The I-REC Standard Foundation signs MOU with Avance Labs
Jan 12, 2022
For the I-REC Foundation-Avance Press release, visit https://www.irecstandard.org/news/press-release-the-i-rec-standard-foundation-signs-mou-with-avance-labs-for-the-development-of-a-i-rec-standard-accredited-product-code-for-hydrogen/
Amsterdam, The Netherlands and Abu Dhabi, United Arab Emirates
The I-REC Standard Foundation (“I-REC Standard”) and Avance Labs (“Avance”) have finalized an MOU to develop a Product Code for hydrogen that will adhere to the strict requirements of the I-REC Standard’s International Attribute Tracking Standard. The goal of the Hydrogen Product Code is to develop a tracking methodology that is fact-based, ex-post, and technology-agnostic, which would form the basis for a certificate instrument for produced hydrogen. This mechanism will support claims for hydrogen usage including that of low or zero-carbon products.
Jared Braslawsky, Executive Director of the I-REC Standard Foundation explained that: “Avance is a knowledgeable partner with the right background and experience to develop a well-designed and easily implementable attribute tracking mechanism for hydrogen. Avance shares our vision for a reliable ex-post tracking mechanism that puts consumers in the driver’s seat and will support the consumption, and eventual growth, of low-carbon hydrogen technologies.”
Commenting on the signed MOU, Wa’el Almazeedi, Managing Director of Avance, said, “[t]he adherence to the International Attribute Tracking Standard is critical to ensure a robust and reliable hydrogen tracking methodology. With the accreditation of the I-REC Standard Avance can leverage other accredited tracking methodologies within the I-REC Standard ecosystem and beyond and ensure there is sufficient third-party oversight and governance controls for the development and implementation of the Hydrogen Product Code for the benefit of all industry stakeholders and especially consumers.”
Hydrogen is expected to complement renewable electricity and play an important, if not a fundamental role, in the world’s transition towards a cleaner and more secure energy future. With the scale-up of hydrogen use and applications, hydrogen investments around the world will see a significant and steady increase.
Avance’s Hydrogen Product Code, and its intended adherence to the I-REC Standard’s International Attribute Tracking Standard, will ensure there are the necessary checks and balances in the governance structure to ensure Avance is an independent market facilitator and a neutral and fair market facilitation body.
Additionally, with headquarters in Abu Dhabi Global Market an international financial center (IFC) located in the capital city of the United Arab Emirates and as the host of the upcoming COP28, Avance, is strategically positioned to coordinate with future global hydrogen suppliers and consumers and has formed an international industry consortium to assist it in developing the Hydrogen Product Code.
Juma Al Hameli, Chief Strategy Officer & Business Development Officer of Abu Dhabi Global Market (ADGM), explained in support of the signed MOU that, “[w]e congratulate the I-REC Standard and Avance on this partnership, which comes at a critical time for the UAE and the world are reinforcing their commitment to mitigate climate change and expand the role of low-carbon technologies. As an International Financial Center and business enabler, ADGM will continue to provide a progressive digital infrastructure and business frameworks that support innovation and development, in order enhance sustainability to safeguard our planet for generations to come.”