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EWEC to Conduct its Q1 2023 Clean Energy Certificate Auction | |
| Sumita Pawar |
EWEC (Emirates Water and Electricity Company), a key company in the integrated coordination of planning, purchasing and supply of water and electricity across the UAE, has announced it will conduct the Q1 auction for Clean Energy Certificates (CECs) in Abu Dhabi, said a report.
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The CECs scheme is a strategic initiative introduced by the Abu Dhabi Department of Energy (DoE) that enables Abu Dhabi-based companies to validate their clean energy consumption claims and support the UAE’s transition towards a sustainable, decarbonised economy, stated the report.
Francois Brice, Commercial Executive Director at EWEC happily commented, “Following the record results achieved in our Q4 2022 auction, where we sold over 9 million CECs to numerous Abu Dhabi-based entities, EWEC is proud to be at the forefront of supporting Abu Dhabi and the UAE achieve its economic and sustainability goals as the nation prepares to host COP28.”
“The market for CECs is rapidly growing and gaining further momentum as organisations take positive, tangible action to decarbonise their energy consumption and contribute to the UAE Net Zero by 2050 strategic initiative. Following the announcement of the UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan that 2023 will be the “Year of Sustainability”, we encourage organisations and entities to participate in the upcoming auction and demonstrate their commitment to a more sustainable future”, he added.
CECs are tradable digital certificates issued by the DoE in units of 1 MWh.
They conform to International REC Standard (I-REC) measures and are currently the only accredited instruments in Abu Dhabi to prove ownership of the environmental and economic benefits of consuming clean energy. EWEC plays a key role in implementing the CECs scheme by being the Single Registrant and Auction Operator, concluded the report.