Green revolution: Bridging renewables energy for a unified market
In the era of escalating climate change concerns, demands of business stakeholders are shifting to increasingly prioritise sustainability and environmental responsibility. As a result, increasing numbers of corporations are pledging Zero Scope 2 emission targets. However, challenges persist towards achieving these targets – energy typically enters the grid from many different sources (e.g. natural gas, coal, nuclear energy or renewable sources), and it’s near impossible to know the exact source of energy one is consuming. Furthermore, certain countries and regions face more difficulty than others in procuring renewable energy directly (e.g. due to national policy or resource limitation).
And this is where Renewable Energy Certificates (RECs) comes in. These certificates represent the environmental attributes of the generation of a one-megawatt hour (MWh) of energy produced by renewable sources such as hydro, wind, and solar power. RECs play a pivotal role in enabling individuals and corporations to claim the clean energy attributes of the electricity generated from a renewable energy source and offset their Scope 2 emissions. Notably, their traceability is ensured through unique serial numbers – verifying their authenticity and preventing duplication.
Nevertheless, players in the RECs value chain face several challenges on both the supply and demand side such as:
- Slow and manual process: RE Generators face a slow, manual and resource intensive process to register their assets for RECs.
- Limited availability: Limited availability of RECs puts RECs buyers (e.g. corporates) with public sustainability commitments at risk.
- Supply market fragmentation: Intensive and lengthy effort to purchase RECs from multiple players across various countries due to supply market fragmentation.
Enter REDEX – a comprehensive platform that streamlines the entire RECs ecosystem. Recognising the hurdles faced by market players, their solution aims to address concerns pertaining to verification and transactions for both generators and buyers, ensuring a seamless experience in RECs certification and acquisition. Here are a few compelling reasons why we at Twin Towers Ventures believe REDEX stands out:
Seamless RE asset registration and RECs issuance
REDEX leverages technology to streamline the registration of Renewable Energy (RE) assets and RECs issuance process – enabling the process to be shortened to 2 – 3 weeks, compared to the typical 3 – 6-month process.
RE generators can now onboard their assets on REDEX’s REHash platform for RECs issuance by internationally recognized RECs registries, i.e. International REC Standard (I-REC) and Tradable Instrument for Global Renewables (TIGR). REDEX’s platform is integrated with I-REC, allowing for faster, digital submission of documents to I-REC. Subsequently, the issued I-RECs are seamlessly transferred to the REHash platform, providing RE generators access to REDEX’s ecosystem for efficient sale. REDEX is also an approved official verifier of TIGR, ensuring credibility.
Flexible and wider market access
Their wide-ranging solutions cater to projects of all scales and requirements, thanks to its diverse solution portfolio, which includes:
- REHash: Digital platform for RECs management and trading
REDEX introduces REHash, a dynamic platform for RECs management and trading, with built-in RE asset and RECs registration capability as well as marketplace access for both buyers and sellers. It is a marketplace with API integration with I-REC registry (allowing for direct funneling of RECs registered with I-REC onto the REHash platform). Through REHash, RE generators gain unprecedented access to a wide network of potential buyers (and vice versa), transcending geographical limitations. This not only enhances the visibility of renewable energy producers but also fosters a robust and interconnected global market for RECs.
- REConnect: Empowering residential solar asset owners
With REConnect, REDEX introduces a groundbreaking platform that facilitates Do-It-Yourself (DIY) asset registration and RECs verification. This empowers residential solar asset owners to seamlessly navigate the process of registering their assets and verifying the associated RECs. The mobile app simplifies the traditionally complex procedures, allowing individual contributors to actively participate in the renewable energy market. This democratization of the REC market ensures a more inclusive and widespread adoption of clean energy practices.
- RESuite: Tracking progress towards sustainability agenda
RESuite, another offering by REDEX, is a comprehensive tool tailored for companies and organizations. It enables them to monitor and track their progress towards sustainability targets. This includes not only the organizations themselves but extends to their entire supply chains. By providing a holistic view of sustainability efforts, RESuite assists companies in assessing their specific requirements for RECs. This feature promotes corporate responsibility and transparency, allowing businesses to align their operations with green initiatives effectively.
REDEX provides convenience for REC seekers and suppliers. Covering nine Asian countries, it provides a centralized marketplace for RECs, catalyzing renewable energy growth and making transnational RECs trading, especially in ASEAN, a reality. Its design encourages participation from individuals to corporations, accelerating sustainable practices and propelling the renewable energy sector forward.
Promoting transparency and efficiency, REDEX empowers stakeholders in the energy transition. REDEX acts as a catalyst for greener future, in a collective shift towards a sustainable and environmentally responsible energy landscape.
Universal drive towards a sustainable future
In summary, our decision to invest in REDEX reflects our belief in its transformative impact on the renewable energy sector. By addressing challenges in the RECs market, REDEX emerges as a pivotal player.