As part of its new standard Gold Standard for the Global Goals, Gold Standard will launch a new quality label for renewable energy market instruments. This Gold Standard Renewable Energy Label will provide the assurance that the renewable energy projects are developed to the highest quality in terms of environmental integrity, SDG Contributions, stakeholder inclusivity, safeguards, and monitoring, reporting and verification (MRV).
This product is expected to address a need in the market for a high quality label for renewable energy market instruments that ensures environmental integrity and assures purchasers that their investment makes a demonstrable and direct contribution to the transition to a renewable energy future – that is, adding new renewable capacity to the grid.
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The new Gold Standard Renewable Energy Label seeks to bring greater confidence, trust and impact to renewable energy markets. We are now seeking stakeholder feedback on the Product Specifications. (Refer to documentation below).
Important information for project developers:
- Projects must achieve Gold Standard for the Global Goals Project Certification for Renewable Energy Activities, AND
- Projects must be Registered and able to issue I-RECs.
- Projects that follow the Emissions Reduction methodology and VER Product Requirements will be able to choose between the issuance of I-RECs labels and GS-VERs at Issuance.
- Existing projects that transition to Gold Standard for the Global Goals can also choose to cancel their issued VERs for an eligible time period and issue Renewable Energy Labels instead.
- Note that Gold Standard and I-RECs will jointly monitor the MWh tracking to ensure no over-issuance takes place.
Score and applicability
- Projects will be able to be issue Gold Standard Renewable Energy Labels for a 12 month period after a successful Gold Standard Performance Certification, reflecting the certainty of MWh tracking and the ‘on-demand’ nature of the RECs markets.
- At launch of Gold Standard for the Global Goals, projects cannot co-issue Gold Standard CER Labels and Renewable Energy Labels from the same project, but we will explore this in the future, within the constraints of tracking and third party terms and conditions.
- Initially the Gold Standard Renewable Energy Label is limited to I-RECs but we will explore other labelling opportunities where demand exists.
- In line with RECs market practice, projects issuing I-RECs Labels are not required to demonstrate Additionality. However, if a project wishes to also be able to issue Gold Standard VERs, it would need to demonstrate Additionality.