*Since the date of this news item’s publication, the organization ‘The International REC Standard Foundation’ has changed to ‘The International Tracking Standard Foundation: Founder of I-REC (I-TRACK Foundation).’
The International REC Standard Foundation Board has approved Brunei for I-REC for Electricity issuance. Approval came after the submission of a country report detailing various aspects of the electricity generation market, including a review of supporting policies, and confirmation that no there is no environmental commodity mechanisms in place which would risk double issuance. The country provides a favorable enabling environment for further growth of the I-REC(E) instrument as the nation expands renewable electricity generation.
Approved I-REC(E) Issuers
GCC has been approved as the I-REC(E) Issuer in Brunei until a suitable local organization has been identified. GCC is already responsible for the issuance of I-REC(E) in many I-REC countries around the world as default Issuer.
Brunei (formally, Brunei Darussalam) is a small nation situated in Southeast Asia on the island of Borneo. Brunei has 161 km of coastline next to the South China Sea and shares a 381 km border with Malaysian states of Sarawak and Sabah.
Brunei’s economy is largely linked to gas and oil. However, the nation is working with key mineral extraction partners to increase the role of renewable energy in the nation’s economy and generation mix. There are two power systems in Brunei: The Department of Electrical Services (DES) and the Berakas Power Company (BPC). The DES power system covers the whole country, supervises the Temburong district, and comprises four power stations and transmission lines at 275 kV, 132 kV, and 66 kV. The BPC power system comprises three power stations and transmission lines at 66 kV.
Although, currently renewables account for as little as 0.55% of installed capacity, Brunei has a target to scale up renewable energy to 30% of the generation mix by 2035. Other aspirational targets include the design and implementation of a carbon price or carbon tax instrument by 2025 and supporting multinational oil and gas customers to achieve net-zero pledges. The introduction of I-REC(E) certificate is expected to support the nation in developing its clean energy market and meeting corporate demand for renewable energy.
The I-REC Standard Foundation recognizes the efforts made by Brunei’s continued commitments in developing and implementing plans for renewable energy sources and access and is pleased to welcome Brunei as an I-REC(E) issuing country.