Xpansiv’s Powerful Alliance Sparks Renewable Energy Revolution!

Xpansiv Partners with Evident Group to Strengthen Global Clean Economy Certification

Xpansiv, a global energy transition market infrastructure provider, has announced a new agreement with Evident Group Limited (Evident), a leading clean economy registry provider and certification body. As part of the deal, Xpansiv will acquire a minority interest in Evident, further solidifying their partnership in the pursuit of certifying the world’s clean economy and facilitating the energy transition.

Evident is widely recognized as an authority in certifying the clean economy, known for its expertise, stringent standards, cutting-edge registry technology, and collaborative approach. With a presence in over 140 countries, Evident has played a pivotal role in shaping sustainability certification for more than two decades. The company has notably pioneered the I-REC electricity certification service and market, expanding its reach from China to Chile.

Ed Everson, CEO of Evident, expressed his enthusiasm for the partnership, stating, “We believe expanding our partnership with Xpansiv will enable the market to scale more rapidly and will support our strategy to pioneer new products and services as well as invest in supporting and developing our wider network of partners and innovators around the world.”

The collaboration between Xpansiv and Evident aims to drive the energy transition and certify the clean economy through independent certification and dynamic markets. In conjunction with the I-REC Standard Foundation, Xpansiv previously launched the trading of International Renewable Energy Certificates (I-RECs) on its CBL spot exchange, in partnership with Evident. This partnership will expand the range of RECs and carbon credits trading on the CBL platform, enhancing price discovery and liquidity formation for RECs. It will also provide developers and traders with more options, particularly in Latin America, Asia, Africa, and the Middle East.

The CBL spot exchange currently trades 100 voluntary and compliance RECs. In 2021, CBL REC volumes increased by 28% due to broader market participation and rapid growth in solar REC trading. With the projected growing demand for renewable energy, there is also a rising interest in trading RECs worldwide. Estimates suggest that the global REC market value will exceed $111 billion.

Xpansiv’s investment has facilitated the trading of I-RECs issued under the Evident Code for I-REC, spanning over 50 countries and various project types. Since the launch, more than 120,000 I-RECs from projects in 10 countries have been traded on CBL.

Xpansiv’s investment will also support Evident’s expansion into new regions and products, including Sustainable Aviation Fuel (SAF), green hydrogen, biomethane, and carbon removals. The I-REC market has experienced significant growth, with nearly 300 million certificates issued on the Evident registry in 2023. This marks a substantial increase from 198 million in 2022 and 71 million in 2021. Redemption figures have also surged, reaching 176.5 million certificates in the previous year, almost double the 2022 total and nearly quadruple the volume in 2021.

I-RECs serve as a direct market mechanism for multinational corporations, their supply chain collaborators, and general energy consumers. These certificates enable them to fulfill global renewable energy and sustainability goals by providing transparent, independent evidence certifying the production of renewable electricity. Even in the absence of a dedicated supply of renewable energy, I-RECs allow consumers to actively support the transition to cleaner energy sources.

John Melby, CEO of Xpansiv, highlighted the increasing integration of I-RECs and carbon removals into their clients’ sustainability initiatives, making the partnership with Evident a “natural next step.” Xpansiv’s infrastructure currently supports 12 carbon and renewable energy registries, responsible for issuing over 60% of North American RECs and 85% of global carbon credits in 2022. I-RECs trade alongside numerous voluntary and compliance products on Xpansiv’s CBL market platform.

The alliance between Xpansiv and Evident represents a significant advancement in fortifying the certification landscape for the clean economy, particularly in the realm of renewable energy. With a shared vision of driving the energy transition, their partnership fuels the trade of Renewable Energy Certificates globally, bolstering the adoption of cleaner energy sources. This collaboration opens doors for diverse sustainable products and reinforces a commitment to shaping a greener future.

Matt Lyons

Matt Lyons

Matt Lyons is the founder of Forestry & Carbon. Matt has over 25 years as a forestry consultant and is invoilved in numerous carbon credit offset projects.

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