Reduce Scope 2 emissions using Renewable Electricity

Purchasing unbundled Energy Attribute Certificates (EACs) remains the most popular and cost-effective method for sourcing renewable electricity.  

I-REC (E) is an international renewable energy attribute certificate, issued across approximately 50 countries, and can be used for RE100, CDP, and SBTi compliance. Over the past three years, I-RECs issuance has more than tripled, driven by growing demand from companies aiming to address greenhouse gas emissions from both direct operations and supply chains. 

I-RECs Market Statistics and Prices (2024) 

In the first half of 2024, a total of 188 million certificates representing 188 TWh of electricity were issued across all I-REC(E) markets, marking a 17% growth compared to the volumes issued in Q1 and Q2 of 2023. Brazil, China, and Chile emerged as the largest markets for I-RECs in 2024. Additionally, redemptions surged by an impressive 58%, growing from 102 million in the first six months of 2023 to 162 million in 2024. 

Global I-REC Prices

There are significant discrepancies across various I-REC markets, ranging from highly oversupplied countries to high-priced markets. For example, observed from GreenPowerHub recent trades, India trades at 0.6 USD and Thailand at 0.85 USD, while countries with more balanced supply-demand dynamics, such as Mexico, trade at around 4 EUR and Sri Lanka at approximately 2.45 USD. 

 Below graph shows top countries by I-RECs redemption.

IREC stats-2

 

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