REC Creation with the Allinfra Climate Dapp
For producers of renewable energy, the ability to transfer the rights to environmental attributes associated with energy produced in the form of renewable energy certificates (RECs) or energy attribute certificates (EACs) is both an important additional revenue stream and valuable when coupled with the supply of renewable energy to a particular client or buyer. However, the creation of these certificates has not always been a cost effective, flexible, accurate or timely process.
The Issues with Traditional RECs and Similar Products
Creating and selling RECs has historically been inflexible, untimely and opaque. In the case of small to medium-sized energy companies, the costs of this process may even be prohibitive.
In a traditional scenario you would likely see manual data collection and verification, perhaps the involvement of a broker to sell RECs and deal through a centralised system, with limited transparency.
The Allinfra Climate Dapp will change how environmental financial products are created and sold.
What Is a Dapp
Decentralised applications (dapps) are applications built on decentralised networks, such as Ethereum. A dapp is a lightweight application that interacts directly with the blockchain, usually with a user-friendly interface, making blockchain interactions seamless and intuitive.
Why Use the Allinfra Climate Dapp
Assume you’re an Allinfra Climate client — you’re already collecting data directly from source in a verifiable, immutable form, in some cases utilising metering or IoT devices with our blockchain technology embedded for the ultimate level of provenance.
The dapp allows you, the asset owner, to batch your data into vintages, (e.g. a batch of kWh produced over a certain time period), mint a financial product referencing that data (say a dREC™ — a digital REC) and then distribute that dREC.
That dREC is permanently linked, and can be directly traced back, to its source data — down to specific meters on a specific asset at a specific point in time.
The legal documentation assignment of the environmental attributes is embedded in that dREC itself, utilising IPFS and other web3 technologies.
These three elements create a highly verifiable, reliable, and decentralised system that we believe will form the future of the climate markets:
- Digital data collection and storage;
- Digital product permanently and provably tied to source data;
- Legal documentation hosted in a decentralised manner, embedded in the digital product itself and viewable by all.
- Highest quality data: Collected from source — automated, verifiable, granular.
- Lower costs: No intermediaries nor third parties, built on Polygon.
- Efficiency: Near real-time data collection and immediate product creation.
- Embedded legal documentation: No separate legal documents in a web2 world — all integrated in the product using the latest web3 technologies.
- Full flexibility: A self-service, decentralised system.
- Better customer experience: Custody your own product, sell or buy direct with counterparties.
- Transparency: Public records of product creation and retirement — no centralised registries, allowing for easy verification.
- A complete web3 experience: Users from energy companies — as well as any clients or third parties — log in using their favourite Ethereum wallet, such as Metamask, ensuring the user retains full control of their access, providing a secure way to interact with the decentralised web.
- Vintage and product creation: Intuitive process to batch data into vintages and create environmental financial products in just a few steps.
- Simple management of financial products: View a summary of products (e.g. dRECs) that are associated with the logged in wallet/account. Quick access to total products minted, retired or unsold.
- Access to underlying data: Ability to drill down to specific vintages or products and see the relevant smart contracts associated with those products and assets.
- Easy access to legal documentation: embedded in the environmental financial product and viewable by all.
- Audit: Explorer built into the dapp, allowing for a simple, intuitive audit process.
- Easy-to-use interface: No technical knowledge required.
- High speed, low transaction costs: Utilising Polygon for public chain.
Get Started Today
Our technology is easy to implement, can connect into existing infrastructure, records energy production down to the meter level, and is able to ingest a variety of supporting data.
The Allinfra Climate solution helps reduce costs, improve efficiency, provide real-time monitoring of data and powers the creation of environmental financial products linked permanently and directly to underlying data.
Are you an energy company looking for a more efficient way to collect, record and monetise production data? Are you looking to meet your climate goals with the most advanced climate product in the market? We can help. Get in touch with our team for a demo of Allinfra Climate.