Following the publication of the 2025 Fees for I-REC(E) on 1 October 2024, this notice from the International Tracking Standard Foundation (I-TRACK Foundation) and Evident contains adjustments to both the application and language of the fees. These adjustments respond to feedback from market participants and reflect both parties’ commitment to balancing the needs of effective Code management alongside responsiveness to stakeholder input and the operational needs of the market. 

On 3 December 2024, Evident announced the introduction of its Impact Program. This announcement was alongside new administrative functionality for older vintage I-REC(E) designed to enable holders to manage certificates in a manner that best suits their indicated needs. The deployment of archiving functionality, and related options to remove or donate older I-REC(E), were introduced in response to requests from market participants to enhance administrative functionality and create the ability to remove older assets that may bear financial or accounting liabilities for organizations in different jurisdictions.  

Following this announcement, the I-TRACK Foundation and Evident received feedback from market actors regarding potential impacts on commercial operations. Both the I-TRACK Foundation and Evident support the principle of encouraging timely use of I-REC(E) instruments, and recognize the concerns raised by market actors regarding certain aspects of implementation. Together, the I-TRACK Foundation and Evident have considered this feedback, and this notice provides both amendments to the terminology, to provide greater clarity, and to the dates where certificates are considered “old”. These revisions aim to ensure that market participants can continue to operate effectively, while at the same time improving administrative functionality and encouraging the use of instruments in line with global leading practices. 

Key Adjustments to Archiving Framework and Holding Fees 

The following adjustments to the 2025 Fee framework are being announced, effective immediately. 

1. Revised Age Definitions:

The definition of older vintage I-REC(E)s has been adjusted to be 21 months following the end of the relevant vintage (e.g. 30 September 2025 for the 2023 vintage). The initial announcement would have affected I-REC(E)s of vintages 15 months and older. This change aligns with existing best practices, including Green-e’s 21-month requirement,1 which is recommended by RE100 as “reasonable practice”.2 This adjustment enables Participants and Platform Operators to hold I-REC(E) of vintages 21 months and younger, with no change to current practice. Participants and Platform Operators can use the archiving functionality and should do so before the end of the 21-month period, at which time the “advance redemption” fee will be applicable, as described in more detail below. 

2. Holding Fee and Redemption Fee:

To confirm, the “holding fee” referenced in the first release of the 2025 Fees is a replacement of the one-time redemption fee, that is now made payable on the earlier of redemption or 21 months from the vintage year-end. The only adjustment is the date on which the redemption fee is to be paid. To provide greater clarity, the term “Holding Fee” and the applicable charge are being removed from the 2025 Fees. 

Historically, redemption fees have been billed at the point of redemption only. For vintages 21 months and younger, this remains unchanged. The 2025 Fees implement a change to the charging point for Redemption, which will now be: 

On Redemption, if the Redemption is processed on or before 30 September in the second year following the end of the respective vintage (e.g. 30 September 2025 for the 2023 vintage) 

On 30 September in the second year following the end of the respective vintage (e.g. 30 September 2025 for the 2023 vintage) if the certificates remain within a Trade or Marketplace account 

On release from Archive if the certificates were archived on or before 30 September in the second year following the end of the respective vintage (e.g. 30 September 2025 for the 2023 vintage) and are released after this date, subject to a minimum of EUR250 per release (reduced from the EUR1000 administration fee first announced) 

Participants and Platform Operators may archive, cancel, or donate certificates at any time in order to manage liability for fees. 

Certificates for which a Redemption Fee has been paid, through being in a Trade or Marketplace account on 30 September or by being released from the archive, can be redeemed at any later point with no further charge (i.e. the future redemption will not be billable). This is designed to encourage the use of I-REC(E) certificates within consumption periods recommended by reporting frameworks while making no change to the lifecycle cost of an I-REC(E) and explicitly respecting the principle that I-REC(E) do not expire. 

3. Extended Implementation Timeline:

Under the revised age definitions, certificates considered old (including 2022 vintage I-REC(E)s), will, in principle, be subject to an upfront redemption fee as of 31 January 2025. However, Evident will not charge or issue invoices on this date. Instead, Evident will issue the first of two scheduled notices to market participants holding 2022 vintage certificates and older on that date. The schedule and contents of the notices are as follows: 

31 January 2025: The revised vintage structure comes into effect. Evident will send a notification that 2022 vintage certificates and older will be subject to an advance redemption fee which will be invoiced on 31 March 2025 if no action is taken. Participants and Platform Operators will be reminded that they may (i) use older I-REC prior to 31 March, (ii) donate them, (iii) cancel them, or (iv) move them at no charge into an archive account at any point prior to 31 March to completely avoid advance redemption fees.  

28 February 2025: Evident will issue a second notice to Participants and Platform Operators holding 2022 and older vintages, reminding them of the points made in the present announcement and in the 31 January notice. This reminder will highlight that if no action is taken by 31 March 2025, upfront redemption fees will be applied to the 2022 vintage and older. 

31 March 2025. Participants and Platform Operators will be charged an upfront redemption fee for the 2022 vintage (and older) that has not been used or archived, following the principles described in the present communication and associated notices.  

4. Reduced Unarchiving Fee:

The fee for unarchiving older I-REC(E)s is hereby reduced from the initially announced EUR 1,000 fixed fee to a EUR 250 minimum charge on the advance redemption fee to cover the administrative effort. This means there is no additional cost where the advance redemption fee exceeds EUR 250. This amendment to the approach is to address market feedback. 

5. Enhanced Stakeholder Engagement:

The I-TRACK Foundation and Evident place great importance on understanding and addressing the views of market participants, reflecting their shared commitment to transparency and collaborative decision-making. To this end, an enhanced public consultation process will occur during the first quarter of 2025 to gather additional input from market participants and clarify implementation logistics associated with the new framework. During this period market actors are encouraged to share feedback directly with the I-TRACK Foundation and/or Evident. This feedback will be collected and addressed as received to ensure that stakeholder concerns and insights are thoroughly considered. 

Responding to Market Feedback 

The I-TRACK Foundation and Evident have worked closely to discuss and analyze the feedback received to date. This announcement reflects our shared commitment to implementing clarifications and minor but impactful adjustments to the original framework published on 1 October 2024. These adjustments demonstrate the I-TRACK Foundation’s dedication to addressing concerns thoughtfully while maintaining the integrity of the I-REC(E) system as well as Evident’s diligence in reviewing and reacting to the expressed needs of market actors and other stakeholders. 

The I-TRACK Foundation and Evident will continue to monitor feedback and adapt as necessary to support the growth and functionality of the I-REC(E) system.