IDEAS home Printed from https://ideas.repec.org/a/eee/renene/v199y2022icp1272-1282.html
   My bibliography  Save this article

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

Author

Listed:
  • Li, Peixian
  • Ng, Jeremy
  • Lu, Yujie

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.

Suggested Citation

  • Li, Peixian & Ng, Jeremy & Lu, Yujie, 2022. "Accelerating the adoption of renewable energy certificate: Insights from a survey of corporate renewable procurement in Singapore," Renewable Energy, Elsevier, vol. 199(C), pages 1272-1282.
    • Handle: RePEc:eee:renene:v:199:y:2022:i:c:p:1272-1282
    DOI: 10.1016/j.renene.2022.09.066
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0960148122014227
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.renene.2022.09.066?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Quan, Hao & Srinivasan, Dipti & Khosravi, Abbas, 2016. "Integration of renewable generation uncertainties into stochastic unit commitment considering reserve and risk: A comparative study," Energy, Elsevier, vol. 103(C), pages 735-745.
    2. Thomas P. Lyon & Haitao Yin, 2010. "Why Do States Adopt Renewable Portfolio Standards?: An Empirical Investigation," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 133-158.
    3. Ákos Hamburger, 2019. "Is guarantee of origin really an effective energy policy tool in Europe? A critical approach," Society and Economy, Akadémiai Kiadó, Hungary, vol. 41(4), pages 487-507, December.
    4. Upton, Gregory B. & Snyder, Brian F., 2017. "Funding renewable energy: An analysis of renewable portfolio standards," Energy Economics, Elsevier, vol. 66(C), pages 205-216.
    5. Mulder, Machiel & Zomer, Sigourney P.E., 2016. "Contribution of green labels in electricity retail markets to fostering renewable energy," Energy Policy, Elsevier, vol. 99(C), pages 100-109.
    6. Kosorić, Vesna & Huang, Huajing & Tablada, Abel & Lau, Siu-Kit & Tan, Hugh T.W., 2019. "Survey on the social acceptance of the productive façade concept integrating photovoltaic and farming systems in high-rise public housing blocks in Singapore," Renewable and Sustainable Energy Reviews, Elsevier, vol. 111(C), pages 197-214.
    7. Shen, Wei & Chen, Xi & Qiu, Jing & Hayward, Jennifier A & Sayeef, Saad & Osman, Peter & Meng, Ke & Dong, Zhao Yang, 2020. "A comprehensive review of variable renewable energy levelized cost of electricity," Renewable and Sustainable Energy Reviews, Elsevier, vol. 133(C).
    8. Gillenwater, Michael, 2008. "Redefining RECs--Part 1: Untangling attributes and offsets," Energy Policy, Elsevier, vol. 36(6), pages 2109-2119, June.
    9. Tong, Huanhuan & Yao, Zhiyi & Lim, Jun Wei & Mao, Liwei & Zhang, Jingxing & Ge, Tian Shu & Peng, Ying Hong & Wang, Chi-Hwa & Tong, Yen Wah, 2018. "Harvest green energy through energy recovery from waste: A technology review and an assessment of Singapore," Renewable and Sustainable Energy Reviews, Elsevier, vol. 98(C), pages 163-178.
    10. Anders Bjørn & Shannon M. Lloyd & Matthew Brander & H. Damon Matthews, 2022. "Renewable energy certificates threaten the integrity of corporate science-based targets," Nature Climate Change, Nature, vol. 12(6), pages 539-546, June.
    11. Yin, Haitao & Powers, Nicholas, 2010. "Do state renewable portfolio standards promote in-state renewable generation[glottal stop]," Energy Policy, Elsevier, vol. 38(2), pages 1140-1149, February.
    12. Zhang, Shicong & Xu, Wei & Wang, Ke & Feng, Wei & Athienitis, Andreas & Hua, Ge & Okumiya, Masaya & Yoon, Gyuyoung & Cho, Dong woo & Iyer-Raniga, Usha & Mazria, Edward & Lyu, Yanjie, 2020. "Scenarios of energy reduction potential of zero energy building promotion in the Asia-Pacific region to year 2050," Energy, Elsevier, vol. 213(C).
    13. Kosorić, Vesna & Lau, Siu-Kit & Tablada, Abel & Lau, Stephen Siu-Yu, 2018. "General model of Photovoltaic (PV) integration into existing public high-rise residential buildings in Singapore – Challenges and benefits," Renewable and Sustainable Energy Reviews, Elsevier, vol. 91(C), pages 70-89.
    14. Sarker, Eity & Seyedmahmoudian, Mehdi & Jamei, Elmira & Horan, Ben & Stojcevski, Alex, 2020. "Optimal management of home loads with renewable energy integration and demand response strategy," Energy, Elsevier, vol. 210(C).
    15. Lu, Yujie & Chang, Ruidong & Shabunko, Veronika & Lay Yee, Amy Tan, 2019. "The implementation of building-integrated photovoltaics in Singapore: drivers versus barriers," Energy, Elsevier, vol. 168(C), pages 400-408.
    16. Sovacool, Benjamin K., 2010. "A comparative analysis of renewable electricity support mechanisms for Southeast Asia," Energy, Elsevier, vol. 35(4), pages 1779-1793.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Siu-Kit Lau & Vesna Kosorić & Monika Bieri & André.M. Nobre, 2021. "Identification of Factors Influencing Development of Photovoltaic (PV) Implementation in Singapore," Sustainability, MDPI, vol. 13(5), pages 1-30, March.
    2. Don Fullerton & Chi L. Ta, 2022. "What Determines Effectiveness of Renewable Energy Standards? General Equilibrium Analytical Model and Empirical Analysis," CESifo Working Paper Series 9565, CESifo.
    3. Bistline, John & Santen, Nidhi & Young, David, 2019. "The economic geography of variable renewable energy and impacts of trade formulations for renewable mandates," Renewable and Sustainable Energy Reviews, Elsevier, vol. 106(C), pages 79-96.
    4. Ann Wolverton & Ron Shadbegian & Wayne Gray, 2022. "The U.S. Manufacturing Sector’s Response to Higher Electricity Prices: Evidence from State-Level Renewable Portfolio Standards," Working Papers 22-47, Center for Economic Studies, U.S. Census Bureau.
    5. Fan, Jing-Li & Wang, Jia-Xing & Hu, Jia-Wei & Yang, Yang & Wang, Yu, 2021. "Will China achieve its renewable portfolio standard targets? An analysis from the perspective of supply and demand," Renewable and Sustainable Energy Reviews, Elsevier, vol. 138(C).
    6. Zhao, Xiaoli & Li, Shujie & Zhang, Sufang & Yang, Rui & Liu, Suwei, 2016. "The effectiveness of China's wind power policy: An empirical analysis," Energy Policy, Elsevier, vol. 95(C), pages 269-279.
    7. kos Hamburger & G bor Harangoz, 2018. "Factors Affecting the Evolution of Renewable Electricity Generating Capacities: A Panel Data Analysis of European Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 8(5), pages 161-172.
    8. del Río, Pablo & Bleda, Mercedes, 2012. "Comparing the innovation effects of support schemes for renewable electricity technologies: A function of innovation approach," Energy Policy, Elsevier, vol. 50(C), pages 272-282.
    9. Lee, Sang Ho & Choi, Daewoung Joey & Han, Seung Hun, 2023. "Corporate cash holdings in response to climate risk and policies," Finance Research Letters, Elsevier, vol. 55(PA).
    10. Barry D. Solomon & Shan Zhou, 2021. "Renewable Portfolio Standards: Do Voluntary Goals vs. Mandatory Standards Make a Difference?," Review of Policy Research, Policy Studies Organization, vol. 38(2), pages 146-163, March.
    11. Avraam, Charalampos & Bistline, John E.T. & Brown, Maxwell & Vaillancourt, Kathleen & Siddiqui, Sauleh, 2021. "North American natural gas market and infrastructure developments under different mechanisms of renewable policy coordination," Energy Policy, Elsevier, vol. 148(PB).
    12. Bistline, John E.T. & Brown, Maxwell & Siddiqui, Sauleh A. & Vaillancourt, Kathleen, 2020. "Electric sector impacts of renewable policy coordination: A multi-model study of the North American energy system," Energy Policy, Elsevier, vol. 145(C).
    13. Kim, Serena Y., 2020. "Institutional arrangements and airport solar PV," Energy Policy, Elsevier, vol. 143(C).
    14. Lynes, Melissa & Featherstone, Allen, 2015. "Economic Efficiency of Utility Plants Under Renewable Energy Policy," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205674, Agricultural and Applied Economics Association.
    15. Herche, Wesley, 2017. "Solar energy strategies in the U.S. utility market," Renewable and Sustainable Energy Reviews, Elsevier, vol. 77(C), pages 590-595.
    16. Parrish Bergquist & Christopher Warshaw, 2023. "How climate policy commitments influence energy systems and the economies of US states," Nature Communications, Nature, vol. 14(1), pages 1-9, December.
    17. Munoz, Francisco D. & Pumarino, Bruno J. & Salas, Ignacio A., 2017. "Aiming low and achieving it: A long-term analysis of a renewable policy in Chile," Energy Economics, Elsevier, vol. 65(C), pages 304-314.
    18. Kim, Jung Eun & Tang, Tian, 2020. "Preventing early lock-in with technology-specific policy designs: The Renewable Portfolio Standards and diversity in renewable energy technologies," Renewable and Sustainable Energy Reviews, Elsevier, vol. 123(C).
    19. Rountree, Valerie, 2019. "Nevada's experience with the Renewable Portfolio Standard," Energy Policy, Elsevier, vol. 129(C), pages 279-291.
    20. Crago, Christine & Chernyakhovskiy, Ilya, 2014. "Solar PV Technology Adoption in the United States: An Empirical Investigation of State Policy Effectiveness," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 169939, Agricultural and Applied Economics Association.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:renene:v:199:y:2022:i:c:p:1272-1282. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/renewable-energy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.