Market left in limbo as I-REC Pause Lifted in Indonesia

As previously communicated, the I-REC Standard Foundation paused the issuance of I-RECs for specific production devices in Indonesia from 15 August 2022. One month later, on Friday 16 September 2022, it was announced that the pause is lifted. However, the Foundation communicated, at the same time, that it may choose to re-enact a pause in issuance or adopt similar measures if the judiciary or government come with such instructions. Furthermore, the Foundation’s Board of Directors issued a statement to clarify that ownership of environmental attributes is subject to the applicable law, effectively requiring market participants to manage the risks associated with buying green attributes. As increased risks generally are not received well, this could have a bearish impact on the I-REC market in Indonesia.