Posted 8 months ago | by Ben Armstrong
Power Ledger Expands Global Renewable Energy Marketplace
Recent blockchain-based developments from Power Ledger enable the renewable energy technology it has been working on to be applied to different areas in the power generation ecosystem.
A recent announcement revealed that the Australian blockchain company Power Ledger is working on the launch of a marketplace targeting trading renewable energy certificates (RECs) across Asian regions, specifically Thailand and other Southeast Asian countries.
The project utilizes a partnership between Power Ledger and BCPG – a leading Thai firm in renewable energy sources. The two parties worked together on their first project in 2018, which focused on building a peer-to-peer renewable energy trading pilot study in one of Bangkok’s central areas.
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The joint development also attracted the participation of Thai Digital Energy Development (TDED) as they launched a blockchain-enabled digital energy platform in the effort to stimulate nationwide adoption of green energy assets.
The success of an earlier collaboration is the motive for them to develop new projects. This time, their plan will not only to build a blockchain-enabled platform, but also to lay the foundation for the REC marketplace in new regions.
Loads of Sun in Southeast Asia
As reported, a notable part of BCPG plan will include the process of selling RECs in an REC marketplace across Southeast Asia. The blockchain technology will support in recording the entire process of issuing, trading and retiring the certificates.
An REC is a market-based method intended to give companies an effective ability to produce and consume power from renewable energy sources.
The International REC Standard offers a global standard for the monitoring of energy attributes: each REC released is proof that 1 megawatt of renewable energy has been generated.
Certificates present an effective proof for sustainable improvement. Moreover, they act as supportive tools for organizations and governments to achieve their goals in emissions reduction.
Dr. Jemma Green - Power Ledger co-founder and executive chairman commented,
“Organizations want to ensure any REC purchased hasn’t already been used, as well as settling that transaction quickly.”
Dr. Green also highlighted the role of blockchain, saying that the technology will bring a transparent, secure and auditable trading solution for the industry and reduce costs as well.
Blockchain-based instruments seem to be Power Ledger’s strength as the firm has produced a number of tools that serve various global projects across the United States, France, Australia, and Japan. The efficiency of those tools has been proven through facilitating renewable energy trading, financing as well as carbon and renewable energy credit markets.
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