Hedera has announced that it will assist EDF, REDEX, and Rekursive Labs in leveraging its potential pertaining to proof of concept, further helping them to automate the issuance and redemption of RECs, Renewable Energy Certificates which represent one’s power consumption.
RECs work on a simple principle of tracking the power consumption against renewable energy. The market, in its overall essence, is worth approximately $19 billion. Utilizing PoC is expected to revolutionize the segment by making the market more transparent and efficient. As for individuals, securing the REC is a tag that clarifies to the entire market that their power consumption aligns with the mission of achieving Scope 2 neutrality.
The Hedera team has hailed all the partners for collaborating and taking this project forward. One of the core reasons is that consumers can now retire small quantities of RECs in real time. Hedera has also called this collaboration groundbreaking, adding that it perfectly uses the DLT offering of Hedera.
REC has come out as an ideal product in the billion-dollar market, for it is simple and has the ability to trace power consumption effectively.
Edouard Lavillonniere, the MD at EDF Lab Asia Pacific, has acknowledged the positives of Hedera’s DLT by stating that it will help drive a constructive change in the renewable sector. Edouard has also stated that their goal is to shape the future so that the adoption of renewable energy is streamlined, accessible, and transparent.
Zhaotan Xiao, the ED at REDEX, has said that complexities can increase as they trend toward tracking more attributes in the future. Another element that will add to these complexities is the product getting closer to the end consumer. Nevertheless, he is confident that the majority of RE100 members are coming out in support of their product as early adopters.
The objective of REDEX in this partnership is to accelerate the transition of the world toward renewable energy on top of achieving automation, digitization, and enhancing trust in the ecosystem.
Jason Loh, the Co-Founder & CCO at Rekursive Labs, has expressed his belief in REC, saying that it will drive sustainable solutions in the future. Jason added that organizations will be able to trace their power consumption by making use of Web3 processes and technologies.
Hedera Network has been chosen by all the partners because it brings scalability, speed, and enterprise focus to the table. Moreover, it helps to make transactions cost-effective and is committed to achieving carbon-negative status.
The joint project leverages the DLT by Hedera in a $19 billion market, helping consumers secure their Renewable Energy Certificates based on automation. Achieving positive results in the current deployment will pave the way for the global implementation of the project.