Singapore puts renewable-energy trading on the blockchain, eyes cross-border opportunities

Trading of renewable-energy credits (RECs) to encourage clean power generation isn't a new idea, but in Singapore there's a new spin involving blockchain technology. The hope is that by allowing the buying and selling of these credits on a public, visible platform, compliance costs can be reduced and access to REC markets will increase for smaller energy users and producers. But while greater transparency and less need to verify information are positive steps, the goal is to take the trading beyond Singapore's borders

"A consumer in Singapore who wishes to buy green energy can now, through blockchain-powered REC trading, purchase a REC from a hydro-producer based in Laos," Wong Kim Yin, the CEO of Asian-energy powerhouse SP Group, told CNBC. "This reduces the cost, reduces the friction in the market."

In the meantime, Singapore might see greater access to renewable energy than the island nation can itself support. With little available land, both wind and solar are constrained in Singapore. Lars Kvale, who works with renewable energy credits told CNBC, "There is significant demand for renewable energy in Singapore but a limited amount of renewable energy capacity to meet all of the demand." (Source: CNBC)

About Author

John Biggs is an entrepreneur, consultant, writer, and maker. He spent fifteen years as an editor for Gizmodo, CrunchGear, and TechCrunch and has a deep background in hardware startups, 3D printing, and blockchain. His work has appeared in Men’s Health, Wired, and the New York Times. He runs the Technotopia podcast about a better future. He has written five books including the best book on blogging, Bloggers Boot Camp, and a book about the most expensive timepiece ever made, Marie Antoinette’s Watch. He lives in Brooklyn, New York. Disclosure: Biggs owns and maintains cryptocurrencies in a private account and has been consulting with startups regarding blockchain-based products. He also edits and writes for startup clients.

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