Web3 scheme launches AsiaREC into the spotlight

The Cyberport Web3 Proof of Concept Subsidy Program has borne green fruit, with AsiaREC porting its registry onto distributed ledger technology and a large Chinese wind farm issuing 3,000 tokenized renewable energy certificates.
It closes out having helped AsiaREC develop into an industry-recognized international platform for offsetting energy consumption.
The scheme launched by Cyberport in the middle of last year aimed to support Web3 industry development by providing development stage funding. The financial support was extended in the hope of encouraging technology firms to implement innovative and high-impact Web3 solutions and eventually accelerate the commercial adoption of Web3 in Hong Kong.
Cyberport's head of fintech Victor Yim was proud of the progress made, saying: "We are delighted to see that our incubatee, AsiaREC, has become the first international Renewable Energy Certificate registry in Hong Kong, successfully expanding its presence on the global stage within the carbon economy. The market adoption of AsiaREC's solutions highlights Cyberport’s commitment to nurturing innovative ideas and helping them reach global markets."
AsiaREC, a non-profit organization established in Hong Kong, verifies and issues renewable energy certificates to organizations based on the renewable energy they generate.
JUNE CHEN