Singapore Power Group (SP Group) has launched a marketplace that will allow businesses to buy and sell renewable energy credits (REC). RECs are essentially green energy sources, such as electricity generated by solar power. The idea is that by purchasing these credits, companies who will able to wean off their reliance on fossil fuel sources and reduce their carbon footprint; allowing them to achieve their sustainability goals.
City Developments Limited (CDL) and DBS Bank (DBS) are among the first few buyers in the marketplace.
“As Southeast Asia’s largest bank, we recognise the leadership role we can play in promoting sustainable development, including supporting innovations in renewable energy. SP Group’s blockchain REC platform will make it more economically effective for organisations and will catalyse the transition towards a low carbon economy,” said Mike Power, Chief Operating Officer of Technology and Operations, DBS.