Oakley Greenwood approved as I-REC(E) Issuer in Australia and recent market developments

Read more

Oakley Greenwood approved as I-REC(E) Issuer in Australia and recent market developments

*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).’


Since the approval of Australia as an eligible country for I-REC(E) issuance in November 2021, the I-REC(E) market has developed well. The system has been implemented in a way to guarantee the avoidance of double counting with Australia’s existing certification systems by only allowing I-REC(E) issuance for volumes that are not eligible for other national semi-compliance systems. This means that all generation that is considered below baseline (generation from capacity available prior to 1997) is eligible for I-REC(E) issuance.  

As of July 2022, the I-REC Standard Foundation Board approved Oakley Greenwood Pty Ltd, a knowledgeable and independent consultancy with technical, regulatory, and legislative expertise as the Accredited I-REC(E) Issuer for Australia. And due to their efforts and the support of local market players, a total of 10 devices, representing over 4,000MW of installed capacity, have been registered as of 1 October 2022.  

“The national LGC system gives Australian end-users the ability to rely on the fact that their usage of above baseline generation is fully renewable. However, the interest that has been shown in I-REC(E) reveals that there is significant demand for access to additional sources of renewable energy that have been certified through a robust and transparent process,” explains Lance Hoch, Executive Director at Oakley Greenwood. Lance added that Oakley Greenwood is looking forward to further growth in the Australian I-REC(E) market.  

Climate Action 
In addition to the LGC system, the use of I-REC(E) is now recognized under Climate Active, a partnership between the Australian Government and Australian businesses to drive voluntary climate action.  

Any interested Australian stakeholder can reach Oakley Greenwood for any questions through the contact details listed at their website: https://oakleygreenwood.com.au/irec-issuer. 

For more information about the certification of below-baseline generation in Australia, please have a look at the country report. 

The  I-REC Standard Foundation secretariat can also always be contacted for questions by sending an email to secretariat@irecstandard.org 

Article Content