In a first for Asia, GoNetZero has utilized blockchain technology to track granular issuance of RECs from a 6 MWp solar generation site, and successfully piloted hourly matching of power consumption with renewable energy for UBS in Singapore. Following EnergyTag’s certification standards, the pilot not only demonstrates the use of time-based granular verification and tracking to identify opportunities for further carbon footprint reduction, but also increases the transparency of renewable energy provenance.
Key takeaways:
- Due to Singapore’s predominant renewable energy mix of solar energy, it is difficult to perform 24/7 matching as solar generation assets do not produce energy in the absence of sunlight. Hence, it is crucial to look at other solutions such as demand load optimization and other forms of technologies such as energy storage.
- Granular renewable energy generation data may not always be available in a clean and complete format. There might be missing granular data due to malfunctioning IoT meters or even a loss in connectivity. Hence, robust data protocols should be in place to protect the integrity of granular energy data.
- This pilot has the added advantage to provide RE buyers about the transparency of their RE purchase, and this application is especially important in the current climate of rampant greenwashing.
Next steps:
- Extend the pilot use-case, and apply this technology and methodology to other customers.
- Integration with I-REC registry to automate the issuance of official granular RECs from generation sites.
- Exploration for other energy sources in other countries like wind, hydrogen and hydro.
