Change to ability to disaggregated potential avoided emission rights
The International REC Standard Foundation board has aimed to develop and update the I-REC Standard governance documents based upon best practices around the world and with stakeholder input. The I-REC Standard Code previously required issuers accredited by the Foundation to ask for disclosure by the Registrant of whether they will retain any potential avoided emission rights separately from the issued I-REC certificate or if the I-REC will contain all possible avoided emission rights. This declaration is carried on the REC and seen by all owners and beneficiaries of the certificate. This declaration was visible on redemption statements for end-users and auditors as well.
Due to increasing requests by market actors the International REC Standard Foundation chose to revisit the allowance to retain avoided emission rights separately from the REC. In order to evaluate the effect of such a change the board of the I-REC Standard Foundation requested the secretariat conduct interviews with market actors, stakeholders, knowledgeable third-parties. These one-on-one discussions are aimed at understanding the position of these actors and to get feedback on a possible code change regarding this issue. As a result of these interviews the board of the I-REC Standard Foundation has voted to amend the code and require all registrants to include the potential avoided emission rights in I-REC. Implementation of this change will be conducted by I-REC Services BV in the coming months.
The report delivered to the board can be seen here
The code change can be seen here
Please reach out to the secretariat (email@example.com) in case you have questions regarding this topic.