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I-RECs in Korea: A Practical Guide for Corporate Buyers and Solar Owners

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Meilin Wu, Client Relationship Manager, Asia Northmore Gordon

South Korea’s recent entry into the I-REC (International Renewable Energy Certificate) market represents a major shift for corporate energy buyers and solar system owners operating in the region. It enables businesses to finally recognise renewable electricity that is generated and consumed onsite – especially critical in a country where procuring renewables has long been a challenge due to limited domestic certificate supply.



South Korea Joins the I-RECInternational Renewable Energy Certificate created under the International REC Standard. More Market

On April 2, 2025, the I-TRACK Foundation formally approved South Korea for I-REC(E) issuance. This approval creates a parallel mechanism to the domestic K-REC system, specifically tailored for renewable electricity that does not enter the public grid.

To preserve the integrity of both systems and avoid double counting, only assets that are not registered under Korea’s national K-REC framework are eligible for I-REC issuance. This includes mainly self-consumed solar generation – particularly rooftop PVSolar Photovoltaic systems operating behind-the-meter.



Regulatory Context

The I-REC framework in Korea has been shaped carefully over the past two years, with consultations, technical assessments, and compliance planning taking place throughout 2023 and early 2024. While the domestic K-REC system remains the government’s preferred compliance pathway, the I-REC market has been accepted – provided that clear boundaries prevent overlap. In effect, this has allowed the growth of a parallel, private-led market that complements the public system without interfering with national policy objectives.



Why This Matters

Until now, businesses seeking to meet sustainability goals in South Korea had few effective pathways. K-RECs (Korean Renewable Energy Certificates), while useful for grid-connected renewables, are primarily tied to Korea’s Renewable Portfolio Standard (RPS) and are limited in availability. Moreover, they are not tailored to support voluntary reporting under global frameworks like RE100RE100 is the global corporate renewable energy initiative bringing together large businesses committed to 100% renewable electricity. The members must be influential based on their either their brand, global presence, significant energy use or other characteristics that bring attention to their commitment. All companies must commit to purchasing 100% of their electricity from renewable sources by 2050 and purchase that power in the same location they are using it. Interim targets are 60% by 2030 and 90% by 2040. The program is led by the Climate Group in partnership with the CDP. More or Scope 2 emissions targets.

The introduction of I-RECs fills this gap. It creates a new opportunity for both multinational corporations and local enterprises to credibly report renewable energy use – even when that energy is consumed onsite and doesn’t touch the grid.



A Market with Scale and Potential

Industry estimates suggest that as much as 3.2 GW of solar PV capacity in Korea is self-consumed and sits outside the K-REC system. With I-REC issuance now available for such systems, this represents a significant pool of clean energy generation that can be formally recognised and monetised – creating real value for asset owners and buyers alike.



K-RECs vs I-RECs: Key Differences



Importantly, if electricity is exported and earns a K-REC, it cannot also be issued as an I-REC. I-RECs are only available for the portion of electricity that is generated and consumed onsite.



Issuance, Metering and Claims



Considerations for Subsidised Projects

If your solar installation received government funding or incentives, be aware that additional documentation may be needed to confirm your right to claim the environmental attributes. Ownership of certificates must be clearly established before issuance can begin.



Practical Benefits

For Solar Asset Owners:



For Corporate Buyers:



For the Market:





How Northmore Gordon Can Help

Whether you’re an onsite solar generator or a corporate buyer aiming to source Korean I-RECs, we can provide a complete support package:



Next Steps

If you own or manage self-consumed solar in Korea – or if your company is seeking to procure local renewable electricity without relying on scarce K-RECs – Northmore Gordon is here to help. We provide a structured, step-by-step pathway from eligibility check through to monetisation and reporting.

Contact us today to explore how I-RECs can support your energy and emissions strategy in Korea. Call or email Meilin Wu or submit your interest here

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When did South Korea join the I-REC market, and who approved it?

On April 2, 2025, the I-TRACK Foundation formally approved South Korea for I-REC(E) issuance, creating a parallel mechanism to the domestic K-REC system for renewable electricity that does not enter the public grid.

What types of renewable generation are eligible for I-RECs in Korea?

Only assets not registered under Korea's national K-REC framework are eligible for I-REC issuance. This mainly includes self-consumed solar generation, particularly rooftop PV systems operating behind-the-meter.

How do K-RECs and I-RECs differ in South Korea?

K-RECs (Korean Renewable Energy Certificates) are issued only for electricity exported to the grid and serve compliance under Korea's Renewable Portfolio Standard (RPS); they are not designed for voluntary Scope 2 reporting or RE100. I-RECs (International Renewable Energy Certificates) are issued for behind-the-meter and off-grid renewable generation, enable recognition of self-consumed renewable electricity, and are suitable for voluntary carbon accounting claims.

Can electricity earn both a K-REC and an I-REC in Korea?

No. If electricity is exported and earns a K-REC, it cannot also be issued as an I-REC. I-RECs are only available for the portion of electricity that is generated and consumed onsite, and generation volumes already used to create K-RECs cannot also create I-RECs.

How much self-consumed solar PV capacity in Korea currently sits outside the K-REC system?

Industry estimates suggest that as much as 3.2 GW of solar PV capacity in Korea is self-consumed and sits outside the K-REC system, representing a significant pool of clean energy generation that can now be formally recognised and monetised through I-RECs.

What is the issuance ratio for I-RECs and what metering is required?

One I-REC is issued per 1 MWh of net eligible generation over a reporting period. Metering accuracy is essential: energy systems must separately track electricity that is self-consumed versus exported, since without this distinction I-REC issuance cannot proceed.

What must happen for I-RECs to support Scope 2 reporting or RE100 claims?

I-RECs must be formally redeemed (retired) in the registry to support Scope 2 reporting claims or RE100 targets, and the timing and location of retirement must match the reporting period and consumption location.

What should owners of subsidised solar projects consider before claiming I-RECs?

If a solar installation received government funding or incentives, additional documentation may be needed to confirm the right to claim the environmental attributes, and ownership of certificates must be clearly established before issuance can begin.

Why did K-RECs alone fail to meet corporate sustainability needs in Korea before I-RECs were introduced?

K-RECs are primarily tied to Korea's Renewable Portfolio Standard (RPS), are limited in availability, and are not tailored to support voluntary reporting under global frameworks like RE100 or Scope 2 emissions targets, leaving businesses with few effective pathways to meet sustainability goals.

What support does Northmore Gordon offer for Korean I-RECs?

Northmore Gordon provides feasibility and eligibility screening, metering and dataflow design to separate self-consumed vs exported energy, asset registration and issuance support, monetisation strategies to connect owners with I-REC buyers, and Scope 2 alignment and assurance to ensure redeemed certificates are audit-ready.

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