SP Group unveils blockchain-powered green energy platform

Singapore

SP Group launched on Monday a new blockchain-powered marketplace for renewable energy certificates (RECs).

The move is expected to speed up the expansion of REC trades, which have gained traction here since the ratification of the Paris climate change accord in 2015.

SP's chief digital officer, Samuel Tan, said this new platform that is backed by blockchain technology, enables companies to trade RECs "conveniently, seamlessly and securely".

Two REC buyers, real estate group City Developments Limited (CDL) and DBS Group, and three sellers active in the solar energy space, Cleantech Solar Asia, LYS Energy Solutions and Katoen Natie Singapore, have come on board this new REC marketplace. RECs are tradable certificates or proo…