Singapore Power Group launched a blockchain-powered marketplace that will allow companies to buy and sell renewable energy certificates (REC).

The marketplace made its debut on October 29 at the ASEAN Energy Business Forum in Singapore. It is designed for local and international organizations interested in trading RECs to meet their sustainability targets.

“The unique attributes of blockchain technology will ensure the security, integrity and traceability of each REC transaction. This will drive the greater integration of renewable energy sources on the electricity grid,” Singapore Power said in a statement.

Blockchain-Powered REC Marketplace

Presenting details about the marketplace, Singapore Power said that the platform supports local, regional and international RECs as well as offers different supply options including types of sellers and renewable energy sources.

The new blockchain-powered marketplace will allow buyers to automatically match with sellers around the globe according to their preferences. The marketplace is designed to help big and small organizations to achieve their green targets and strengthens cross-border sustainability efforts, according to Singapore Power.

“Through blockchain technology, we enable companies to trade in renewable energy certificates conveniently, seamlessly and securely, helping them achieve greener business operations and meet their sustainability targets,” Singapore Power Chief Digital Officer Samuel Tan said in a press statement.

Local organizations City Developments Ltd. and DBS Bank have signed up as REC buyers, while solar developers Cleantech Solar Asia and LYS Energy Solutions have agreed to sell their solar assets on the marketplace, according to the company.

Meanwhile, chemical logistics firm Katoen Natie Singapore, which is launching Singapore’s largest single unit rooftop solar facility, has joined the marketplace as an REC seller.