× Government Healthcare Islamic Finance Oil And Gas Real Estate Technology Telecom Tourism

SEA issues first Renewable Energy Certificate

July 19, 2020
oil and gas

In line with the directives of the Government Executive Committee, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, Sustainable Energy Authority (SEA) President, Dr. Abdulhussein bin Ali Mirza, has announced the issuance of the first “Renewable Energy Certificate”.

Issued by SEA through a fully electronic system platform, the Renewable Energy Certificates represent a historic shift in taking advantage of renewable energy in the kingdom.

The issuance of the first Renewable Energy Certificate is part of the launch of an initial pilot phase through which the programme’s flexibility and application mechanisms are studied at the national level to include all renewable energy systems to be registered in the renewable energy certification programme in stages.

This will be carried out through the application of blockchain solutions to ensure transparency and the possibility to track and verify every certificate issued to each system registered in the programme to ward off the risks of electronic breaches.

The electronic platform programme for the management of renewable energy certificates has been designed in a way that allows producers to directly record the productivity of the renewable energy systems they own on the platform, so that SEA can verify the amount of energy produced and approve in the form of a “Renewable Energy Certificate”.

A Renewable Energy Certificate is issued electronically through the programme for every 1 megawatt hour produced and approved by SEA.

The system also enables producers of renewable energy to offer renewable energy certificates issued electronically for sale to those wishing to invest in renewable energy and benefit from certificates to overcome the challenges that prevent them from producing renewable energy themselves.

The “Renewable Energy Certificates” system will provide an opportunity for investors and financing institutions to evaluate investment opportunities, finance sustainable energy projects and verify the energy output, which is produced through reliable and approved programmes and tools.

bizbahrain