The I-REC Standard Foundation and local Issuer, Oakley Greenwood, announce MoU for biomethane tracking
The I-REC Standard is pleased to announce the recently approved Memorandum of Understanding (MoU) with Oakley Greenwood to bring the renewable gas I-REC [I-REC(G)] to Australia.
The development of the I-REC(G) – the I-REC Product Code for biogas and biomethane – was initiated in May 2023 between the I-REC Standard Foundation (owner of the International Attribute Tracking Standard) and an international consortium (Consortium) formed by Evident, Instituto Totum, and M-RETS that would take on the role of Code Manager.
The goal of the I-REC(G) Product Code has been to develop a standardized tracking methodology that is fact-based, ex-post, and technology agnostic, which would serve as the basis for a certificate instrument for producing biogas and biomethane. This mechanism will support organizations’ claims for biogas or biomethane usage including that of low or net zero-carbon products.
While the I-REC(G) Product Code is currently in draft form (quickly moving toward completion), the development of the tracking mechanism is underway and being tested in Brazil. Angus Rich of Oakley Greenwood explains that “Oakley Greenwood is excited to develop and implement the I-REC(G) in Australia which will provide a critical link between producers and consumers to claim the carbon reduction benefits that biomethane can bring to the gas market. The biomethane opportunity is rapidly growing with the Australian Energy Market Operator forecasting 75PJ per annum injected into the east coast natural gas network in 2030. The potential for biomass and biomethane in the Australian market is significant according to the original Bioenergy Roadmap, which was developed with support from ARENA, along with recent work done by Bioenergy Australia and Future Fuels CRC”
To learn more about this development, read the Oakley Greenwood press release here.
For any questions, please contact the I-REC Standard email@example.com.