What is I-REC?

International Renewable Energy Certificates (IREC) is a tool used to promote and verify renewable energy production. IREC is a system that supports the integration of energy markets around the world and has established a reliable and transparent standard.”

The IREC system enables energy producers, energy consumers and energy processors to verify and track renewable energy purchases. It also helps document how effective renewable energy generation is in reducing carbon emissions (TUV AUSTRIA, 2024).

How Are IREC Certificates Issued and Used?

An IREC certificate proves that a certain amount of renewable energy has been produced and transmitted. A certificate usually represents one megawatt-hour (MWh) of renewable energy. The certification process starts after the energy has been produced. An IREC certificate is generated for each MWh of energy produced from a renewable energy source. This certificate is then uploaded to IREC International’s central registration system. The relevant energy producer has the right to sell or keep these certificates (TUV AUSTRIA, 2024).

Importance and Benefits of IREC

Global Transparency and Credibility: IREC sets a global standard for renewable energy consumption. It provides consumers with transparent information about the source and sustainability of energy. This increases trust and demand for renewable energy.

Carbon Footprint Reduction: IREC certificates are an important tool for achieving carbon emissions reduction targets. By purchasing IREC certificates, companies promote the use of renewable energy and thus reduce their carbon footprint.

Energy Traceability: IREC certificates enable energy consumers to monitor and manage their renewable energy consumption. This makes energy consumption more efficient and sustainable(TUV AUSTRIA, 2024)

Role of the Suriname Energy Chamber

regarding the Certificates

The Suriname Energy Chamber (SEC) is the Accredited I-REC(E) issuer of Suriname. Issuers are responsible for the registration of ‘Registrants’ (production device owners or entities acting on production device owners’ behalf) and their respective production devices in a country or region. Without Issuer authorization for a specific country or region, it is not possible to issue I-REC(E) or I-TRACK certificates for production devices in that country or region. In addition, Issuers are responsible for the issuance of I-REC or I-TRACK certificates, which includes the verification of data (I-TRACK, 2023).

For each Product Code, in each country, the International Tracking Standard Foundation (I-TRACK Foundation) Board must authorize or promote an Issuer to implement the rules established in the Product Code that are adherent to the International Attribute Tracking Standard (Standard) (I-TRACK, 2023).

The local Issuer is appointed, as a well-informed stakeholder in the country or region as they can stay up to date with legislation and ensure the reliability of the implementation of the Standard.However, the role of the Issuer can be fulfilled by a variety of entities such as for-profit organizations, non-profit organizations, or governmental bodies. But most importantly, Issuers must be able to act independently of the market, which means that they cannot be involved in the production of the underlying I-REC(E) or I-TRACK certificate nor the trade of I-REC(E) or I-TRACK certificates (I-TRACK, 2023). 

Reference Links

The International Tracking Standard Foundation Home Page:  https://www.trackingstandard.org/

I-REC for Electricity:  https://www.trackingstandard.org/product-code/electricity/

Active Countries: https://www.trackingstandard.org/world-map/

I-Rec Issuer Suriname: https://sec.sr

Suriname has been approved for I-REC(E) issuance: https://www.trackingstandard.org/suriname-has-been-approved-for-i-rece-issuance

Country Assessment Report Suriname:  https://www.trackingstandard.org/wp-content/uploads/IRSFB_MD_23.22_b__Suriname_Country-Assessment.pdf