News and insights News Global ripples: the effect of EU climate policies on the I-REC market

Global ripples: the effect of EU climate policies on the I-REC market

How can the European Union's new carbon border and upgraded sustainability reporting rules raise billions for renewables worldwide?

Written by Alex Ruelas, Hans Navarro, Luisa Olivi, Ivar Munch Clausen
Published on 28 November 2023
Written by Alex Ruelas, Hans Navarro, Luisa Olivi, Ivar Munch Clausen
Published on 11 November 2023

International Renewable Energy Certificates (I-RECs) are on the rise. Since its inception in 2015, the system for documenting renewable electricity outside of Europe and North America has experienced accelerated growth. This paper shows how new EU policy instruments –the Carbon Border Adjustment Mechanism (CBAM) and the Corporate Sustainability reporting Directive (CSRD) – have the potential to further stimulate demand for I-RECs and raise tens of billions of Euros for renewables within the current decade. 

In this report, we:

  • Explain the state of the I-REC market.
  • Look at the development of the Guarantees of Origin (GO) market and how I-RECs could follow a similar trajectory.
  • Calculate the potential of CBAM and the CSRD to increase demand for renewable electricity.
  • Project the revenue I-RECs could generate for renewables towards 2030.

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