📡International Renewable Energy Credit Standard Policy guide

Policy developed by Envision Blockchain

On this page you'll find:

For more iRec policy information, please visit the Envision Blockchain-contributed open-source Guardian policy page here

Policy Description:

This policy supports the tokenization of Renewable Energy Certificates (RECs) in accordance with the I-REC Standard, and specifically, the I-REC(E) Product Code. The I-REC Standard is a non-profit organization that provides an attribute tracking standard that can be used around the world. While the I-REC Standard is designed to track attributes for a diversity of products, Product Codes provide additional requirements for specific products and markets. The I-REC(E) Product Code provides requirements for electricity products and was developed by Evident, who acts as Code Manager and Registry Operator. The schema and workflow of this policy were designed to reflect the MRV requirements, processes, and roles outlined by both I-REC Standard and the I-REC(E) Product Code.

Workflow Description:

The workflow begins with the Registrant, generally the owner of an energy production facility or a party acting on their behalf, submitting an application to the Issuer for approval. Once approved, the Registrant submits a registration request to the Issuer for the facility/device that will be providing the MRV data. This will include both general information, as well as attributes (e.g., energy sources, location, etc.). Note that devices must be, and often are already, independently verified. Under certain circumstances, an inspection may be necessary. Once the Issuer processes and approves the facility/device registration, an issue request can be sent to the Issuer along with independently verified meter data. After the Issuer approves the issue request, I-REC(E) certificates are issued.

Policy Guide

Typically, the way we start the demonstration is by logging in as iRec (Standard Registry). Create a Standard Registry user with the name iRec.

You'll now be prompted to configure your iRec account. Enter the details and then press the Generate button to generate a Hedera Operator ID and an Operator Key and enter the name of your Standard Registry. Press Connect when finished. This will now create Hedera Consensus Service Topics, fill the account with test hBar, create a DID document, create a Verifiable Credential, etc.

Now we will be creating the Policy. We have three ways to "create policies." The first way is to actually create the policy from scratch. The second way is to import an existing policy. When you import a policy, all schemas and tokens that are required in the policy are automatically populated. To do this, you can use the sample policy that we have already uploaded to IPFS.

We need to import the policy by using two steps: Either importing the IRec Policy 7 split documents (1666798058.496271367).policy or through IPFS by entering the timestamp of the policy: 1674822624.800179003.

Once it is selected, we can also preview the policy before importing it. To import, click on the Import button as shown below:

Even though it is not shown in the screenshots, the third way is to select the policy from the policy drop-down list.

Once imported, we can either run the policy in Dry run mode or we can publish it by clicking on publish button from the dropdown. For testing purposes, we will publish the policy.

Once the policy is published, we will log out and create a new user called, "Registrant". Once we log in as Registrant, we will set up the Registrant role by selecting iRec (Standard Registry) from the dropdown, generating Operator ID and Operator Key as shown below:

Then, we need select the Registrant role from the drop-down and fill in the Registrant application and submit it for approval from Standard Registry:

Now, we log in as iRec (Standard Registry) and approve the Registrant role by clicking on Approve button:

Once approved, we log out as Standard Registry and log in as the Registrant. As a registrant, we register devices by entering all the device details.

Once device details are entered, they are submitted for approval.

We log back in as iRec (Standard Registry) and after checking the device details, we can either approve/reject the device. We approve the device for now.

Once the device is approved, we log back in as Registrant and click on Create Issue Request as shown below:

The registrant fills out the Issue Request form and submits it for approval.

Note: This step is to "simulate" an IoT device generating MRV data. In a real-world situation, the device or something similar would be sending API requests.

We log in as SD and view the Issue Request and approve it by clicking on approve button. Once the Issue request is approved, tokens are minted if the MRV data is more than 1000 KW as it is the threshold for splitting the data into chunks.

We can check the Tokens minting status and Trustchain in the Token History tab of Standard Registry:

To view the Trustchain, we need to click on View Trustchain in the Token History tab or Trustchain tab.