Shams Power registers Pakistan’s first project with The International REC Standard Foundation (I-REC Standard Foundation).
Shams Power has navigated through the detailed process of registering its solar power projects to claim Renewable Energy Certificates. Pakistan has registered its first device at an unprecedented pace, demonstrating the potential for the RECs market.
The I-REC Standard Foundation (I-REC Standard) just announced in December 2022 that Pakistan Environment Trust (PET), the I-REC(E) Issuer in Pakistan, has approved the first tradeable energy certificates in the country. PITCO was the technical consultant who helped Shams Power through the registration process.
REC allows renewable energy project developers (Shams Power) to value and sell renewable energy’s carbon offsetting benefit without physically supplying the renewable energy units. At the same time, it helps buyers to offset their Scope 2 Emissions. So, if a company pays for REC certificates, it will get the same benefits from renewables as it used to get from non-renewable. Hence, with the help of the Pakistan Environment Trust (PET), these benefits are facilitated locally.
To further discuss this initiative and registration concept, a Podcast was held online on Twitter between Pakistan Environment Trust speakers and PICTO’s Technical Lead, Mr. Qazi Sabir. The podcast covered a detailed conversation on how the IREC will accelerate Pakistan’s Green Energy Transition.
As in a Podcast, Mr. Qazi Sabir said:
“IREC is the new phenomenon in Pakistan, and the registration of IREC projects adds another feather to PITCO’s hat.”
He further mentions that IREC standards will assist the private sector in lowering emissions and strengthening the supply of renewable energy. Furthermore, it assists sectors like Export Industries in meeting their green targets and collaborate worldwide with partners who desire greener and carbon-free operations standards. Moreover, even if a company already follows Net Zero standards and might only practically shift a portion of its energy load to renewables, the remaining load can be easily offset by purchasing Renewable Energy Certificates (REC).
Shams has registered its multiple solar projects to claim Renewable Energy Certificates (REC), and PAT requested Shams to give photographs of the meters and their calibration to check accuracy. More so, all additional details were submitted to PAT, who then submitted them to the IREC Foundation for successful registration of the projects.