TotalEnergies said on Thursday it will register, verify and trade renewable energy certificates (RECs) generated by its solar assets on a trading platform owned by Singapore-based exchange T-RECs.ai.
The move is expected to generate additional revenue for Renewables Distributed Generation for Asia (TRDG), wholly owned by TotalEnergies to develop solar assets across Asia, the company said in a statement.
RECs are market-based instruments substantiating that electricity has been generated from renewable energy sources.
One certificate represents that 1 megawatt-hour (MWh) of electricity was generated from a renewable energy source and delivered to the grid.
T-RECs.ai will verify and register renewable energy generated by TotalEnergies’ solar power plants as RECs on APX Solutions’ APX TIGR registry.
Offsetting Carbon Emissions
The certificates will then be traded on the T-RECs.ai’s platform and sold to companies seeking to offset carbon emissions from operations powered by fossil fuels.
A blockchain-enabled platform which tracks and certifies transfer of the RECs’ ownership and retirement, T-RECs.ai uses a proof of stake concept to prevent double-counting of ownership.
In October, Singapore said it would launch standardised guidelines for RECs, part of efforts to decarbonise its power sector and develop a regional grid.
“These guidelines will help support renewable energy deployment in Singapore and in the region, supporting the development of a regional grid that taps different types of low carbon energy sources in the region,” Tan See Leng, second minister for trade and industry, said at the Asian Clean Energy Summit.
- Reuters, with George Russell
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