Latest news with #I-RECs
Observer
02-07-2025
- Business
- Observer
4th I-REC auction to advance clean energy
MUSCAT, JULY 2 Nama Power and Water Procurement Company (PWP), the sole procurer of power and water capacity in the Sultanate of Oman, has launched its fourth auction round for International Renewable Energy Certificates (I-RECs) – a move aligned with the Sultanate of Oman's broader strategy to advance decarbonization and its Net Zero targets. Over 3 million I-RECs are on offer in this latest round, building on three previous auctions that have reinforced Oman's efforts to provide avenues for businesses and strategic sectors within the country to decarbonise their operations. Two years ago, Oman became the first country in the GCC to register the first wind farm – the 50 MW Dhofar I Wind Project – with the I-REC Standard Foundation. Since then, PWP has successfully registered Manah I Solar IPP and Manah II Solar IPP with the globally recognized I-REC Standard Foundation, which promotes an internationally recognized methodology for issuing and redeeming I-RECs. This system is implemented globally with the support of national governments and local stakeholders. The I-REC certificates in this auction round represent renewable energy generated by the three projects between July 2024 and December 2025. The grid-connected Manah I and Manah II solar PV projects – each with a capacity of 500 MW – are expected to generate around 1.5 million I-RECs annually, while the Dhofar I Wind project is estimated to contribute approximately 150,000 certificates per year. Ahmed bin Salim al Abri, Nama PWP CEO Commenting on the significance of this latest auction, Nama PWP CEO Ahmed bin Salim al Abri stated: 'Through this market-based solution, PWP is enabling local businesses to decarbonize their operations by purchasing the I-RECs, while offering domestic and international buyers a credible pathway to meet voluntary sustainability targets.' According to PWP, certifying the flow of energy from clean sources has become increasingly important for consumers who demand greater choice in how they procure electricity. Some companies seek to demonstrate compliance with renewable energy procurement requirements, while others aim to reduce their greenhouse gas emissions. To accurately report the use of renewable energy in emissions disclosures, companies must own and redeem a verified environmental attribute certificate, such as an I-REC. Well-known Omani environmental services specialist Three Pillars Consulting (TPC) serves as the local issuer of I-RECs in the Sultanate of Oman. As the accredited issuer, TPC supports the registration of renewal and issuance of I-REC renewable energy tracking system.
Muscat Daily
28-05-2025
- Business
- Muscat Daily
Omantel advances Net Zero plan with emission cuts and renewables
Muscat – As climate action becomes increasingly urgent across industries, Omantel is stepping forward with a clear commitment to sustainability. The company has formally adopted a Net Zero target for 2050 and set an ambitious near-term goal to reduce Scope 1 and Scope 2 greenhouse gas emissions by 45% by 2030, using 2023 as the baseline year. This commitment reflects Omantel's broader sustainability vision and its role as a national digital enabler, supporting Oman's transition towards a low-carbon future. Rather than treating Net Zero as a distant aspiration, Omantel said it is taking measurable steps today to reshape its environmental impact. 'Our responsibility extends beyond digital infrastructure. It includes contributing to a more sustainable future for Oman. This target reflects both our ambition and the action we are taking to achieve it,' Lujaina Saif al Kharusi, Vice President of Governance, Regulatory Affairs and Compliance at Omantel, said in a press statement. A major step in this journey was reached in 2024, when Omantel redeemed 40,000 International Renewable Energy Certificates (I-RECs) sourced from the Dhofar Wind IPP through Nama Power and Water Procurement (Nama PWP). This clean electricity, equivalent to 40,000 MWh, led to a 12.38% reduction in the company's market-based Scope 2 emissions and prevented more than 88,000 tonnes of CO₂ equivalent from entering the atmosphere. Without intervention, emissions would have risen alongside business growth. Instead, Omantel achieved a 2.77% decrease in total emissions for 2024 compared to 2023, avoiding a projected 10.96% increase. By 2026, emissions are expected to remain just 5.15% above 2023 levels, significantly below the business-as-usual projection of nearly 31%. These results underscore the effectiveness of Omantel's approach. Omantel also ranks among the first telecom operators in the region to adopt renewable energy certificates at this scale. This signals both technical capability and a serious commitment to operational sustainability. 'Setting goals is important, but following through on them is what defines leadership,' said Lujaina. 'Integrating wind power into our energy portfolio is just one example of how we are aligning climate goals with real action.' By embedding sustainability into its strategy, Omantel is contributing to Oman's national Net Zero roadmap and helping shape a future where connectivity and climate responsibility advance hand in hand.
Business Standard
25-04-2025
- Business
- Business Standard
Hestiya Redefines Carbon Credit and I-REC Buying with Blockchain-Powered Marketplace
VMPL New Delhi [India], April 25: In an evolving global carbon market, where businesses are increasingly seeking reliable, cost-effective, and transparent ways to procure carbon credits and International Renewable Energy Certificates (I-RECs), Hestiya is emerging as the go-to platform. With its blockchain-powered carbon marketplace, Hestiya is solving the inefficiencies of traditional platforms, ensuring buyers get the best value, verifiable impact, and seamless transactions. The Buyer's Challenge in the Carbon Market For businesses looking to offset their carbon footprint, the process of purchasing carbon credits and I-RECs has been fraught with challenges: * Lack of Transparency - Many platforms fail to provide clear traceability, leading to concerns over double counting and credit legitimacy. * High Costs and Hidden Fees - Traditional brokers and intermediaries significantly increase the cost of transactions. * Inefficient Verification - Ensuring that purchased credits are verified, retired properly, and truly contribute to sustainability goals can be a cumbersome process. * Limited Marketplace Options - Existing platforms often have restrictive pricing structures and limited direct purchase options, making it difficult for buyers to acquire large-volume or custom bundles of credits. Hestiya is tackling these issues head-on with a marketplace designed specifically for buyers who want hassle-free, secure, and cost-efficient access to carbon credits and I-RECs. How Hestiya Gives Buyers an Edge Over Other Platforms Hestiya's blockchain-powered carbon marketplace delivers a buyer-first approach that sets it apart from competitors like Climate Impact X, Verra, and Gold Standard marketplaces. Key advantages include: * Direct P2P Buying: Businesses can purchase credits and I-RECs directly from verified suppliers, eliminating intermediaries and reducing transaction costs. * Real-Time Pricing & Spot Trading: Unlike traditional marketplaces that rely on fixed pricing or lengthy negotiations, Hestiya offers a dynamic, real-time trading environment where buyers get instant access to competitive rates. * Blockchain-Powered Transparency: Every transaction is immutable, traceable, and verifiable on the Polygon blockchain, ensuring no double counting and full compliance with regulatory standards. * Guaranteed Credit Integrity: All carbon credits and I-RECs on Hestiya are pre-verified and aligned with global sustainability frameworks, ensuring buyers receive only high-quality, legitimate assets. * Custom Volume Purchases: Buyers can tailor their purchases to match sustainability goals, whether they need bulk carbon offsets or targeted I-REC acquisitions. * Instant Retirement Mechanism: Hestiya ensures that purchased credits can be immediately retired, providing businesses with official proof of their climate action in real-time. The Smart Choice for Enterprises, Corporations, and Investors For corporations with net-zero targets, ESG commitments, and regulatory obligations, Hestiya provides a one-stop solution to manage carbon procurement seamlessly. The platform caters to industries, multinational corporations, financial institutions, and energy buyers, offering a scalable and cost-effective way to meet compliance needs. Furthermore, investors looking to engage in climate finance will find Hestiya's transparent, efficient, and growth-oriented platform an attractive alternative to traditional carbon credit investment mechanisms. What Buyers Are Saying "Hestiya's marketplace is a game-changer. The ability to directly buy I-RECs with complete visibility into pricing and verification is something the market desperately needed." -- Rohit Kumar, General Secretary of Carbon Markets Association of India. Expanding the Marketplace with Strategic Partnerships Hestiya is actively onboarding global green projects and forming partnerships with corporate sustainability teams, renewable energy developers, and institutional carbon credit buyers. The company is in discussions with governments, industries, and financial institutions to expand the accessibility of high-quality carbon credits and I-RECs worldwide. About Hestiya Hestiya is a blockchain-powered carbon credit marketplace revolutionizing the way businesses buy, sell, and trade carbon credits and I-RECs. By leveraging cutting-edge technology, the platform ensures full transparency, reduced costs, and enhanced efficiency in the carbon market.
Business Upturn
24-04-2025
- Business
- Business Upturn
IEX Q4FY25: Revenue rises 17% YoY to Rs 142 crore; profit surges 21% YoY to Rs 117 crore
Indian Energy Exchange Ltd (IEX) reported its highest-ever quarterly and annual performance, with strong growth in electricity volumes, renewable energy certificate (REC) trades, and profitability for the period ended 31 March 2025. In the fourth quarter (Q4FY25), IEX recorded revenue of ₹174.6 crore, a 17% increase from ₹149.3 crore in the same period last year. Consolidated profit after tax for the quarter rose 21.1% year-on-year to ₹117.1 crore, compared to ₹96.7 crore in Q4FY24. On a standalone basis, Q4 profit was up 17.8% to ₹112 crore. The exchange also achieved its highest ever quarterly traded electricity volume of 31.7 billion units (BU), representing an 18.1% year-on-year growth, alongside a record 68 lakh RECs traded during the quarter, up 108%. For the full financial year FY25, IEX posted a consolidated revenue of ₹657.4 crore, an increase of 19.3% from ₹550.8 crore in FY24. Consolidated net profit surged 22.3% to ₹429.2 crore, compared to ₹350.8 crore a year ago. On a standalone basis, FY25 profit stood at ₹414.6 crore, up 21.4% year-on-year. The board of directors announced a final dividend of ₹1.5 per share, equivalent to 150% of the face value. On the sectoral front, India's power demand hit 1,694 BUs in FY25, rising 4.4% YoY, while coal production and dispatch to the power sector rose 5% and 5.9%, respectively. The average market clearing price in IEX's Day Ahead Market (DAM) stood at ₹4.47/unit in FY25, down 14.7% YoY from ₹5.24/unit due to a 36% increase in sell-side liquidity. The company's gas platform, IGX, also posted its highest ever traded volume of 60 million MMBtu, growing 47% YoY. IGX's FY25 profit increased to ₹31 crore, up 34.3% YoY, while Q4FY25 profit doubled to ₹8.9 crore from ₹4.4 crore in Q4FY24. IEX's subsidiary ICX, India's first accredited International Renewable Energy Certificate (I-REC) issuer, also recorded exponential growth, issuing 59.27 lakh I-RECs and generating revenue of ₹3.41 crore in FY25, up from ₹32 lakh in FY24. News desk at
