By Graham Cooper
Registry provider APX is launching a new service to facilitate international trade in the voluntary market for renewable energy certificates (RECs).
The California-based company has created a new product for this market, which it has named Tradable Instruments for Global Renewables(TIGRs). The intention is to help companies that want to buy clean energy to source validated renewables projects from around the world.
As in domestic RECs markets, TIGRs recognize the environmental benefits associated with 1MWh of renewable power and can be sold on their own or bundled with the underlying electricity.
APX says the TIGRs registry will offer reassurance to buyers as all the projects listed will undergo a rigorous validation process and procedures will be included to prevent double counting of environmental benefits.
APX’s initial focus will be on projects in Asia and Latin America, Katherine Graham, APX head of product management, told Environmental Finance. A pilot is underway in Singapore which involves multinational companies, including Apple, buying TIGRs generated by rooftop solar installations developed by local company Sunseap.
The company already operates 13 registries for other environmental assets, including voluntary carbon credits and US RECs.
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Last updated 09 Jun 2016