Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/221101
Title: CORPORATE SOURCING OF RENEWABLE ENERGY IN SINGAPORE: DRIVERS, BARRIERS AND KEY CRITERIA OF RENEWABLE ENERGY PRODUCTS
Authors: NG YAU MENG JEREMY
Keywords: Environmental Management
MEM
Master (Environmental Management)
2018/2019 EnvM
Lu Yujie
Issue Date: 20-Mar-2019
Citation: NG YAU MENG JEREMY (2019-03-20). CORPORATE SOURCING OF RENEWABLE ENERGY IN SINGAPORE: DRIVERS, BARRIERS AND KEY CRITERIA OF RENEWABLE ENERGY PRODUCTS. ScholarBank@NUS Repository.
Abstract: Businesses are increasingly aware of their impact on the environment and that addressing the climate crisis is an economic imperative. Using renewable energy is one of the solutions to combat climate change. In Singapore, while there is a growing trend amongst companies looking to power their operations with renewables, adoption has been lukewarm at best, with only a handful of MNCs having done so. In light of this, this study was conceived to identify the drivers and barriers to procurement of renewables, establish key criteria of renewable energy products and recommend enabling policies, infrastructure and initiatives to accelerate corporate renewable energy adoption in Singapore. The study focuses on renewable energy certificates (RECs), which is a key renewable energy product that allows companies to scale up renewable energy adoption and an important instrument to substantiate renewable energy use claims. To achieve the study objectives, seven drivers of corporate renewable adoption, 12 barriers to the adoption of RECs, nine criteria of RECs and 11 actions to accelerate the adoption of RECs were identified from a comprehensive literature review. Through a questionnaire survey with 35 individuals from various companies/ organisations in Singapore, it was revealed that the top three drivers of corporate renewable energy procurement were to meet corporate sustainability goals, reduce costs of energy procurement and demonstrate corporate leadership. The key criteria of RECs that companies in Singapore were looking out for were that they must be generated and transacted through a REC tracking/ registry system and that the tracking system must at least be government-endorsed, if not operated by the government. A third-party audit or certification programme was also important to ensure the credibility of RECs. The most significant barriers to the adoption of RECs were non-market barriers such as a lack of awareness of RECs and existence of a REC tracking system, and a lack of knowledge of how RECs can be used to substantiate renewable energy claims. To address the identified barriers and accelerate the adoption of RECs, plausible actions and policies include garnering support from senior management, establishing corporate sustainability targets for renewable energy adoption, developing national standards/ guidelines for RECs, promoting successful local business cases of RECs adoption and for government to endorse private-sector REC tracking system(s) in Singapore. This is the first time that corporate renewable energy procurement practices in Singapore were systematically investigated by a research initiative. More importantly, the findings from this study would be helpful to raise the level of awareness amongst corporates and potential adopters of the various renewable energy procurement instruments and the key criteria they should take note in procuring renewable energy. Moreover, the findings from this study could also assist policymakers in formulating enabling policies, infrastructure and initiatives to accelerate renewable energy adoption in Singapore.
URI: https://scholarbank.nus.edu.sg/handle/10635/221101
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