•• A stakeholder-driven Standard
Improving the governance structure to meet future needs
Since the founding of the I-REC Standard Foundation in 2015, the organization has seen significant growth in the usage of the associated and Accredited attribute tracking systems, such as the I-REC for electricity, for which they standardize. The decision that the I-REC Standard Foundation should be an independent entity, separated from the underlying market facilitation, was approved by the I-REC Standard Foundation Board in 2018.
In the past, the Product Code and the Standard were seen under a single document, the I-REC Code, which for all intents and purposes no longer exist. The I-REC Code has become two documents: The International Attribute Tracking Standard and associated Product Code(s), including the I-REC Product Code for electricity. This was done in a way that ensured there was no broader market impact resulting from the change. The I-REC Standard Foundation, as well as associated Code Managers, have done their best to ensure all contractual agreements will not be affected by the release of the documents
The International Attribute Tracking Standard (released April 2021) represents the completion of that separation and the recognition that other Products may be offered under the quality flag of the I-REC Standard Foundation. This change made it easier for stakeholders and third parties to engage with the Standard and to ensure that it meets the needs of end-users now and in the future.
The International REC Standard Foundation Board is currently led by a group of experts including Peter Niermeijer (PNI Consultancy), Claes Hedenström (Vattenkraftens Miljöfond Sverige AB), Jules Chuang (Arbon Capital & Mt. Stonegate Green Asset Management), Ed Holt (Ed Holt & Associates) Tom Lindberg (ECOHZ), and Dirk Van Evercooren as observer.
In addition to the I-REC Standard Foundation Board (Board) is currently in the process of implementing governance bodies for each Accredited Product Code or asset class. For new or fully-formed Product Codes and markets, these governance bodies will be Initiative Groups or Councils depending upon their phase of development. Any Accredited Entity can also develop User Groups, but these are not under the control of the I-REC Standard, but rather that of the Accredited Entity.