Author: Kevin Maddaford sources environmental commodities across the globe, including RECs, GOs, I-RECs, and now TIGRs.
Renewables are taking off worldwide. Findings from the International Energy Agency indicate that last year wind and solar attracted over 2 ½ times greater investment than fossil fuel-based sources of energy, with a large portion stemming from non-utility energy buyers. Renewable technologies are becoming more accessible as the price of wind and solar plummet – a trend motivating corporate energy buyers to take notice.
Corporations are making increasingly ambitious commitments to global sustainability and renewable energy procurement, with 72% of leading commercial, industrial, and institutional (C&I) organizations actively pursuing renewable energy purchases. To date, 81 global corporations have joined the RE100 by making a public commitment to become 100% renewable. Additionally, 143 multinational organizations have joined the Business Renewables Center (BRC) in an effort to accelerate corporate purchasing of renewable energy.
Along with the increase in C&I demand for clean energy, we are witnessing the emergence of new tools these customers can use in order to satisfy sustainability and financial goals. These tools not only provide corporates greater choice in an increasingly competitive renewable energy marketplace but also serve as a positive market indicator for Energy Attribute Certificates (EACs) in the global arena.
The term EAC is broadly used to describe instruments that verify and track renewable electricity generation. They are known as RECs in North America, GOs in the EU, and I-RECs in other developing markets.
Most recently, TIGRs – Tradable Instruments for Global Renewables – have entered the scene and are already showing great potential. Developed by APX, a trusted and long-tenured provider to power and environmental markets, these new EACs are a promising step for global energy commodity trading.
TIGRs are being developed under strict due diligence to ensure that they remain a standardized and transparent instrument for companies to track renewable energy ownership. The TIGRs Registry went live in late August, and thus far these instruments have only been issued in Singapore. They are poised to quickly expand into additional countries, as demand for renewables in international markets becomes more robust.
On September 2, 2016, Renewable Choice Energy became the first registered marketer for TIGRs as a retail EAC provider. We are excited to be at the forefront this movement to expand global access to renewable energy, and we can’t wait to see how this new tool can help our current and future clients achieve global emissions targets and advance corporate access to unique sustainability solutions around the world.
Contact us today to learn how your company can help pioneer the spread of renewable energy into global markets.