- REDEX and NEOM Mobility will jointly develop a first-of-its-kind system to monitor renewable energy generation and consumption of NEOM’s mobility assets, providing data on solar generation, electric vehicle charging and green hydrogen production.
- The system aims to monitor decarbonisation at the consumption level, using Renewable Energy Certificates (RECs) that will account for of green energy (flow) from production source to the end consumers via NEOM’s multi-modal mobility system.
- The collaboration aims to highlight the scalability, versatility and relevance of RECs both as a decarbonisation tool and a novel asset for future sustainability developments at-scale.
REDEX has signed an MOU with Saudi Arabia’s NEOM, with the aim to develop a renewable energy tracking system to support the future of sustainable mobility.
The system will monitor renewable energy generation and consumption of NEOM’s transportation assets, providing data on solar generation, electric vehicle charging and green hydrogen production.
The project will showcase how RECs can drive decarbonisation efforts and potentially open new possibilities in energy storage and green hydrogen.
Using RECs to decarbonise
RECs track the production of power to a renewable energy source and are tradeable environmental commodities. They are issued ex-post and not calculated using baseline emissions or avoidance. These characteristics of RECs provide complete transparency and accountability of renewable energy use and claims of Scope 2 emissions reductions.
The traceability of RECs also means that they can be used to track renewable energy use along the supply chain and provide proof of reduction in Scope 3 emissions.
Easy to understand and implement, RECs are ideal instruments to support the decarbonisation of energy in the mobility industry.
About REDEX
REDEX provides innovative technological solutions that enable companies to adopt renewable energy with ease. Headquartered in Singapore, REDEX developed and operates Asia’s leading trading platform for Renewable Energy Certificates (RECs). We offer a one-stop ecosystem for RECs, supporting clients through the full REC lifecycle – asset registration, verification, marketplace and retirement.
Committed to accelerate the global transition towards clean, green and renewable energy, REDEX won the 2023 Emerging Enterprise Sustainability Award in Singapore.
Discover more at www.redex.eco.
