I-REC Participates in Event with China Center for International Economic Exchanges, Agora China, Deloitte, and Bravowhale to discuss CBAM and the need for reliable embedded carbon verification
On 28 July 2023, national and international industry leaders hosted the “Discussion on the Green Transformation Path for Enterprises in China” forum at the German Centre for Industry and Trade in Beijing. Distinguished speakers at the event included the Vice Chairman and Secretary-General of the China Center for International Economic Exchanges, Dawei Zhang; President of Agora China, Tu Jianjun; Director of Deloitte China’s Climate Change & Sustainability Group, Jian Li; and Industry Director of Bravowhale, Pu Tianjian.
The forum highlighted China’s determination to strengthen international collaboration and to ensure its global supply chains are ESG-compliant with both China’s dual carbon targets, and the EU’s recent Carbon Border Adjustment Mechanism (CBAM) carbon tax. Dawei Zhang’s opening speech underscored the need align national sustainability reporting with globally accepted standards like the I-REC Standard Foundation’s I-REC for electricity. The forum highlighted opportunities to align domestic ESG standards with national requirements, while at the same time enabling seamless integration with international standards, thereby supporting all domestic and international entities operating in China report credibly on their green transformation.
The emphasis on global cooperation was echoed by Tu Jianjun, of Agora China, who noted that the evolving sustainability landscape offers new opportunities to enhance China-EU collaboration on energy and climate. He signaled a commitment to deepen partnerships through collective action on the clean energy transition net-zero agenda. Director of Deloitte China Climate Change & Sustainability Group, Jian Li, went on to analyze national and international ESG compliance options, indicating that the I-REC(E) is an optimal solution for many entities due to the high degree of global recognition and trust in the instrument.
Jared Braslawsky, Executive Director of the I-REC Standard Foundation (I-REC Standard) expressed his support for the event by sharing an official video from the I-REC Standard with the organizers. The video highlights the important credibility linkages between national certificate systems and international trade agreements. The wider event, and the I-REC Standard’s support for it, emphasize the positive steps being taken in China to align national and international electricity market certification standards to meet global sustainability reporting standards. Overall, the forum highlighted the importance of aligning national and international energy attribute certificates (EACs) to address compliance under global trade initiatives like CBAM.
Bravowhale’s verification services stand to provide genuine impact in the carbon asset validation ecosystem in China and beyond. Designing verification protocols in line global standards like I-REC Standard, Director Pu Tianjian has pioneered a pathway for hundreds of businesses to support on ESG compliance that will be credible both domestically and abroad. Bravowhale’s systems are designed to provide the highest level of efficiency, with real-time data provision and certainty in verifying asset data.
The I-REC Standard has recognized Bravowhale as an Accredited Platform Operator. Bravowhale will leverage its on-site IOT technology and validation services to enhance real-time data verification in carbon asset and power generation data in China and beyond. As is the case for all Accredited Platform Operators and approved verification labels, Issuers will have the option to accept data provided by these third parties provided that no data requirements are of a lower standard than the minimum quality criteria defined in the Evident Code for Electricity. This will allow for options to streamline registration to increased quality standards, where preferred, by market actors.
Participants and asset owners are reminded that the use of any third-party platform remains optional. However, Platforms and Verification Labels will allow for complex products such as fertilizers, hydrogen, or plastic polymers to have clarified embedded carbon data for all processes across their entire lifecycle. This will improve the ability to export products adherent to international regulatory requirements and ensure the import requirements of various off-take markets are clearly disclosed.