What is the difference between RECs and Carbon Offsets?
RECs and Carbon Offsets are two different instruments. RECs are measured in terms of electricity units and are used to validate the consumption of electricity from renewable sources. On the other hand, Carbon Offsets are measured in units of carbon dioxide equivalent (CO2e) and are used to represent the reductions/avoidance of greenhouse gas emissions.
What do REC issuance, trading and redemption mean?
Renewable energy generation facilities that comply with and are registered under internationally recognised standards, such as the I-REC standard, are eligible to be issued RECs for every unit of electricity generated. These RECs and their associated environmental attributes can then be sold by their legal owner to anybody wishing to purchase them. Upon successful purchase, the ownership of these RECs is transferred to their new legal owner – the buyer. By redeeming these RECs under a beneficiary, the claim of renewable energy use may be made without the need to physically consume it.
How does SP Group ensure there is no double counting of renewable energy attributes on the SP REC Platform?
As the authorized sole local issuer of I-RECs in Singapore, SP Group ensures all generation facilities that register under the I-REC Standard adhere to its strict requirements.
In addition, using blockchain as the technology enabler, the SP REC Platform tracks the lifecycle of a REC originated through SP Group, ensuring traceability, transparency and security among others.
Does the SP REC Platform also facilitate the trading of RECs issued under other standards such as TIGRs?
Yes. Although only generation facilities that wish to be registered under the I-REC Standard will be issued RECs through SP Group, the SP REC Platform is open to interested parties globally for the trading of all internationally recognized RECs.
How do I register my generation facility and/or as a seller/buyer of RECs?
The entire process is designed to be as seamless as possible. Simply get in touch with us today at rec@spgroup.com.sg.