International RECs (I-RECs)
To document and report that the energy you consume outside Europe and North America comes from renewable energy sources you can buy International RECs (I-RECs). I-REC is a global standard being introduced in a growing number of countries in Asia, Africa, the Middle East and Latin America where no similar scheme exists. It is an effective and recognised tool to document your reduced greenhouse gas emissions and improve your sustainability rating.
Countries in medium green – South America, Africa and Asia – are approved I-REC countries.
How it works
I-REC builds on best practice from the North American REC market and Europe’s Guarantees of Origin system and has strong stakeholder support. I-REC is recognised by the Greenhouse Gas Protocol Scope 2 Guidance as a tool to document electricity consumption from renewable energy sources.
Similar to a REC certificate and a Guarantee of Origin, each I-REC represents proof that 1 MWh of renewable energy has been produced and includes the environmental benefits this renewable energy has generated. The I-REC registry electronically issues I-RECs based on renewable energy generators’ output.
I-RECs are traded. When a company buys I-RECs as documentation for their electricity consumption, the I-RECs are cancelled in the registry. This single standardised instrument makes it easy to track ownership, verify claims and ensure that I-RECs are only sold once and there is no double counting.
The International REC Standard (The I-REC Standard) established and governs I-REC operations. ECOHZ actively participated in the establishment of the I-REC Standard and is a member of the I-REC Standard Board. It is a not-for-profit association that aims to empower electricity buyers to make renewable consumption choices globally. The I-REC Standard does not have a role in the buying and selling of renewable electricity, but is an enabler to facilitate trade among consumers, traders, brokers, electricity suppliers, electricity generators and national governments.
I-RECs are a market-based instrument and an effective way to integrate renewable energy into a global sustainability strategy. Buying I-RECs demonstrates environmental leadership, sends a signal to the market that you prefer to consume renewable energy and shows your commitment to changing energy behaviour.
Corporate stakeholders have increasing expectations about reporting the origin of the power consumed. They expect that companies report according to international standards, including CDP reporting and the Greenhouse Gas Protocol. The Greenhouse Gas Protocol Scope 2 Guidance features Guarantees of Origin, REC and I-REC as mainstream instruments for documenting and tracking electricity consumed from renewable sources.
Renewables in the energy mix contribute to SDG 7 and 13
Currently, I-RECs are available in 51 countries. Ecohz has developed a global portfolio of I-REC power plants, with the ambition of providing multinational companies with a wide selection of options covering most regions in the world.
Contact us if you are interested in renewable electricity documented with I-RECs.
WEBINAR: The rising trends in the global renewable energy market
In June 2022 we held a 30 minutes webinar presenting renewable energy options available to companies around the globe, developments and trends in the I-REC market, and gave an overview of new countries made available for I-REC purchase.
Power plant examples
It is now possible to buy electricity from renewable sources, documented with I-RECs, in an increasing number of countries around the globe