Renewable Energy Certificates Explained

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Renewable Energy Certificates Explained

What is Renewable Energy?

Renewable Energy might be a term you have come across if you have been on the lookout on getting your own green electricity plans for your home. What exactly is it, and how does it help the environment? Let us break it down on what it means, to help you better understand and assess it.

Currently, fossil fuels — coal, oil and natural gas, still account for over 80% of the world’s primary energy consumption. The burning of fossil fuels releases large amounts of carbon dioxide and other greenhouse gases, trapping heat in our atmosphere and making fossil fuels the biggest driver of climate change and global warming.

Renewable Energy, on the other hand, do not emit greenhouse gases during generation. It is produced from natural resources that are constantly replaced and never run out, such as solar, wind, hydro, and geothermal energy.

What are Renewable Energy Certificates (RECs) and how do they work

Renewable Energy Certificates, known as RECs, are market-based instruments that endorse units of electricity generated by renewable energy sources. Each REC represents the clean energy attributes of one megawatt-hour (MWh) of renewable electricity. For instance, if a solar power facility generates 1 MWh of electricity which flows into a power grid, 1 REC would be credited to them which they can choose to keep or sell it.

Because electricity enters our main power grid from many different sources ranging from solar to natural gas, there is no way to know exactly what energy source your electricity comes from. As such, RECs are put in place to serve as an accounting, tracking and assigning ownership mechanism for green energies as they flow into the power grid.

RECs are also internationally recognised for meeting renewable energy commitments and within frameworks such as RE100Climate Disclosure Project (CDP)LEEDGreenhouse Gas Protocol. Renewable energy generation facilities are only eligible to receive RECs for each unit of electricity generated if they comply and are registered under internationally recognised standards, such as the I-REC standard.

After purchasing RECs, you can rightfully claim that 1 MWh of your electricity use came from a renewable source upon its ‘retirement’. An REC can no longer be sold again once it is retired, meaning no one else can claim that unit of renewable generation.

Difference between Renewable Energy Certificates and Carbon Credits

Individuals and organisations working towards their respective sustainability goals have various options when it comes to choosing how to lower their carbon footprints. These include activities that reduce emissions, energy efficiency measurements or switching to clean energy solutions. Recognising the difference between options such as RECs and Carbon Credits can help identify the best methods in achieving the respective goals while charting towards a greener future.

While both RECs and Carbon Credits help to lower the carbon footprints, they are different tools used for different purposes in achieving this greener goal. The key difference between the tools, is the purpose and mechanics behind it.

Carbon Credits helps to offset greenhouse gas emissions by supporting emissions reduction activities such as tree planting projects that remove these emissions from the atmosphere.

RECs offset electricity consumption from non-renewable sources. They support renewable electricity use claims and renewable energy development.

Renewable Energy Certificates landscape in Singapore

Renewable energy options are limited in a small, resource-constrained country like Singapore. There is a lack of water resources, our wind speeds and mean tidal range are low, and geothermal energy is not cost-effective. This leaves solar energy as the main source for renewable energy in Singapore. Even then, space constraints limit the number of solar installations that can be directly connected to consumers. As such, the adoption of RECs, particularly solar RECs for those who want to support local renewable energy, has become a more favorable option for businesses in Singapore in pursuit of sustainability goals and climate friendly policies.

To protect the interests of consumers, the Solar Energy Research Institute of Singapore (SERIS) has acted as the Qualified Reporting Entity (QRE) on the TIGRs (Tradable Instrument for Global Renewables) registry in Singapore since 2016. They validate the actual amount of clean energy generated by Singapore-based solar energy projects and then convert this into RECs before they are passed on to customers.

With Apple’s pioneering announcement in 2016 to adopt RECs in Singapore, DBS Bank and Microsoft have also declared their adoption of RECs in 2017 and 2018, respectively. Other businesses are forecasted to jump on the bandwagon as well.

Benefits of purchasing Renewable Energy Certificates

The purchase of RECs brings about many benefits for individuals and companies. They include

  • Reducing your carbon footprint
  • Leverage on clean energy without incurring the cost of solar panel installation
  • Supporting the revenue and profitability of current renewable energy projects, which in turn encourages even more future investments in such projects, supporting market growth and evolution
  • Demonstrating a company’s commitment to the environment with the adoption of renewable energy as part of one’s energy portfolio

How does Geneco support the RECs?

Geneco offers RECs from a variety of sources that advocate effective climate action and the UN Sustainable Development Goals. We can help individuals and companies assert green energy use by procuring, retiring and certifying RECs.

Borderless

Whether it is local or foreign RECs, it’s your call and we source.

Hassle-free

With Geneco’s large pool of RECs suppliers, your purchase requirement would be easily matched. Enjoy cost savings by leaving the time-consuming procurement & administrative process to us.

Purchasing RECs, however, is not equivalent to buying electricity.

Which is why, here at Geneco, we have also bundled the purchase of RECs with our green electricity solutions for your convenience. Start your sustainability journey with us today by choosing Geneco’s Renewable Energy solutions.


Going green just got easier with Geneco’s newly launched sustainable energy solutions – Which one should you choose?

27 April 2021

Going green just got easier with Geneco’s newly launched sustainable energy solutions – Which one should you choose?

Advocating for a more sustainable lifestyle for our customers has always been at the core of Geneco. Beyond our position as a leading electricity retailer in Singapore, we believe that we have the responsibility to do good for our future generations and to protect the environment.

In celebration of Geneco’s 3rd anniversary and Earth Day 2021, we recently held our inaugural Plant-A-Tree event at Windsor Nature Park as part of our commitment to National Parks Board’s #OneMillionTreesSG movement. Presiding over the event was our newly appointed Chief Executive Officer of Geneco – Mr Lim Han Kwang, alongside our ChangeMakers partners – The Food Bank SingaporeComcropCultivate CentralRefashRepair Kopitiam and Green Nudge, and Standard Chartered Bank partner. Sharing the same vision of creating a better and cleaner tomorrow for the future generations, these like-minded organisations took time out for this event to do their part for an environmental cause.

From left: Shawn Cheo (Refash), Nichol Ng (The Food Bank Singapore), Genevieve Ng (Standard Chartered Bank), Lim Han Kwang (CEO, Geneco), Danny Lim (Repair Kopitiam), Nova Ceceliana Nelson (Cultivate Central) and Darren Tan (ComCrop).

Planting the first 50 of the 250 trees we have pledged for the next 5 years, this commitment also aligns our support for the nation’s SG Green Plan, as well as the continuous efforts to #PowerTheChange for a more sustainable and greener nation.

In his opening speech at the event to mark this special occasion on Earth Day 2021, Mr Lim also announced Geneco’s new comprehensive suite of sustainable energy solutions to ease and encourage customers to adopt an eco-friendlier lifestyle.

If you are kickstarting your eco journey and are overwhelmed by the multiple green energy options out there, here is a guide on our newly launched sustainable energy solutions for your home to consider.

Power Eco Total Home Solution

Customised renewable energy solution (solar panel installation with optional green electricity plan)

The Geneco Power Eco Total Home Solution provides solar panels installation for landed residential homes with optional add-on of any of our green electricity plans.

Available to both existing and non-existing Geneco customers, the solar panel installation service provides customers the opportunity to do good for the earth by adopting a 100% carbon neutral lifestyle, and also reduces up to 9,300 kg of carbon dioxide, which is equivalent to the annual CO2 absorption by 462 rain trees. Excess energy produced can also be sold back to the grid.

The benefits from this installation go a long way where households get to enjoy lower electricity cost, saving up to $4,600 on your electricity bills each year. What’s more, households even get to enjoy additional savings with up to $1,000 Geneco of bill rebates!

To ease the set-up cost of the solar panels’ installation, Geneco has partnered with Standard Chartered Bank to bring customers an exclusive promotion of up to $1,250 cashback with the approval for CashOne personal loan.

Power Eco Total Home Solution

  • Offset up to 9,300kg of greenhouse gases
  • Save up to $4,600 a year on electricity bills
  • Enjoy up to $1,000 Geneco Bill Rebates
  • Get up to $1,250 Cashback for Standard Chartered Bank CashOne personal loan

Complete your Power Eco Total Home Solution with any of the following green electricity plans below to go 100% eco-friendly.

If you are unable to install solar panels for your household, you can still do your part to offset your carbon footprint by signing up for a standalone eco plan for your residence. Furthermore, for a limited time only, Standard Chartered Bank credit card holders get to enjoy additional $35 bill rebate on top of prevailing promotions for new sign-ups with Geneco’s green plans when they set up recurring bill payment.

Get Sunny

100% solar energy plan

Solar energy has been touted as a key pillar in Singapore’s energy future with it gaining traction progressively. The ability of solar energy to reduce harm on the environment and the long-term benefits to our climate has garnered the attention of many consumers and organisations.

With Geneco’s Get Sunny electricity plan, it is a 100% renewable energy option that will be powered from Geneco’s parent company YTL PowerSeraya’s own solar photovoltaic (PV) system. This makes choosing a renewable energy plan a reality for residential households who would like to make the full commitment by choosing renewable energy but may not have the necessary infrastructure or resource to make it a reality.

If you are thinking of switching to a renewable solar energy plan, consider Geneco’s Get Sunny – where you will also receive a Renewable Energy Certificate, to pave positive impacts for the environment and #PowerTheChange.

 

Get It Green

100% carbon-neutral electricity plan

The definition of carbon-neutral electricity is to offset the amount of electricity generated from a person’s carbon footprint. This is executed through carbon credits which allows you to pay to reduce the carbon emissions that you have generated. Funds generated from the purchased credits are channelled to certified climate action projects. These projects reduce, remove or avoid greenhouse gas emissions and are a great way for any businesses, households or individuals to make a choice and help organisation to take immediate action.

Geneco’s Get It Green is a 100% carbon-neutral electricity plan that lets you do good for the earth even while consuming electricity at home for your daily needs. You will also receive Verified Carbon Units Certificate for making a simple yet conscious choice to offset your carbon footprints.

Here at Geneco, we understand that starting your eco journey might seem daunting, which is why we have launched this comprehensive suite of sustainable energy solutions to ease and encourage you to adopt a greener lifestyle.

The SG Green Plan 2030 has outlined the transformation we can expect for Singapore within the next decade as the nation furthers its green ambitions for a more sustainable future. With every kilowatt of energy consumed, make your usage count and #PowerTheChange with us today to secure a better environment for the future generations.


Remembering 2020 with Geneco

30 December 2020

Remembering 2020 with Geneco

Without a doubt, 2020 has been a year like no other. From the fight against a global pandemic to the increasing urgency against climate change, it has been a year of changes and challenges for us and our communities.

While 2020 has been tough in its ways, we are also encouraged by the help rendered to one another during this challenging year. We applaud the essential workers who have stood at the frontlines, families who have stayed strong, and individuals who have chosen to lend a helping hand through the crisis. Against all odds, we stay united as one.

With that in mind, Geneco wanted to play our part and give back in ways that we can – for the environment, for the community. As the year comes to an end and we look to fresh beginnings, let’s look back at some of our key moments though this year.

Celebrating Geneco’s second anniversary

To mark Geneco’s second anniversary, Geneco launched #ItTakes2 to celebrate this milestone with our partners and customers in coming thus far with us. It has always been in Geneco’s DNA to collaborate with like-minded partners to promote for a more sustainable lifestyle while giving back to the community, and for this campaign, we wanted to do the same. After all, it takes two to make a larger impact and to power a bigger change.

We collaborated with one of our ChangeMakers partners – The Food Bank Singapore, to spread good amid this difficult time. The beginning of COVID-19 led to the organisation seeing a 70% drop in their donations, affecting beneficiaries and low-income families from receiving the food they need. Geneco is heartened that, together with the support of our customers and Instagram & Facebook followers through comments and words of encouragement, we were able to work with The Food Bank Singapore in donating 1,000 meals  to help these families in need during this period.

Stay home with Geneco

The implementation of the ‘circuit breaker’ measures in April caught the entire nation by surprise. Non-essential travels were not permitted, shops had to close, people could no longer gather, and working-from-home became the default approach for businesses when possible. Coupled with the daily news of the pandemic, it had been hard to cope for many. To help uplift the spirits and tide through the sudden need to stay in, #StayHomewithGeneco was born with a curated set of content across our social media platforms to ease the time spent at home. Featuring community initiatives that citizens can help and contribute even while staying at home to sharing complimentary lifestyle resources, #StayHomewithGeneco focused on doing good for both the community and our well-being.

With the opportunity of staying in with our families, Geneco took it to heart to power family time through our series of green crafts with a #PowerFamTime giveaway to encourage families to savour the time we got to spend together with our loved ones. We received an overwhelming response of more than 100 submissions from families and how they treasure family moments together through green craft activities during this time.

Power the change with Geneco

As the daily news continue to surround the development of the global pandemic, many have been disheartened by the pessimistic news and happenings all around the world. Instead, Geneco wanted to motivate and inspire Singaporeans to seek ways to power different qualities such as togetherness and giving despite the difficult times through our #PowerTheChange campaign.

A social campaign anchored on discovering inspiring qualities demonstrated by everyday Singaporeans – featuring a series of profiles who conveyed stories of strength and compassion – to focus on the good and unite everyone to power through.

Beyond the profile features, Geneco once again collaborated with its partners from the #ChangeMakersSG programme in supporting their various initiatives of giving back to the community. From distributing of masks with Refash and The Food Bank Singapore, to powering ComCrop’s food production efforts to meet the rising demand of local produce from COVID-19, Geneco is committed to power the change with our partners for our future generations.

As mask wearing becomes an essential part of our daily lives, the demand for them also increased exponentially among the public such that shortages of masks were witnessed, leading to many who may not have sufficient masks at home. Together with Refash and The Food Bank Singapore, 15,000 masks were distributed to vulnerable communities during this time to ensure they are well equipped and well protected whenever they need a mask.

In addition, with the COVID-19 situation, many countries have been placed in lockdown, inevitably causing a disruption in our country’s food supply chains. As a result, ComCrop is currently standing at the forefront of our country’s food production efforts to maintain our nation’s food security, while at the same time fulfilling the government’s ’30 by 30′ goal. To do our part in strengthening sustainable food production in Singapore, we at Geneco have also committed to subsidise ComCrop’s electricity bills for a year in support of their sustainability efforts.

Read here in more detail on Geneco’s #PowerTheChange campaign.

An open letter to our future generations

Even as we progressed through the year with the pandemic still in tow, the urgency to fight against climate change cannot be ignored as well. Therefore, we wanted to do our part in encouraging Singaporeans to lead a greener lifestyle on this special National Day.

In celebration of the nation’s 55th birthday on 9 August, Geneco marked the occasion with a campaign anchored on commemorating the decisions our forefathers had made for the nation in the past and how we should emulate the same spirit towards our nation for our future generations.

The #ToOurFutureGenerations campaign aimed to shed light on aspiring Singaporeans who constantly strive to make an impact within their respective fields, inspiring future generations to do the same for our nation.

Among our featured profiles we have Dawn Sng, Educational Experiences Designer with Cultivate Central – one of our ChangeMaker partners. Her role sees to bring families to connect with nature and to realise the importance of preserving these natural elements for the children of the future to enjoy.

To further spread our green message and our commitment towards green living for future generations, Geneco also collaborated with Cultivate Central in the distribution of 550 DIY micro-green kits to provide a hands-on experience for our customers in growing their own greens, sharing with them the cycle of life and the small acts we can do to preserve the Earth for the future.

Be jolly together this festive season

To wrap up the year on a happy note, Geneco’s #JollyTogether campaign focused on finding joy while doing good for families, community, and the environment this festive season. Celebrating our resilience and tenacity in overcoming a difficult year, Geneco launched weekly giveaways on Instagram for our followers to share eco-friendly habits and ways we have adopted as a family to give back to our environment. These acts may be small, but we recognise the collective impact it can have in fighting climate change should we stay consistent and spread the importance of doing good for our planet.

Together, we have received over 500 green tips from our giveaways, encouraging families to remember to be eco-friendly whenever they can even during the holidays!

As arduous 2020 may have been, it was truly an unforgettable year for Geneco. We would like to thank the community and families as well as our ChangeMakers for constantly supporting Geneco this year and the various opportunities to journey through and stand together amidst uncertainty. From our campaigns, partnerships with organisations and participation from the masses, we have seen that as a united community, we can go to greater heights and realise our green vision as one body.

From our Geneco family to yours, here’s to a greener and better 2021!


Geneco and SEAS joined hands for a sustainable energy forum

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Geneco and SEAS joined hands for a sustainable energy forum

The future of sustainable energy in Singapore

Singapore, 15 May 2019 – According to the expert panel who spoke at a recent clean energy forum, the future of sustainable energy in Singapore is positive. The nation is embarking on intensive research and development to increase the contribution of renewable energy in its energy mix.

Geneco, one of Singapore’s leading electricity retailer, partnered with the Sustainable Energy association of Singapore (SEAS), a non-profit business association that represents the interests of companies in the sustainable energy sector, to host a sustainability forum on 26 April 2019.

The three-hour forum was targeted at carbon space experts, business owners and energy managers. Industry experts were brought in to share about how global climate action translates into direct cost impacts on business in Singapore and how companies can transit to a low-carbon business model.

One of the speaker, Mr Vinod Kesava, the co-founder and chief executive officer of the Climate Resources Exchange (CRX), shared about the untapped potential of renewable energy and energy efficiency projects. He also shared the successes in the integration of renewable energy with environmental attributes from carbon credits and renewable energy certificates.

At one of the talks during the forum, Ms Pooja Bansal, a YTL-SV Carbon senior consultant specialising in energy and environment management, delved deeper into the renewable energy certificates and carbon credits verification process and provided practical tips to identify credible certificated and credits available in the market that can be used by companies for their respective environmental attributes.

Read full article here.