Ms May Liew, Head of Sustainability & Open Innovation, SP Group (seated, left) and Mr Jared Braslawsky, Secretary General of the I-REC Standard Foundation (seated, right), signed an agreement for SP to be the first authorised local issuer of I-RECs in Asia Pacific. The ceremony was witnessed by SP Group CEO Mr Wong Kim Yin (standing, left) and Mr Jules Chuang, Board Member of the I-REC Standard Foundation.
SP Group (SP) is the first authorised local issuer of International Renewable Energy Certificates (I-RECs) in Asia Pacific. This independent accreditation by globally recognised International REC Standard Foundation means consumers can be assured of the integrity of each REC transaction.
SP’s one-stop digital RECs platform enables buyers and sellers around the globe to gain greater access to green energy. In 2018, more than 1,000,000 GWh of renewable energy certificates (RECs) were issued globally, amounting to more than 20 times of Singapore’s annual energy consumption.
As an authorised I-REC local issuer, SP ensures that a vigorous and transparent attribute tracking system is in place and adherence to best practices. This avoids double counting, double certificate issuance and double attribute claiming.
Ms May Liew, Head of Sustainability & Open Innovation, SP Group, said: “SP is removing barriers so that big and small organisations can achieve their green targets seamlessly and securely. With our one-stop digital REC platform, they not only have the assurance that the electricity they consume comes from renewable sources, they can also buy and sell RECs without the hassle of dealing with multiple manual processes to issue and verify the RECs.”
RECs are a recognised way of achieving renewable energy targets and a credible means to report that the consumed energy comes from renewable energy sources. With each megawatt-hour of green energy produced, one REC is recorded and uniquely numbered and tracked. A buyer can purchase the REC and show proof that he or she consumed green energy.
The latest example of using RECs is the sponsorship by SP Group of RECs matching the electricity consumed for the Singapore International Energy Week (SIEW) 2019. SP’s sponsorship means the electricity consumed at SIEW is matched with an equivalent amount of green energy produced.
— 31 October 2019