Singapore's first REC Exchange, OperaX, launches ARS contract to streamline ASEAN REC purchases
SINGAPORE, Sept. 22, 2023 /PRNewswire/ -- OperaX, Singapore's pioneering and first-ever digital Renewable Energy Certificate (REC) exchange, has introduced an innovative project named the ARS (ASEAN REC Standard) Contract. This initiative is inspired by buyers' requirements and premised on InterOpera's active participation in the Bank for International Settlements (BIS) Hong Kong's Genesis 2.0 project advised by United Nations Framework Conventions on Climate Change (UNFCCC), where InterOpera served as one of the key consortium leaders alongside the Goldman Sachs consortium. OperaX's ARS Contract is customised to ensure compliance with the RE100 standard for I-RECs. It draws inspiration from the digitalised Mitigation Outcome Unit (MOU) showcased in Genesis 2.0. Presently, OperaX is partnering with multiple renewable energy associations and research institutions to conduct comprehensive research on additional REC-related standards.
The ARS Contract is a standardised spot contract designed to facilitate the acquisition of RECs originating from ASEAN countries in a more simplified process that allows businesses to purchase quality RECs certified by global standards (e.g. I-REC) to meet their regional offset requirements without having to individually evaluate the vast universe of projects. It provides greater transparency and accessibility for buyers, which allows for long-term commitments whch provide sellers with greater certainty to optimise their project planning. This move not only simplifies the procurement process for buyers but enables greater confidence for sellers. The ARS Contract could also be accompanied by sustainability reports for additional data and assurance to create long term contracts and drive regional market demand to foster sustainable growth in ASEAN REC markets.
This groundbreaking initiative aims to simplify and enhance the process of procuring RECs issued within the ASEAN region. One of the primary objectives of the ARS Contract is to address the challenges posed by the fragmented market supply options prevalent in the ASEAN REC market. Previously, navigating the complex landscape of ASEAN REC procurement involved dealing with multiple contracts and disparate sources. OperaX's ARS Contract hopes to streamline this process, offering a unified and efficient solution for businesses seeking to fulfill their renewable energy offset obligations.
OperaX's commitment to advancing sustainable practices is exemplified by the ARS Contract project. As the first and foremost digital REC exchange in Singapore, OperaX aims to lead the way in driving renewable energy initiatives and facilitating the transition to a cleaner, more sustainable energy landscape within the ASEAN region. This collaborative effort will require strong partnerships with companies, financial institutions, and research institutions in the region. The ARS Contract project is poised to play a pivotal role in this mission, making it easier than ever for businesses to contribute to the region's renewable energy goals.
For more information about the ARS Contract and OperaX's efforts to promote renewable energy adoption in the ASEAN region, please visit InterOpera's website at https://www.interopera.co/.
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SOURCE InterOpera Pte Ltd