About I-RECs
Why Choose I-RECs?
Scope 2 emissions are a major concern for businesses. IRECs (International Renewable Energy Certificates) offer a cost-effective way to address this issue by simplifying their transition to renewable energy. IRECs provide a faster way for businesses to achieve their sustainability strategy, with the flexibility to choose their sources of renewable energy based on their preferences. This approach helps businesses demonstrate their commitment to sustainability goals while allowing them to focus on their core business activities.
Understanding I-RECs (International Renewable Energy Certificates)
An I-REC for electricity is an exchangeable Energy Attribute Certificate (EAC) that conveys information about the production of a unit of electricity, such as where and when the electricity was produced, the capacity of the production facility, and the energy source.
Each I-REC certificate represents 1 megawatt-hour (MWh) of electricity generated from a renewable energy source, These exchangeable certificates can be redeemed by an entity to fulfill their voluntary set net zero ambition or achieve their sustainability strategy adhering to various frameworks and initiatives like RE100, SBTi, CDP, and LEED certification.
How I-RECs Work:
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Accounting for Renewable Electricity: Each I-REC represents 1 megawatt-hour (MWh) of electricity generated from a renewable energy source. This could be solar, wind, hydro, biomass, or other renewable sources.
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Origin and Attributes: I-RECs provide detailed information about the origin of renewable electricity, including the technology used (e.g., solar panels, wind turbines), the location (where it was generated), and the time of generation. This transparency allows buyers to understand the environmental benefits associated with the renewable energy they’re purchasing.
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Electronic Registry: When a company purchases I-RECs, they are recorded and cancelled in the I-REC Standard electronic registry. This registry serves as a centralized database where the ownership and retirement of certificates are tracked, ensuring transparency and preventing double-counting.
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Validation for Greenhouse Gas Reporting: The Greenhouse Gas Protocol Scope 2 Guidance, a widely recognized standard for reporting greenhouse gas emissions, acknowledges I-RECs as valid instruments for reporting electricity consumption from renewable sources. This means that companies can use I-RECs to demonstrate their commitment to renewable energy and accurately report their emissions reduction efforts.