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As traditional carbon project certifications such as Certified Carbon Standard and Gold Standard come out of the renewable energy carbon credit market in middle income countries; Many renewable energy project owners are looking into the voluntary carbon market and the renewable energy certification market.
Renewable Energy Certificates, or I-RECs, are water, air and digital solar brands based on the production of 1 megawatt-hour of renewable electricity from biomass and geothermal sources on a small scale.
“The I-REC market is developing much faster than the carbon market, and although carbon prices are currently rising, I see the value of I-REC increasing as well,” the Chilean source said.
“One advantage of I-REC is that the fees are publicly available (the registration, issuance and redemption costs of I-REC are posted on the I-REC website). The issuance of carbon credits is very expensive, so producers need to obtain a significant amount before issuing carbon credits. “.
Essentially, independent RECs can issue certificates for the open market, which generates additional income for renewable energy producers. Business activity indirectly refers to the demand for low carbon electricity; Supports the growth of renewable production and attracts investments. I-RECs allow asset owners around the world to invest in their renewable energy generation attributes and enable additional sources of income.
In addition to current energy monitoring programs in Europe and the United States. In the United States, the I-REC standard is rapidly expanding worldwide with a presence in more than 30 countries, indicating a growing demand for sustainable products in emerging markets. The standard I-REC system allows all market participants to track the characteristics of renewable electricity production from generation to point of consumption.
Brazil China Turkey Many renewable energy producing countries such as Russia and India rely on I-REC standards to verify and verify a certain quality of renewable energy produced by domestic power plants.
The leading country in the I-REC market is China, with nearly 18 million certificates issued by 2021; Next is Brazil. These countries have significant hydroelectric and wind energy capacity and have the potential to expand the scope of I-REC certification. For example, in Brazil, only about 5% of renewable energy plants are enrolled in the I-REC programme.
Turkey Other countries such as Russia and India are active in the listed market, among the five most active I-REC exporters and loyalists globally.
Although the market is still in its infancy. The demand comes primarily from the companies’ voluntary commitments to 100% of the renewable consumption calculated on Scope 2 emissions as stipulated in the GHG Protocol. The most popular programs driving demand are CDP for climate awareness and RE100 for renewable energy use.
Some Fortune 500 companies have committed to switching entirely to renewables for energy use. Those companies that find it difficult to obtain power from renewable energy sources for various reasons are also looking at I-RECs as an alternative.
The main countries consuming I-REC certificates are China; Nearly 12 million tickets will be replaced in 2021 in Brazil, Turkey, Russia, Mexico and India. Multinational corporations operating in those countries are important players in ticket exchange.
Most I-REC markets worldwide, according to January I-REC Standard Foundation figures; Average prices are very low, around 30-50 cents/MWh, especially in China and Brazil. Energy certification markets have been established in Europe. For example, S&P Global Commodity Insights data shows that the Nordic Hydro GO 2022 benchmark contract settled at €2.30/MWh on February 25.
End users; I-RECs support compliance with renewable energy regulatory targets and pursue their environmental claims towards climate targets; They provide volunteer users to check and judge. In addition, there is growing interest from the private sector in how to file renewable energy consumption claims based on robust electricity consumption tracking schemes and mechanisms.
In addition to these factors, one of the major drivers of the worldwide I-REC market is that owners register their power equipment; Integrity, durability and relative simplicity of tracking electricity production and sharing trait testimonials with market players. .
“I-REC takes less than a month to issue factory certificates/registrations, and the registration fee is €1,000 for five years, that’s €200 per year,” said an I-REC market participant. “very cheap.”
Strict regulations in the competitive voluntary carbon market have seen many renewable energy producers move into the I-REC space as an option for revenue and profitability.
An India-based developer of I-REC said the demand for RECs is steadily increasing; This is reflected in the prices of these tickets. He said REC rates in India are currently $1/MW higher compared to 50-60 cents/MW last year.
Manufacturers lost the ability to issue renewable carbon credits in 2019, and 192 renewable energy plants found something similar after their assets were included in the I-REC standard in 2020 alone.
“Although Gold Standard and Verra have announced that Turkey will not accept new renewable projects from 2019, the Global Carbon Council announced last year that Turkey would accept renewable power plants to issue carbon credits,” a Turkish source said. “It is possible that some of the I-REC plants will return to the carbon markets. About 150 megawatt-hours are believed to have moved into the voluntary carbon space, but registration with the World Carbon Council is more expensive than issuing I-RECs.”
However, the price difference between renewable energy credits and renewable energy certificates can pose a challenge to the popularity of the latter.
“Renewable carbon credits in Turkey are trading at about $3-4/metric ton of CO2e, which is about 25-40 cents/MWh more than I-RECs, depending on the technology,” another source said.
By 2021, prices for renewable energy credits have risen, with trade ranging between $8.00 and $8.50 per tonne of CO2-equivalent. Demand for I-RECs is expected to increase in the future, but not as severely as seen in the voluntary carbon credit markets.
“However, demand for I-REC is expected to increase in the coming years, and along with the tight supply from factories moving into the new GCC program, prices are expected to rise,” the source said.
I-RECs “will reach the price level of carbon credits, but it will take some time,” said Yash Lakhotia, developer of carbon credits and RECs at Enking.
It is free and easy to implement. Use the button below and come back here when you’re done. Update: The legislation includes the Energy Research and Development Investment Program and extensions of the major renewable energy tax credit, but does not include “direct payment” provisions.
Intelligent network demand response; energy storage, distributed renewable energy and technology; Journalist covering the green technology space for integrating sustainable green energy into the grid.
Sunlight The extensions of the Wind Tax Credit and Clean Energy Research and Development Funding have been passed the House and Senate.
The US Congress on Monday approved $35 billion for energy research and development programs. Extension of the investment tax exemption for two years; It includes a one-year extension and an extension of the production tax credit for wind power projects. For offshore wind tax credits through 2025: a big last-minute boost for the clean energy industries.
These clean energy provisions are included in the $1.4 trillion federal spending and tax increase package that congressional leaders negotiated over the weekend. The energy summaries included in the bill were provided by the office of Senate Minority Leader Charles Schumer (D-NY), Schumer and House Speaker Nancy Pelosi (D-CA) highlighted them in Sunday’s summary of the legislation’s content.
Congress is under pressure to pass the two bills Monday to ensure continued funding for the federal government and to complete the politically motivated extension of coronavirus relief measures passed in March. Update: The final version of the legislation was approved in the House and Senate on Monday night.
Energy research; The Research, Development and Trade Fund is the first energy law to be passed in a decade. Although the limit on carbon emissions requested by the Biden-Harris administration is unlimited, solar and wind energy, energy storage, geothermal energy, marine energy, modern electric power line, energy efficiency, nuclear energy and carbon sequestration, application and storage.
This spending on research and development has a limited impact on driving renewable energy growth in the short term. But the tax credit extensions in the bill would provide a major boost to the structure of major federal incentives for wind and solar power by extending the expiration date for wind and solar power.
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