Navigating RECs:
A Deep Dive into the Problems and Opportunities of Renewable Energy Certificates

 

Renewable Energy Certificates are often being criticized for having a limited climate effect. In this meeting, we will dive into the problems and look at possible solutions and opportunities.

Ever more companies are setting ambitious climate targets which involve substantial reductions of direct and indirect emissions. One of the low-hanging fruits for most companies is dealing with emissions in scope 2 by shifting to renewable energy sources. A popular way of doing that is acquiring Renewable Energy Certificates (RECs) or so-called Guarantees of Origin (GOs) where companies theoretically buy the right to claim a certain amount of renewable energy produced elsewhere by a power supplier.

In theory this method makes sense and is recognized in the Greenhouse Gas Protocol’s Corporate Standard and Scope 2 Guidance. However, RECs and GOs have been the subject of much criticism and scrutiny with regards to their actual climate effect or lack thereof. One of the main problems is that the certificates do not necessarily automatically guarantee an extra production of renewable energy. Sometimes the renewable energy projects that companies invest in – and for which they receive RECs – are already publicly funded and would have been completed without the corporate funding.

Green Transition Denmark has been particularly vocal about the inefficiency of the European REC market, and they are supported by CONCITO, Greenpeace and a number of other organisations

The REC market is complex and the guidance complicated, but for some companies RECs seem like the only option to secure substantial reductions in scope 2 (and scope 3 for their suppliers). So how do companies navigate this? And is there any alternative?

In this meeting we will dive into the problems and look at possible solutions, for example Power Purchase Agreements (PPAs).

Participation criteria

This event is for representatives of Global Compact Network Denmark member Companies and members of our SBTi peer learning group.

Sign up to become part of the group

NB! Maximum one participant per company.

Date:
March 7, 2023

Time: 
15.00 – 17.00 CET

Venue:
Clever,
Støberigade 14, 3.sal, 2450 København

Hosts:
Clever & UN Global Compact Network Denmark

Registration deadline:
February 27, 2023

NB! Seats are offered on a first come, first served basis. Maximum one participant per company.

Program 

15.00 – 15.10: Welcome & short introduction to the theme
Joachim Marc Christensen, Head of Programmes, UN Global Compact Network Denmark

15.10 – 15.20: Introduction to Clever
Casper Kirketerp Møller, CEO, Clever

15.20 – 15.30: Clever’s Sustainability Journey
Anne Cecilie Lasa-González, Sustainability Lead, Clever
Christina Relsted, Senior Product Owner, Clever

15.30 – 15.40: Sourcing renewable energy: Choosing the right solution
Mads Bundgård Harder-Lauridsen, BDO – Forretningsudviklingschef, Clever

15.40 – 16.05: A deep dive into the problems and opportunities in RECs
Nicolas Bernhardi, Business developer, Energinet 

16.05 – 16.25: Power Purchase Agreements (PPAs) – the right solution?
Gregor McDonald, Head of Trading & PPA, European Energy

16.25 – 16.30: Wrap-up
Joachim Marc Christensen, Head of Programmes, UN Global Compact Network Denmark
TBC

16.30 – 17.00: Drinks and networking

Joachim Marc Christensen

Head of Programmes

Climate & Environment / Klima & Miljø
joachim@globalcompact.dk
(+45) 26 92 99 75