•• Communicating principles of attribute tracking mechanisms
The International Attribute Tracking Standard
The International Attribute Tracking Standard (Standard) is a set of requirements that ensures the quality of attribute tracking systems are of the highest quality and meets the most rigorous expectations of stakeholders, market parties, and end-users. Historically, the Standard has been known for its implementation of a tracking standard for electricity-based certificates (e.g., RECs). This market is familiar to market players and relevant stakeholders as the I-REC for electricity, or I-REC(E), market. To a large degree, this is unchanged, but we have expanded the ability for other assets to adhere to the Standard and become “I-REC Accredited” products.
However, the roles and specific meanings of different terminology have been clarified as part of the recent update to the governance document released in April 2021. In this way, the Standard is a reference to the governance document owned by the I-REC Standard Foundation. The Standard defines how various organizations can coordinate and facilitate attribute tracking systems and their associated markets, be Accredited or proven as compliant with the regulations set forth in the Standard, as well as ensure that affiliated tracking Products (not only electricity but also those beyond the energy sector) are accurately tracked. And although the Standard does not define the Products adherent to the Standard, it ensures that all Products adhere to the same high-quality requirements.
For example, the most recognized Product is still the I-REC(E). The Standard defines how various organizations such as the Code Manager, I-REC Services/Evident, can coordinate and facilitate attribute tracking systems, and their associated markets, and be Accredited (proven as compliant with the regulations set forth in the Standard).
The goal of the International Attribute Tracking Standard is to provide clear and concise rules for organizations that facilitate the Product markets for Product Certificates, as well as for the users of related markets. It is our experience that Products like electricity, non-fossil gas, hydrogen, carbon capture utilization and sequestration (CCUS) or Carbon Dioxide Removal (CDR), and other Products that can benefit from an attribute tracking infrastructure, will also benefit from the common rules provided in the Standard.