The national electricity and gas provider of Singapore has launched a new marketplace powered by Blockchain to be used for trading in renewable energy certificates.
Ease Of Matching Buyers And Sellers Form All Over The World Through The Marketplace
It has been announced through the press release by Singapore Power (SP) that the Blockchain was designed and developed internally by the firm’s digital energy experts team in order to maintain the security, traceability and integrity of each transaction for a REC (renewable energy certificate).
The SP Group, which is made up of previous electricity and gas departments of the Public Utilities Board of Singapore, has announced that through the Blockchain based marketplace both local and international firms will be able to accomplish each of their targets on energy sustainability.
When looking to purchase renewable energy certificates, firms are provided with electricity from renewable energy coming from firms which produce green energy. The SP group has said that through the Blockchain based marketplace, it will be possible to match, according to the set requirements and preferences, buyers with sellers all across the globe.
Marketplace To Speed Up Singapore’s Move Into A Low Carbon Economy
The marketplace was unveiled on Monday during the ASEAN Energy Business Forum. Listed as the first buyers of certificates through the Blockchain based marketplace were CDL (City Developments Limited) which is a leading firm in the property sector in Singapore and DBS Bank which a leading lending firm in the country.
Esther An, the sustainability chief for CDL stated that it has been the firm’s mission to reduce and neutralise the carbon footprint of its operations and increase the use of more renewable energy options like solar energy. This it said was due to the fact that as a whole, buildings are responsible for the consumption of 40% of the world’s energy and as such the firm was becoming more conscious when building and managing its projects.
She added that as a firm CDL was proud to be part of and support the initiative by SP Group that has embraced Blockchain technology and utilized it in a platform that will see Singapore speed up its transition into becoming a low carbon economy further stating that the initiative was not only innovative but also timely.
Transformation Of The Energy Sector Though Blockchain Solutions
Some of the most notable sellers that will feature their wares on the platform include Cleantech Solar Asia, which boasts of more than a hundred and twenty solar sites within Asia, and LYS Energy Solutions.
Another company trying to position itself into becoming among the sellers on the platform is Katoen Natie Singapore which is a chemical logistics company that is in line to launch a 6.8 MWh solar power facility. Should this initiative become successful the solar power facility will be the largest rooftop facility in the country.
The Blockchain-based trading marketplace has followed the SP Group’s aim of transforming the energy sector through the use of Blockchain solutions. Earlier in the year, the energy supplier announced that it was collaborating with other energy giants to create a consortium that would come up with decentralized solutions.