International Renewable Energy Certificates (I-RECs) are market based instruments that certify the generation of one megawatt-hour (MWh) of renewable energy. They allow businesses to claim the environmental benefits of renewable energy, even in regions without a formal certification system. Companies can offset their non renewable energy usage through I-REC procurement.
In the quest for sustainability and reducing carbon footprints, businesses are increasingly turning to International Renewable Energy Certificates (I-RECs). These certificates provide a reliable way to document renewable energy consumption and support global efforts towards cleaner energy.
This article provides the step by step process of procuring I REC and also the additional considerations that are required.
Step-By-Step Process for I-REC Procurement
Certain steps are needed to be followed in procurement of I-REC. They are listed below:
Step 1: Identify a Certified I-REC Issuer
The first step in procuring I-RECs is to identify an authorized issuer in your region. I-REC issuers are responsible for registering renewable energy generators and issuing certificates based on verified production. Research local issuers or consult platforms that specialize in I-REC transactions to find a reputable source.
Step 2: Determine Your Energy Needs and Offset Goals
Before purchasing I-RECs, assess your organization’s energy consumption and sustainability goals. Calculate how much renewable energy you aim to offset through I-RECs. Understanding your target will help you determine the number of certificates needed to meet your goals effectively.
Step 3: Purchase Certificates from Issuers or Brokers
Once you have identified your energy needs, reach out to the issuer or authorized brokers to purchase the necessary I-RECs. Many platforms facilitate online purchases making it straightforward and efficient. Ensure you compare prices and verify the credibility of the seller before finalizing your purchase.
Step 4: Retire the I-RECs
After acquiring the I-RECs, it is crucial to retire them. Retirement prevents the certificates from being reused or resold, ensuring that each MWh of renewable energy is only claimed once. This process maintains the integrity of the renewable energy certificate program and confirms your organization’s commitment to sustainability.
Additional Considerations
There are some additional considerations which are required for I-REC procurement. Read on to know about them:
- Documentation: Keep thorough records of your I-REC purchases and retirements for reporting purposes. This documentation can be essential for compliance with sustainability standards and frameworks like the Greenhouse Gas Protocol.
- Integration with Corporate Goals: Align your I-REC procurement strategy with broader corporate sustainability initiatives. This integration can enhance your company’s reputation among consumers and investors who prioritize environmental responsibility.
- Stay Informed: The market for I-RECs is evolving with new regulations and trends emerging regularly. Stay updated on changes in the market that may affect pricing or availability.
Conclusion
I-REC Procurement is a strategic step towards achieving sustainability goals and reducing carbon emissions. By following the above step by step guide, businesses can effectively navigate the process of acquiring I-RECs. Start your journey towards a greener future by integrating I-RECs into your business today!
Why Altilium?
With many other benefits, I-REC procurement has become more simple with Altilium. We will guide you with the entire process of getting a I-REC certificate. So why wait? Contact us right away!