Hedera announces its collaboration with EDF, REDEX, and Rekursive Labs to explore the potential of proof of concept (PoC) in automating the issuance and redemption of Renewable Energy Certificates (RECs), representing power consumption.

RECs function by tracking power consumption against renewable energy usage in a market valued at approximately $19 billion. The integration of PoC is expected to revolutionize this segment by enhancing transparency and efficiency. For individuals, obtaining a REC signifies alignment with the goal of achieving Scope 2 neutrality in power consumption.

Hedera commends its partners for advancing this project, highlighting the ability for consumers to retire RECs in real-time. The collaboration is deemed groundbreaking, leveraging Hedera's distributed ledger technology (DLT) offerings effectively.

REC emerges as an ideal product in the billion-dollar market due to its simplicity and effectiveness in tracing power consumption.

Edouard Lavillonniere, MD at EDF Lab Asia Pacific, acknowledges the positive impact of Hedera's DLT in driving constructive change in the renewable energy sector, aiming to streamline adoption and ensure transparency.

Zhaotan Xiao, ED at REDEX, acknowledges potential complexities in tracking additional attributes in the future but expresses confidence in gaining support from RE100 members as early adopters. REDEX aims to accelerate the global transition to renewable energy while achieving automation, digitization, and fostering trust in the ecosystem.

Jason Loh, Co-Founder & CCO at Rekursive Labs, believes in the future potential of REC to drive sustainable solutions, enabling organizations to trace their power consumption using Web3 processes and technologies.

Hedera Network is selected by all partners for its scalability, speed, enterprise focus, cost-effectiveness, and commitment to achieving carbon-negative status.

This joint initiative harnesses Hedera's DLT in a $19 billion market, facilitating the automated issuance and redemption of RECs, with successful outcomes paving the way for global implementation.