*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.’
On 4 December 2023, during the 28th United Nations Climate Change Conference of Parties (COP28) held in Dubai, United Arab Emirates, the I-REC Standard Foundation, Bursa Carbon Exchange (“BCX”), a wholly-owned subsidiary of Bursa Malaysia Berhad (“Bursa Malaysia” or “the Exchange”), Sarawak Energy Berhad (“Sarawak Energy”), and the Hydropower Sustainability Alliance (“HSA”) signed a Memorandum of Collaboration (MOC)
The four-way MOC brings together a collaboration between Malaysian and international organizations in paving the way for the offering of renewable energy certificates (RECs) in Malaysia. The I-REC(E) will be offered via BCX, a voluntary carbon market mandated by the Malaysian Government (announced during the Malaysia Budget 2022, tabled in October 2021), while Sarawak Energy is a vertically integrated electricity utility serving the state of Sarawak and a regional powerhouse in generating hydroelectricity. The HSA is an independent and multistakeholder standard-setting body based in Portugal that oversees the Hydropower Sustainability Certification System and manages the implementation of the Hydropower Sustainability Standard.
The scope of the MOC will cover the following four areas:
- To secure the supply of RECs from Sarawak Energy;
- To facilitate cross-border RECs trading and international attribute tracking standards for RECs, using the I-REC platform;
- To raise awareness through joint knowledge-building sessions on sustainability certification, such as the Hydropower Sustainability Standard and understanding credible renewable energy claims; and
- To help promote the use of sustainability certifications in conjunction with RECs, such as by layering the Hydropower Sustainability Standard onto the I-REC Standard’s International Attribute Tracking Standard, to help end-users identify and purchase premium hydropower RECs from BCX.
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