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Developments in Russian market for I-RECs

24 February 2021

Following the acceptance of Russia as an authorized issuance country under the I-REC Standard on the 18th of February 2020, the first I-RECs have been issued for devices in the country. Stakeholders and market players are confident in the development of a robust market for EACs in Russia growing in 2021. The strong developments in the first month that issuance was authorized supported these claims.  


First successful issuance

The local I-REC issuer in Russia, Goal Number Seven (GNS), has issued their first I-RECs after EN+ Group successfully registered solar and hydropower plants and requested issuance. The I-REC Standard Foundation congratulates all stakeholders with this accomplishment as it paves the way for end-users to further accelerate the development of renewables in Russia by procuring renewables through a robust attribute tracking scheme.


Link to En+ Group article:


Tatiana Lanshina, GNS CEO: “We saw significant demand to register devices last month showing a need for a standardized energy attribute tracking systems in Russia. In January 2021, we registered 26 new solar power plants out of the 29 devices that are in the registry at the moment. In less than 2 months, over 286 thousand Russian I-RECs have been issued. So far, major I-REC beneficiaries are foreign companies owning Russian manufacturing facilities and office premises. However, Russian companies also start to demonstrate interest towards going renewable”.


Coordination with the national authorities


On the 8th of February 2021, the I-REC Standard secretariat, together with GNS (and the other organizations on the agenda), joined the association “NP Market Council” (regulator or electric power markets in Russia) for a webinar on further coordination of EAC markets in the country. The event was attended by more than 100-stakeholder organizations.  


Steven Vanholme, EKOenergy: “EKOenergy has been active in Russia since 2015 as a non-profit focusing on the promotion of renewable energy. We reached out to public authorities, companies, as well as to NGOs to hear more about their expectations and ambitions. The fully-booked webinar that the local IREC representatives organized on Monday, the 8th February 2021, was a milestone with a record number of attendees of varied backgrounds. As the renewable energy market is growing, cooperation becomes even more important to ensure that we all take steps towards 100% renewable energy, and to make sure that everyone can concentrate on what they are most

experienced in."


Sberbank is now an active I-REC market player

In addition to the added supply of I-RECs to the Russian market, there is a growing demand for I-RECs which can be seen by the successful application of Sberbank as an I-REC participant. With their role as a participant, Sberbank is now able to purchase and redeem I-RECs on behalf of themselves and others. The I-REC Standard Foundation continues to collaborate with Sberbank on the development of a platform where I-REC sellers and buyers can meet and trade I-RECs in Russia. There are ongoing discussions if such a platform could be implemented to support the Russian market for EACs more broadly.


Alexander Vedyakhin, First Deputy Chairman of the Executive Board, Sberbank:

“Sberbank has joined the international energy tracking standard, I-REC, as a market participant. The agreement will enable the largest Russian bank to create a fundamentally new and innovative market for Renewable Energy Certificates (RECs) in Russia.


To create a transparent and convenient framework for the circulation of certificates, a decentralized platform designed by the Sberbank Blockchain Laboratory has been used. Not only do we expect that this product will strengthen the bank’s position in the international ESG ratings, but we also see the market showing commercial interest in it. Several of the Bank’s largest customers, both renewable energy producers and consumers, have already stated their intention to use the blockchain platform.”


Link to Sberbank’s press release:

PJSC Sberbank is Russia’s largest bank and a leading global financial institution. Holding almost one-third of aggregate Russian banking sector assets, Sberbank is the key lender to the national economy and one of the biggest deposit takers in Russia. The Government of the Russian Federation represented by the Ministry of Finance of the Russian Federation is the principal shareholder of PJSC Sberbank owning 50% plus one voting share of the bank’s authorized capital, with the remaining 50% minus one voting share held by domestic and international investors. Sberbank has customers in 18 countries. The bank has a major distribution network in Russia with about 14,000 branches, while its international operations – subsidiary banks, branches, and chapters – include the UK, US, CIS, Central and Eastern Europe, India, China, and other countries. It holds general banking license No. 1481 dd. August 11, 2015, from the Bank of Russia. Official websites of the bank: (Sberbank Group website),


In 2020 Sberbank underwent a rebranding, offering financial and non-financial services of the bank and Sberbank Group to individual and corporate customers. Today, the Sber ecosystem is a raft of services for life and daily assistance in handling pressing everyday issues for individual customers and businesses. The Sber ecosystem website:

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