Hedera announced that it will help EDF, REDEX and Rekursive Labs realize their potential in proof of concept, and further assist them in automating the issuance and redemption of RECs, renewable energy certificates that represent a person’s energy consumption.
RECs work on a simple principle: tracking energy consumption versus renewable energy. The market in its entire essence is worth approximately $19 billion. The use of PoC is expected to revolutionize the segment by making the market more transparent and efficient. For individuals, securing the REC is a label that makes it clear to the entire market that their energy consumption is aligned with the mission to achieve Scope 2 neutrality.
The Hedera team commended all partners for their collaboration and the progress of this project. One of the main reasons is that consumers can now retire small amounts of RECs in real time. Hedera also calls this collaboration groundbreaking and adds that perfect use is made of Hedera’s DLT offering.
REC has emerged as an ideal product in the multi-billion dollar market because it is simple and has the ability to effectively track energy consumption.
Edouard Lavillonniere, MD at EDF Lab Asia Pacific, has acknowledged the positives of Hedera’s DLT, saying it will help bring about constructive change in the sustainable sector. Edouard has also stated that their goal is to shape the future so that renewable energy adoption is streamlined, accessible and transparent.
Zhaotan Xiao, the ED at REDEX, has said that complexity may increase as more attributes are tracked in the future. Another element that will increase this complexity is bringing the product closer to the end user. Nevertheless, he is confident that the majority of RE100 members will support their product as early adopters.
REDEX’s goal in this partnership is to accelerate the world’s transition to renewable energy, in addition to achieving automation, digitalization and increasing trust in the ecosystem.
Jason Loh, co-founder and CCO at Rekursive Labs, has expressed his belief in REC, saying it will drive sustainable solutions in the future. Jason added that organizations can track their energy use by using Web3 processes and technologies.
Hedera Network was chosen by all partners because it brings scalability, speed and enterprise focus. Furthermore, it helps make transactions cost-effective and is committed to achieving carbon negative status.
The joint project leverages Hedera’s DLT in a $19 billion market, allowing consumers to secure their renewable energy certificates based on automation. Achieving positive results from the current deployment will pave the way for the project’s global implementation.