Singapore’s Ministry of Trade and Industry (MTI) and the Energy Market Authority (EMA) have partnered with the International Tracking Standard Foundation (I-TRACK Foundation) to create a framework for Cross-Border Renewable Energy Certificates (RECs) in Southeast Asia. This initiative seeks to address the complexities of tracking renewable energy across borders due to varying government regulations in the region.
The framework will standardise the tracking and accounting of cross-border RECs, focusing on the physical flow of electricity, permissible REC registries, and the calculation of the residual mix. This standardisation is expected to enhance confidence among companies purchasing cross-border RECs, ensuring exclusive claims for sustainability reporting. The framework also aligns with ongoing efforts by the ASEAN Centre of Energy to develop a regional REC framework by 2027.
Minister of State for Trade and Industry, Gan Siow Huang, highlighted the significance of the framework, stating it reflects Singapore’s commitment to advancing credible cross-border electricity trade and fostering regional collaboration. EMA’s Chief Executive, Puah Kok Keong, emphasised the importance of credibility and trust in REC transactions for driving cross-border electricity trade.
The I-TRACK Foundation’s Roble P. Velasco-Rosenheim noted that the initiative is a meaningful step towards credible cross-border electricity trade tracking in the ASEAN region. The framework will align with international standards, such as those being developed by the I-TRACK Foundation, which are set to be released by the end of 2025.
The development of this framework is supported by organisations including the Climate Group’s RE100 initiative, the ASEAN Centre of Energy, and the Asia Clean Energy Coalition. These collaborations underscore the framework’s potential to strengthen the commercial viability of renewable energy projects across Southeast Asia.
