LEGAL FRAMEWORK FOR RENEWABLE ENERGY CERTIFICATES IN SINGAPORE

Abstract

As the use of renewable energy certificates (“RECs”) for sustainable reporting gains traction in Asia, there is an increasing need for a robust framework to govern its use to prevent potential deceptive practices. While the use of RECs and the associated legal framework have been widespread in the United States of America (“US”), it is not so for the nascent RECs market in Asia. Therefore, in this dissertation, the author proposes to focus on Singapore as an Asian case study and to propose subsidiary legislation under the Singapore Energy Conservation Act (“ECA”) via an analysis of similar frameworks pertaining to RECs in the US. A detailed analysis of the legal guidelines of selected US states provides a better understanding of the key requirements that should be included in the legal framework for Singapore. Subsequently, data collected from interviews conducted with overseas and local lawyers with expertise in RECs would strengthen the understanding of the limitations and concerns regarding RECs transactions. Finally, information collated from interviews conducted with other relevant stakeholders such as REC platforms and registries, statutory boards and qualified reporting entities would be evaluated to enhance the proposed legal framework. The author submits that the data-driven findings along with expert opinions presented in this dissertation would be instrumental in developing similar frameworks for other countries in Asia.