*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 has approved Pakistan for I-REC for electricity issuance. The country report for Pakistan can be found here.
Approved I-REC(E) Issuers
The Pakistan Environment Trust (PET) has been approved as the I-REC(E) Issuer of Pakistan. PET is a non-profit organization mobilizing global capital and expertise toward tackling Pakistan’s toughest environmental challenges. Partnered with leaders from business, finance, government, and non-profits, PET delivers initiatives that are enabling the transition towards a climate-resilient, low-carbon, and biodiverse Pakistan. PET’s mission is to mobilize global capital and industry-leading expertise toward solving Pakistan’s toughest environmental challenges.
Pakistan is situated in South Asia; bordered by Iran, Afghanistan, China, and India. Due to the climate and geographical variation across the country, Pakistan has great renewable potential for both solar and wind.
Pakistan has several existing and planned legislative policies that focus on alternative and renewable energy such as the Alternate and Renewable Energy Policy 2020 which aims for a 20% renewable generation capacity by 2025 and 30% by 2030, along-with up-gradation of the transmission infrastructure and increase in hydro-electric power production. In an effort to streamline activities related to renewable energy, the government of Pakistan, in particular the Ministry of Energy, Power Division, has authorized the Alternative Energy Development Board (AEDB) to act as a focal body of the federal government with the mandate of one window facility for ARE project development in the country.
Prior to the approval of Pakistan as an authorized issuance country, the I-REC Standard Foundation was made aware of great interest in having I-REC(E)s in the country from both producers as well as end-consumers. As such, the I-REC Standard Foundation looks forward to commencing the I-REC(E) market in Pakistan.