Sberbank joins I-REC international energy tracking standard

Dec 24, 2020

Sberbank has signed an agreement with the international non-profit organization I-REC Standard Foundation on joining the international energy tracking standard I-REC as a market participant. The agreement will enable the largest Russian bank to provide support to stakeholders and create a fundamentally new and innovative market for Renewable Energy Certificates in Russia. Goal Number Seven, an association of energy market participants, is the organization issuing certificates of compliance with I-REC standards in Russia. 

I-REC certificates allow renewable energy generation companies to sell green attributes of their electricity together with or separately from physical supplies. Each certificate corresponds to 1 MWh in RES-generated electricity. Sberbank customers will be able to buy and redeem such certificates to meet the requirements of key international sustainability standards such as GHGP, CDP, and RE100. These tools are designed to enhance the transparency of renewable energy consumption.

Sberbank and I-REC Standard Foundation will join hands to develop a marketplace to sell I-REC certificates in Russia, which will use the bank’s blockchain platform for transactions and certificate circulation.

Vladimir Sitnov, Senior Vice President, Sberbank:

“We have developed a unique product, a blockchain platform that will unite all market participants: power generating and sales companies, regulators and electricity buyers. Due to rolled-out technology, all market participants will share a common digital environment and interact through the Internet of Things, smart contracts, and digital tokens. For instance, a generating company will be able to request the issuance of digital certificates equivalent to the amount of generated energy and complying with the I-REC Standard, which electricity buyers can buy via smart contracts and digital assets.”

Tatiana Lanshina, CEO, Goal Number Seven:

“Dozens of foreign and Russian corporations have been waiting for green I-REC certificates in Russia throughout this challenging year, and just a few days ago we delivered the first issue. As of now, the I-REC register contains 13 companies producing electricity using renewable energy sources in Russia. Sberbank's blockchain solution will allow renewable energy generation companies and corporations willing to switch to renewable energy to close deals and improve the attractiveness of green generation easily and cost-effectively.”