Newsletter: Renewable Energy in Motion: K-POP P-RECs, Media and Updates

Renewable Energy in Motion: K-POP P-RECs, Media and Updates

EPP’s work sits at the intersection of climate and conflict, and is built on the idea that climate solutions like renewable energy can support peace. Recent months have brought dramatic developments on both the climate and conflict fronts: from flash flooding in Texas, extreme heat in Europe, and flooding in South Sudan; to the eruption of a 12-day war between Israel and Iran, with direct US participation. Yet amid these crises there are also signs of hope: A new peace agreement between Rwanda and the Democratic Republic of Congo (DRC) offers new opportunities in a region long plagued by conflict. In Goma, renewable energy continues to benefit local communities despite the challenges of conflict, demonstrating the benefits of sustainable local solutions. And an exciting new Peace Renewable Energy Credit (P-REC) transaction connects global music superstars with a high-impact project in South Sudan.

BLACKPINK Shines a Light for Peace: New P-REC deal with IOM and YG Entertainment

EPP is thrilled to announce the first-ever P-REC transaction with the entertainment industry. The P-REC purchase by YG Entertainment will fund a community solar project implemented by the International Organization for Migration (IOM) in South Sudan, offsetting BLACKPINK’s electricity use at concert stops in Seoul and London. The deal reflects how the P-REC instrument enables a diversifying pool of renewable energy buyers to support high impact projects in some of the most challenging markets. You can read more in the IOM press release.

Renewable energy amid conflict in DRC: Nuru and P-RECs in the news

This new AP article features the pioneering work of our partner Nuru in eastern DRC. It highlights how distributed renewable energy mini-grid infrastructure contributes to alleviating poverty and reducing insecurity and offers a model for communities dealing with conflict and poverty. The article also draws attention to P-RECs - which EPP first piloted with Nuru in 2020. Reflections from UNDP and the former director of Microsoft's carbon program illuminate how P-RECs help connect multinational corporations to high-impact renewable energy projects like Nuru’s in order to transform communities through first-time electrification.

EPP becomes I-REC issuer in Sierra Leone

The I-Track Foundation recently approved EPP as the Accredited I-REC(E) Issuer in Sierra Leone. Since EPP’s first I-REC(E) country authorization in 2019, EPP has continuously supported the expansion of international REC markets, through the issuance of I-RECs and P-RECs, to countries with the most to gain from new renewable energy investment. EPP is now the authorized I-REC(E) issuer in seven countries: Sierra Leone, DRC, South Sudan, Somalia, Chad, Haiti and Ethiopia. We are grateful to The International Tracking Standard Foundation, Government of Sierra Leone, and UNICEF Sierra Leone for their collaboration. We look forward to working with and supporting Sierra Leonean renewable energy development and communities. Read the full announcement here.

Informing the GHG Protocol Scope 2 revision process

EPP recently submitted an appeal to the Greenhouse Gas Protocol (GHG Protocol)’s Secretariat and Independent Standards Board (ISB) for consideration to inform the ongoing “Scope 2” revision process. Our appeal offers two pathways for revising Scope 2 accounting guidance in order to better align with the core principles of the GHG Protocol for all users, across all use cases, in all markets - in order to enable greater corporate renewable energy investment in projects in unelectrified and underelectrified communities. Learn more and read EPP's full appeal here.

What we're reading

Here are a few of the articles and reports we’ve been reading on issues of climate change, conflict, and renewable energy in fragile and humanitarian settings:

The annual Tracking SDG 7: The Energy Progress Report was recently released, and illustrates that progress towards the 2030 targets remains offtrack for SDG 7, particularly in Sub-Saharan Africa. The report highlights that “rural and low-income households—as well as refugees, internally displaced persons, and those living in fragile settings—must be prioritized to prevent further deepening of energy poverty.”
Carbon Treasure Map’s excellent new website and video highlights where investments in new renewable energy projects can deliver the greatest climate impacts - including in a number of EPP target countries.
How Can We Finance a Fair Energy Transition in Africa? Michael Dioha discusses the financing landscape shaping Africa’s energy transition and imagines a framework that can support Africa’s climate goals without sacrificing its development ambitions.