Asuene APAC has signed a Memorandum of Understanding (MOU) with REDEX, a Singapore-based renewable energy certificate solutions provider. Through this partnership, we aim to promote "ASUENE," a carbon accounting platform, and facilitate the buying and selling of renewable energy certificates (RECs) to provide comprehensive support for companies in their decarbonization efforts.
Status of sustainability regulations in Singapore
In Singapore, starting in 2025, all listed companies will be required to report on climate change-related issues. Additionally, the carbon tax will significantly increase from the current S$5 per ton of GHG emissions to S$25, with expectations to rise to S$50-80 by 2030. Furthermore, Singapore is strengthening climate-related disclosures in line with the International Sustainability Standards Board (ISSB), accelerating its efforts to achieve net-zero as a hub in the APAC region. As a result, local companies and those with a presence in Singapore will need to calculate, reduce, and report their CO2 emissions.
Against this background, the number of companies participating in RE100, which aims for 100% renewable energy usage, is increasing. However, many companies face challenges in reducing Scope2 emissions due to the high cost and limited supply of renewable energy in Singapore. To address this issue, Singapore is encouraging the purchase and use of RECs from Southeast Asian countries based on Singapore Standard 673.
Details of the Partnership
"ASUENE" provides a carbon accounting platform for companies and local governments across their entire supply chains, in accordance with the GHG Protocol's Scope 1-3. Additionally, we also provide sustainability consulting services. ASUENE’s strength lies in delivering comprehensive one-stop solutions for decarbonization, supporting companies in advancing their decarbonization management.
REDEX provides innovative technological solutions that enable companies to adopt renewable energy with ease. Headquartered in Singapore, REDEX is the developer and operator of Asia’s leading trading platform for RECs. It offers a one-stop ecosystem for RECs, supporting clients through the full REC lifecycle – asset registration, verification, marketplace and retirement.
With the signing of this MoU, we will strengthen our partnership in customer referrals and enhance our support for businesses aiming to achieve net zero through CO2 emissions visualization and the utilization of RECs.
Comment from Kang Jen Wee, Founder and CEO of REDEX
"Achieving the global ambition of net zero requires collaboration among multiple stakeholders. We are pleased to sign this memorandum with Asuene, sharing our expertise, resources, and services to create innovation and synergy that will further strengthen the decarbonization ecosystem and the renewable energy certification market."
Comment from Masaaki Hamada, Managing Director of Asuene APAC
"As a leading provider of carbon accounting solutions in the APAC region, we continuously seek partnerships with companies that offer high-quality decarbonization solutions. Through our collaboration with REDEX, Asuene will enhance its portfolio of decarbonization options, allowing us to deliver even greater value to our customers in Singapore and the Asia-Pacific region."
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