. The first buyers of these certificates would be the local company City Developments Limited (CDL), which belongs to the real estate sector, and the lending giant DBS Bank, according to the first news around the event.
Esther An, Chief of Sustainability at CDL, commented: “Because buildings consume 40% of the world’s energy, increasing the use of solar energy and neutralizing the carbon footprint of our operations has been a priority in the way we build and manage our projects”.
She added: “We are delighted to support the innovative and timely initiative of the SP Group to adopt blockchain technology as a platform to accelerate Singapore’s transition to a low-carbon economy”.
Katoen Natie Singapore, a chemical logistics company that will launch a 6.8 MWh solar energy facility, which will be the largest single-roof solar facility in a national warehouse, is also positioning itself as an energy vendor renewable on the blockchain platform.
Among the most prominent vendors are the solar energy producers Cleantech Solar Asia, with more than 120 solar sites in that continent, and LYS Energy Solutions, which has thousands of products on sale in the market.
SP’s main objective is to transform the global energy sector through the implementation of solutions based on blockchain technology.
In the launching to market at the opening session of the Forum on Monday 29, October 2018, 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”.
In May 2017, this renewable energy supplier announced its collaboration with other large solar energy companies in the world to form a consortium that allows the use of more decentralized solutions, which make possible the development of more technological projects of this type. The mining company Cryptosolartech will also adopt this type of energy.
SP is a unified corporation of the former electricity and gas departments of the Public Services Board of Singapore. The company also has the initiative to adopt blockchain technology as a platform to accelerate the transition in Singapore towards low carbon consumption.
By María Victoria Rodríguez