+1-888-308-5802     
News Contact Us

SP Group unveils blockchain based platform for trading green credits

Author : Pankaj Singh | Published Date : 2018-10-29 

SP Group has announced the launch of a digital marketplace for small solar energy producers in Singapore, that is built using blockchain technology and will link up buyers and sellers of green credits to ensure fast, safe and transparent transactions. Unveiled at the Asean Energy Business Forum, only small firms can access the marketplace right now but would be available to households by the middle of next year.

Samuel Tan, SP Group’s chief digital officer, said that the company is thinking of products which would help its customers choose sustainability. He mentioned that the company allows corporations to trade in renewable energy certificates (RECs) securely, seamlessly and conveniently through blockchain, and helps them in achieving greener business operations for meeting their sustainability targets.

According to reports, RECs are currently bought and sold in Singapore manually through an intensive process, which makes it very difficult for small-scale buyers to find sellers and the prices also need to be negotiated between both sides. The blockchain marketplace will supposedly make it easier to connect buyers and sellers by automating the selling and verification process.

SP Group's blockchain marketplace will allow the trading of RECs in 0.001 units, as a four-room Housing Board flat utilizes only around 12 kilowatt-hour (kwh) of electricity daily. This will open up the buying and selling of RECs, which is mostly done by large companies nowadays, to smaller players like households.

Citing reliable sources, DBS bank and property giant City Developments Limited (CDL) have also signed up for the SP Group’s online marketplace. Chemical logistics company Katoen Natie Singapore, soon launching the largest single unit rooftop solar facility in Singapore, will be one of the REC sellers on the platform, sources confirmed.

A CDL spokesperson revealed that participating in SP's RECs trading would help the company in increasing efforts to diminish carbon emissions more securely, seamlessly and conveniently. The developer stated that buying RECs is among the strategies it will use to reach the goal of being completely powered by renewable energy by 2050.

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Revival in UK hotel bookings after COVID-19 downturn, says Premier Inn

Published Date: 2020-07-09         Author: Pankaj Singh

UK has registered a revival in hotel bookings for conventional regional tourist destinations as people have started planning summer trips to the seaside and countryside, stated Premier Inn owner. The Chief Executive of Whitbread, Alison Brittain, has stated that larger cities like London continue... Read More

Fujitsu gravitates toward 'new normal' with new office working style

Published Date: 2020-07-08         Author: Pankaj Singh

Fujitsu Limited, a Japanese multinational IT company headquartered in Tokyo, has reportedly announced that it will boost its shift to becoming a digital transformation organization with an ambitious plan to transform the working style for its employees in Japan in the light of COVID-19 pandemic. ... Read More

Britain nears USD 625 million COVID-19 vaccine deals with Sanofi/GSK

Published Date: 2020-07-06         Author: Pankaj Singh

With over 100 vaccines are being tested and developed to stop the spread of COVID-19, it seems that governments worldwide are racing to secure supplies of vaccines even before their efficiency is proven. As per the latest news, Britain government is close to a USD 625 million supply deals with Sanof... Read More

© 2020 Fractovia. All Rights Reserved