PROJECT | Staff Reporter, Singapore

Singapore's SP Group, Sembcorp reveal plans for REC trade platform

This will be done in partnership with Sembcorp.

SP Group and Sembcorp are collaborating to create a marketplace for Renewable Energy Certificate (REC) trade or an environmental sustainability platform. It will also provide carbon consulting services.

RECs are a recognised way of achieving green targets and a credible means for buyers to report their consumed energy comes from renewable energy sources. Carbon credits are tradable certificates that allow buyers to offset their greenhouse gas emissions (GHG) by supporting projects aimed at reducing GHG emissions. Carbon consulting services include analysis, advisory, and strategy development to assist corporates in achieving their carbon emission reduction targets.

In 2015, Singapore pledged to reduce the nation’s emission intensity by 36% from 2005 levels by 2030.

The launch of the platform is planned for the first quarter of 2021.

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