Dubai Carbon, in association with the Netherlands-based non-profit firm, will now provide a standard for energy attribute tracking systems that can be easily implemented and used by end-users in the UAE.
This will also allow all consumers access to internationally recognized and tradable and RECs. The RECs are the only way within the UAE to prove ownership to the environmental and economic benefits of the procured renewable energy.
The I-REC attribute tracking standard supports tracking compliance with governmental renewable energy requirements, as well as voluntary consumers to track and verify progress towards their environmental goals. This allows all I-REC Standard participants the ability to track attributes of renewable electricity production from its location of generation to its place of consumption.
The tracking includes environmental, economic and GHG attributes, which at the time of REC cancellation, are the exclusive ownership of the consumer, or group of consumers.
It creates the foundation on which electricity consumer claims can be made, particularly those related to Scope 2 carbon accounting (GHG emissions from the generation of purchased electricity) or proof of individual renewable electricity consumption.
Waleed Salman, chairman, Dubai Carbon said: “Electricity produced from different power plants are fed into the main grid, which then makes it impossible to identify the source of energy a consumer is using. The I-RECs will be issued to the energy generator by Dubai Carbon, once they generate clean energy from a single generation facility.”
He added: “These can be purchased or procured by end users to validate their renewable energy consumption. I-RECs serve as the ‘currency’ for renewable energy markets and will support renewable energy projects in the UAE.”
Selling and buying
I-RECs are issued to the generator’s account or to the account of an appointed representative. Market participants who have accounts with the tracking systems can transact the I-RECs. They are the only credible way of selling and buying renewable energy. I-RECs can only reside in one account at a time.
Jared Braslawsky, director of the I-REC Standard, said: “I-REC provides standards for energy attribute tracking systems that can be easily implemented so that consumers in all regions of the world can have access to internationally recognized renewable energy certificates. By procuring I-RECs, companies and individuals can support impactful renewable projects and drive the transition to renewable energy on a global scale.”