How to buy I-RECs In India
Purchasing International Renewable Energy Certificates (I-RECs) in India is a strategic approach for organizations aiming to demonstrate their commitment to sustainability and renewable energy. I-RECs certify that one megawatt-hour (MWh) of electricity has been generated from renewable sources, allowing businesses to offset their carbon footprint and meet renewable energy targets.Hestiya
Understanding I-RECs in India
International Renewable Energy Certificates (I-RECs) in India provide a way for businesses and organizations to support renewable energy without directly sourcing it. Each I-REC represents 1 megawatt-hour (MWh) of electricity generated from renewable sources such as wind or solar. Companies purchasing these certificates can claim the environmental benefits of renewable energy, helping them meet sustainability targets and reduce their carbon footprint.
In India, the International Carbon Exchange Private Limited (ICX), a subsidiary of the Indian Energy Exchange (IEX), was appointed as the official issuer of I-RECs in September 2024. This has streamlined the process for businesses to acquire I-RECs from registered renewable energy producers. Additionally, platforms like Hestiya provide a blockchain-powered marketplace for buying Indian I-RECs, ensuring transparency and security in transactions.
Steps to Purchase I-RECs in India
Identify Certified Platforms: Select a reputable platform authorized to facilitate the purchase of I-RECs in India. For example, Hestiya offers a blockchain-powered marketplace for acquiring Indian I-RECs. Hestiya
Register an Account: Create an account on your chosen platform by providing the necessary details and completing any required verification processes.
Browse Available I-RECs: Explore the list of verified renewable energy projects and the corresponding I-RECs available for purchase.Hestiya
Select and Purchase: Choose the I-RECs that align with your sustainability objectives and complete the transaction through the platform's secure payment gateway.Hestiya
Certificate Issuance: Upon successful purchase, the platform will issue the I-RECs, which can be used to substantiate your renewable energy consumption claims.
Market Dynamics and Considerations
As of Jan 2025, the Indian I-REC market has experienced an oversupply, leading to a decrease in certificate prices. This situation presents an opportunity for buyers to acquire I-RECs at more favorable rates. S&P Global
Regulatory Compliance
It's crucial for purchasers to ensure that the I-RECs they acquire are not double-counted towards India's Renewable Purchase Obligation (RPO). Recent clarifications have been made regarding the eligibility of certain renewable energy projects under RPO regulations. Therefore, buyers should work with platforms that adhere to these regulations to maintain the integrity of their sustainability claims.
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