AsiaREC

The AsiaREC Registry

Transparency

Trust

Data Granularity

About Us

As Asia’s ‘World City’ Hong Kong is the ideal jurisdiction to promote internationally accepted best practices within the APAC region. AsiaREC is diligently working with international and local stakeholders to build a robust and trustworthy Renewable Energy Certificate (REC) ecosystem that can facilitate the rapid decarbonization of Asia’s power grids.

Mission

Incorporated in Hong Kong, The AsiaREC Registry is the first independent, non-profit and blockchain-native Renewable Energy Certificate Registry (REC) that follows the best international practices in the Asia-Pacific region.

In recognising that Hong Kong is central to the opportunities that exist within Asia, AsiaREC endeavours to work diligently with both local and international stakeholders to build a robust REC ecosystem that can facilitate the collective decarbonisation of Asia’s power grids.

What is an REC?

A REC represents 1 MWh (1000 KWh) of renewable energy that is generated and fed into an electrical grid. A REC can be purchased to acquire a claim on the environmental benefits attributed to the use of renewable energy.

This works in aiding the decarbonization or power grids by displacing carbon-intensive energy sources (e.g coal) with environmentally sustainable alternatives. Our job as a REC Registry is to systematically monitor and verify power generation data as well as record REC ownership.

The Life Cycle of a REC

AsiaREC follows the best practices from RE100 and Green-e to provide a transparent registry designed to prevent double counting and greenwashing. Here is how it works:

Registration

In order for a REC to be created or ‘issued’ a renewable energy project, in our case, a wind or solar project, must first register with the AsiaREC registry and be approved to open an account.

Third Party Verification

An approved third party verification body is hired by the Project Developer to audit its application and verify all the ‘static information’ is correct on the registration application. After a Project is registered revenue-grade metres are installed on the power generation devices to monitor the ‘dynamic data’ or the power generation data down to an hourly basis.

Issuance

After the Project Developer has registered their project and produced renewable energy for the grid, they will submit an A-REC issuance request with all the required data. Project Developers earn one A-REC for every MWh of electricity they generate onto the grid. Once the power generation data is verified AsiaREC will issue the equivalent amount of A-RECs and send them to the Power Generators account.

Retirement

After the Project Developer has the A-RECs it is up to them to sell the A-RECs to a buyer that would either like to resell them or retire them. In order to retire, the buyer needs to have an account on AsiaREC and submit the number of RECs they would like to retire. The state of these RECs is then changed to a non-active state and they are not longer able to be transferred, to prevent any kind of double conuting.

Claims

After the buyer retires their A-RECs they are able to make a credible claim to the environmental benefits that those A-RECs represent.

Team & Advisors

Our talented people bring together expertise from various fields, such as carbon, commodities, exchange architecture, blockchain, economy and together creating platforms where sustainability meets the global economy.

Meet the Team:

Jeff Huang

Jeff is founder & CEO of AEX Holdings, Ltd. in Hong Kong. He is former Managing Director Greater China of the Intercontinental Exchange (ICE) and the VP Asia for Chicago Climate Exchange (CCX). In 2017, Jeff was appointed as Chief Advisor for Chongqing Gas Exchange by the Chongqing Municipal Government, when the exchange was founded. With Jeff’s deep experience in climate exchanges and futures markets, his expertise is leveraged to develop new infrastructure in the carbon space as a member of the Carney Taskforce and the GBA Green Finance Alliance (leading the Working Group on Carbon Connect).

Sam Greenwood

After spending some time in the US military and then Rio Tinto government relations, Sam decided to transition into web 3 during his MBA at the HKU (‘21). He has been a program manager for CryptoBLK and BCW Group before starting Apogee Labs, a web 3 consulting firm focusing on corporate adoption of blockchain technology

Shen Yan

Mr. Yan started his career in banking in 1994 at Lehman Brothers in NYC before moving to Credit Suisse where he served as the Managing Director of Fixed Income Distribution for Asia Pacific. In 2006, Mr. Yan joined Deutsche Bank as Head of the firm’s Institutional Client Group for Asia as well as serving as a member of the firm’s China Executive Committee. In 2012, Mr. Yan founded SMC Capital Advisors, an investment boutique firm specializing in China’s Fixed Income markets. Now as Chairman of Numerous Chances, Mr. Yan provides capital market solutions to FI’s & corporations across many different sectors in both public and private markets.

Yuhuan Yu

Graduated from the Chinese University of Hong Kong (Shenzhen), with an Economic master's degree. Graduated from Brock University, with a bachelor's Economics and Finance degree. Have the ability to invest and research in listed companies. Have work experience in overseas market promotion.

Advisors:

Fu Cheng-yu

Dr. Fu is founder of the International Institute for Carbon Neutrality (Suzhou) and professor at Cheung Kong Graduate School of Business.Dr. Fu has over forty years of experience in the oil and gas industry. Previously, he was the chairman and CEO of CNOOC, chairman of SINOPEC.

Christine Loh

Christine is the Chief Development Strategist of the Institute for the Environment at the Hong Kong University of Science and Technology, and the former Undersecretary for the Environment of the Government of the Hong Kong Special Administrative Region.

Paula Diperna

Paula is the Special Advisor to CDP (Carbon Disclosure Project), Advisor for environmental finance to Do-Conomy, former President at CCX International and President/VP of Cousteau Society and Joyce Foundation. Paula also contributed to the negotiation of setting up Tianjin Climate Exchange in China.

Ming Ge

Ming Ge is former Chairman of Ernst & Young Hua Ming LLP (China). Currently, he is a member of the Board of Directors at Ping An Group, Focus Media and Asiainfo. Ming has more than 20 years of experience in listing and M&A for private and state-owned companies, experience that is at the forefront of the Chinese CPA.

Mr. Plato Yip

Mr. Plato Yip is a seasoned investment professional with a focus on private equity, mergers and acquisitions, and corporate management in the APAC, MENA, and ASEAN regions. With extensive knowledge in strategic consulting and business growth, he specializes in sectors such as clean energy, biotechnology, financial technology, and low-carbon energy infrastructure. He has held positions at a leading US middle-market private equity firm, renowned multinational businessconglomerates with a worldwide presence, and has ventured into entrepreneurship. Over the course of hiscareer, he has spearheaded fundraising initiatives, executed PE deals, orchestrated mergers andacquisitions transactions, and offered invaluable strategic guidance and operational expertise to portfolio entities.

Simon QI

Simon currently serves as Managing Director of SymbioTIC and Chief Advisor of SCS Global Services in Greater China. He has previously served as General Manager of UL Environment & Sustainability in Greater China. Before joining UL, he played senior management roles in ABB, Schneider Electric and General Electric and long term engaged in energy & environmental solutions, carbon neutral pilots and circular economy initiatives. He received Executive MBA from Peking University and Bachelor of Material Science from Northwestern Polytechnical University in China.

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