- Sep 13, 2019 1:01 am GMT
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After a period of time in which it was easy to call blockchain in the energy sector "just hype," it's become difficult to ignore the reality of concrete blockchain applications growing in the space. One such application was launched this week, as the Energy Web Foundation (EWF) and PTT (a Thailand-based multinational energy conglomerate) unveiled the PTT Renewables Marketplace Platform. This tool offers a direct path to a fully commercial application by May 2020 and opens several doors for renewable energy development in Southeast Asia.
The ASEAN region—and Thailand specifically—have been largely untapped areas for energy attribute certificates (EACs). In 2018, the ASEAN region accounted for only one-half of a percent of EACs traded globally. Yet Thailand generated 28 million MWh of clean electricity in 2018 and is forecast to nearly double that by 2037.
In addition to this gap, the new offering was inspired by strong corporate demand for renewable energy certificate (REC) options in Thailand and ASEAN. The platform will help corporations buy regionally-sourced RECs to match energy demand from local facilities and give them a better way to track emissions all the way through the supply chain. It can also give regional renewable energy developers a new revenue stream and ignite further investment in clean energy.