Sembcorp’s new aggregator platform enables RE100 companies to purchase large volumes of RECs to offset their carbon footprint
Sembcorp, a Singapore-based energy developer, has launched a new platform to manage renewable energy certificates (RECs) from multiple sources.
With support from its increasing renewable energy capacity in China and Southeast Asia, the company’s REC platform will enable companies to transact RE100-recognised RECs to meet their green energy needs.
The new platform from the company will act as an aggregator of RECs by combing them from different sources with the RECs generated from its own renewable assets for sale in bulk quantities.
The bulk sale can help RE100 companies that are planning to purchase RECs in large volumes to offset their carbon footprint.
Sembcorp REC aggregator platform to use blockchain technology
The Sembcorp REC aggregator platform will make use of blockchain technology in order to ensure transparency and integrity of every transaction as well as security.
The platform will also offer real-time tracking and management of every transaction covering an REC’s lifecycle from generation and registration to transfer and eventual retirement.
Sembcorp Singapore and Southeast Asia (energy) senior vice president Lim Yeow Keong said: “Our aggregator platform enables customers to consolidate and manage their portfolio of RECs from different registries and geographies.
“Customers can choose to allocate their RECs towards a designated facility in their international footprint by making specific allocations via the platform, allowing for more flexibility in their decarbonisation plans.”
Global financial institution UBS and regional property developer CapitaLand have already agreed to participate on the Sembcorp REC platform.
The REC aggregator platform was developed for businesses along with individual consumers.
Going forward, producers of renewable energy will also be allowed to install smart metres and link them to the platform to generate RECs, directly.
UBS Singapore country head August Hatecke said: “In UBS’s long-term commitment to adopt a responsible and sustainable approach in doing business in the local communities, we are glad to be Sembcorp’s first renewable energy partner in the financial services industry as announced last year.
“Today, we are delighted to be on board with Sembcorp’s renewal energy certificate platform because we are assured of the liquidity and authenticity of RECs on their platform. Globally, UBS met our sustainability targets a year ahead of schedule with our core sustainable investments rising to US$ 488 billion and cutting our carbon-related assets by more than 40%.”