New tool will support corporate renewable purchases in the region, with fully commercial application expected by May 2020.
Thailand-based multinational energy conglomerate PTT and global energy blockchain nonprofit Energy Web Foundation (EWF) jointly announced the development of a new blockchain-based renewables platform. The application will be built on the Energy Web Chain and leverage the EW Origin family of open-source software development toolkits to create a regional solution compliant with the International REC Standard (I-REC). PTT is responding to strong corporate demand for renewable energy certificate (REC) options in Thailand and the broader ASEAN region. Multinational corporations are looking to buy regionally sourced RECs matched to their demand from existing and new facilities in the region. Many are also looking for ways to better enable and track sustainability commitments down through their supply chains, whose operations are often based in Thailand and neighboring countries. And some are interested to accelerate clean energy access, including residential rooftop solar (which is not usually part of the menu of options for corporate renewables procurement).
In such emerging renewables markets as Thailand and ASEAN more broadly, I-REC has proven the standard of choice. PTT and EWF’s new blockchain-based solution will bidirectionally sync with the I-REC database managed by the Green Certificate Company. “This new platform will benefit both corporate renewable energy buyers and renewable energy developers,” explained Worawat Pitayasiri, senior executive vice president, Innovation and Digital, PTT Plc. “It will better match demand with available supply, help corporate buyers to achieve their sustainability goals more easily, create a supplemental revenue stream for already-operating renewable energy assets, and unlock new investment in additional renewable energy throughout the region. We are proud to create this journey and unleash the potential of renewables in Thailand […]