Singapore's Sembcorp rolls out renewable energy certificate platform

It aims to woo companies into purchasing volumes of RECs to offset their carbon footprint.

Sembcorp Industries (Sembcorp) has launched Singapore’s first renewable energy certificate (REC) platform that manages RECs from multiple sources, an announcement revealed. The REC platform enables customers to transact RE100-recognised RECs to meet their green energy requirements.

The platform aggregates RECs by combining them from different sources with RECs generated
from Sembcorp renewable assets for sale in bulk. This will help RE100 companies looking to purchase large volumes of RECs to offset their carbon footprint.

Sellers are guaranteed of a sale of their RECs, regardless of quantity, as long as it meets the stringent authenticity criteria of the Sembcorp REC platform.

The use of blockchain technology on the Sembcorp REC aggregator platform claims to ensure transparency and integrity of every transaction, whilst the quality of RECs are verified by third-party validators, the press release added.

The platform offers real-time tracking and management of every transaction covering a REC’s life cycle from generation and registration to transfer and eventual retirement.

Furthermore, Sembcorp plans to add a feature where producers of renewable energy can also install smart meters and link them up to the platform to generate RECs directly. This is expected to encourage decarbonisation by all categories of customers by allowing them to monetise their RECs with ease via the platform.