PARIS- In a groundbreaking move towards a sustainable future, Électricité de France (EDF), a global electricity giant and Europe's leading renewable energy producer, has partnered with REDEX, a prominent provider of Renewable Energy Certificate (REC) solutions, and Rekursive Labs, a specialist in Web3 distributed ledger technology. This collaboration, announced on November 29th, introduces a proof-of-concept (POC) that leverages Hedera's distributed ledger technology (DLT) to revolutionize and automate transactions in the $19 billion global renewable energy certificate market.
The joint effort aims to improve efficiency, transparency and verification processes in the renewable energy sector. By leveraging the power of Hedera's DLT and the open source Guardian platform, the project automates the issuance and redemption of RECs, paving the way for a more streamlined and transparent renewable energy market.
One of the key outcomes of this collaboration is the ability for end users to retire small quantities of RECs in real time. This allows individuals to send a clear market signal about their concern for the environmental impact of the electricity they consume. Edouard Lavillonniere, Managing Director of EDF Lab Asia Pacific, expressed optimism about the collaboration: "We believe this collaboration will drive positive change in the renewable energy sector. We are shaping a future where the adoption of renewable energy is streamlined, transparent and accessible to all."
The POC, conducted using EDF's MASERA microgrid demonstrator in Singapore, demonstrated the automated redemption of tokenized RECs at electric vehicle charging stations. This involved collecting data from multiple sources, such as solar panels, generators and energy storage systems, to reconcile green energy production with actual consumption at the charging stations in near real-time. EDF also offers customers the flexibility to adjust the amount of energy certified for each charging session.
Zhaotan Xiao, Executive Director at REDEX, highlighted the urgency created by Europe's Carbon Border Adjustment Mechanism (CBAM) and emphasized the scalability of tokenization for tracking environmental attributes in global supply chains. He expects enthusiastic adoption by Hedera's council members, who are also part of RE100.
RECs, a simple instrument that tracks electricity consumption to renewable sources, have seen a significant increase in issuance and redemption, doubling year over year. With the integration of technologies developed by REDEX and Rekursive Labs, any renewable energy production or consumption system can now achieve full automation of the REC lifecycle, from issuance to redemption.
Jason Loh, co-founder and chief commercial officer of Rekursive Labs, envisions the REC tech stack being embedded in systems ranging from residential meters to large-scale hydroelectric plants. Using Web3 technologies, the proof-of-concept aims to track renewable energy consumption throughout the supply and production chain, ensuring transparency and integrity.
The choice of Hedera's network for this POC is strategic due to its speed, scalability, enterprise focus and carbon negative status. Hedera's commitment aligns with the broader goal of fostering a global movement toward sustainable energy production. The successful completion of this POC marks a significant milestone in the journey towards a greener and more sustainable energy future.
