Accelerating the adoption of renewable energy certificate: Insights from a survey of corporate renewable procurement in Singapore

Peixian Li, Jeremy Ng and Yujie Lu

Renewable Energy, 2022, vol. 199, issue C, 1272-1282

Abstract: Corporate adoption of renewables has been lukewarm at best in Singapore. This study aims to identify the drivers and barriers to renewable procurement, establish key criteria for renewable energy certificates (RECs, a type of renewable energy product), and recommend policies to accelerate corporate renewable energy adoption in Singapore. We surveyed seven drivers, 12 barriers, nine criteria of RECs, and 11 actions for REC adoption with 35 experienced professionals from major business sectors in Singapore. The top three drivers of corporate renewable procurement were to meet corporate sustainability goals, reduce energy procurement costs, and demonstrate corporate leadership. The most concerning criterion of RECs was traceability that RECs must be generated and transacted through a REC tracking system endorsed by the government or a third party. The most significant barrier to REC adoption was the lack of awareness of RECs and their benefits. Plausible actions to address the barriers include seeking support from senior management, establishing corporate sustainability targets, developing national standards for RECs, promoting successful local business cases, and for government to endorse private-sector REC tracking system(s). The findings could raise corporate awareness and assist policymakers in formulating policies, infrastructure, and initiatives to accelerate renewable energy adoption in Singapore.

Keywords: Renewable energy certificate (REC); Energy attribute certificate; Renewable energy policy; Corporate renewable energy procurement; Renewable energy procurement adoption; Renewable energy sourcing (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0960148122014227
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:renene:v:199:y:2022:i:c:p:1272-1282

DOI: 10.1016/j.renene.2022.09.066

Access Statistics for this article

Renewable Energy is currently edited by Soteris A. Kalogirou and Paul Christodoulides

More articles in Renewable Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().