📖Introduction to International Renewable Energy Credit Standard (iREC)

Policy Description:

This policy supports the tokenization of Renewable Energy Certificates (RECs) in accordance with the I-REC Standard, and specifically, the I-REC(E) Product Code. The I-REC Standard is a non-profit organization that provides an attribute tracking standard that can be used around the world. While the I-REC Standard is designed to track attributes for a diversity of products, Product Codes provide additional requirements for specific products and markets. The I-REC(E) Product Code provides requirements for electricity products and was developed by Evident, who acts as Code Manager and Registry Operator. The schema and workflow of this policy were designed to reflect the MRV requirements, processes, and roles outlined by both I-REC Standard and the I-REC(E) Product Code.

Workflow Description:

The workflow begins with the Registrant, generally the owner of an energy production facility or a party acting on their behalf, submitting an application to the Issuer for approval. Once approved, the Registrant submits a registration request to the Issuer for the facility/device that will be providing the MRV data. This will include both general information, as well as attributes (e.g., energy sources, location, etc.). Note that devices must be, and often are already, independently verified. Under certain circumstances, an inspection may be necessary. Once the Issuer processes and approves the facility/device registration, an issue request can be sent to the Issuer along with independently verified meter data. After the Issuer approves the issue request, I-REC(E) certificates are issued

IREC Schema and Policy Versions and their IPFS timestamps: