The International REC Standard Foundation board develops and updates I-REC Standard governance documents based upon stakeholder input to reflect international best practices. An example of the development of the I-REC Standard Code is a new update concerning avoided emissions rights. Before the update, the Code required accredited issuers to ask Registrants to disclose whether they would separate avoided emission rights from their I-RECs or whether they will include all avoided emission rights. Such declarations would be detailed on the I-REC and any related redemption statements for all stakeholders to see.
Following requests from market actors, the International REC Standard Foundation assessed whether to retain this choice for registrants. The I-REC Standard Foundation conducted stakeholder interviews to evaluate the potential impact(s) of removing this choice from registrants. Following this evaluation, the board of the I-REC Standard Foundation voted to amend the code and require all registrants to include any and all avoided emission rights in their I-RECs. This decision will be implemented 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 contact the I-REC Standard Foundation secretariat (firstname.lastname@example.org) with any questions regarding this topic.