March 28 (Renewables Now) - The Dubai Carbon Centre of Excellence (Dubai Carbon) has become an exclusive issuer of renewable energy certificates (RECs) in the United Arab Emirates (UAE) under a deal with I-REC Standard.
The agreement with the Netherlands-based non-profit foundation was announced on Monday. International Renewable Energy Certificate Standard (I-REC Standard) provides a standard for tracking systems for the environmental, economic and greenhouse gas (GHG) attributes of energy.
“I-RECs serve as the ‘currency’ for renewable energy markets, and will support renewable energy projects in the UAE,” said Waleed Salman, chairman of Dubai Carbon. The latter initiated discussions with I-REC Standard, culminating in the deal announced yesterday, as it sought to develop and implement a voluntary market for RECs in the region.
Thanks to REC programmes companies can be sure that the power they buy comes from a renewable energy source. Google (NASDAQ:GOOGL), for one, is a major purchaser of such credits in line with its green energy targets. RECs have been used for some time in certain European markets, the USA and India, and that list is growing.