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(Photo: REM)
The annually held Renewable Energy Market (REM) Asia commenced in Singapore on April 28. The conference provided a valuable opportunity for governments, businesses, and research institutes to gather and discuss the latest market and policy developments of renewable energy demand and supply in Asia.
Spinning off from the major themes from the event, this article expands on discussions that took place and incorporates our own analyses for market trends and recommended green power purchase corporate strategy. There are two important takeaways from this conference, 1) options and accessibility for green power is determined by the status of cross-border trading and national market supplies; and 2) MNCs need nuanced strategies for corporate green power procurement options. The following section will first provide an update on the market status of selected Asian countries.
Varying corporate green power procurement options
Markets in Asia are adopting varying sets of green power procurement options at different pace. In general, the most commonly used scope 2 decarbonization mechanism in the region remains unbundled RECs. That said, confronted by growing concerns over additionality and double counting, when presented with the opportunity un