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IREC İstanbul Meeting 2023

IREC İstanbul Meeting 2023

Foton ECO is delighted to host the IREC Istanbul 2023 organization!

IREC Istanbul 2023 brought together renewable energy investors, market participants, and industry organizations from various countries such as Turkey, Thailand, the Netherlands, India, the United Kingdom, and the United States. The event, serving as the region's largest networking meeting, took place on November 3, 2023, at Swissotel The Bosphorus. Can Arslan, the founder of Foton IREC Platform, explained the purpose and content of IREC Istanbul 2023, addressing topics related to a sustainable future and the transition to green energy.

During the opening speeches, Efe Erdem, the Director of MEXT Technology Center at the Turkish Employers Association of Metal Industries (MESS), discussed sustainable digital technologies under the title " Digitalization Enables Sustainability”. Subsequently, Assoc. Prof. Dr. Abdulkadir Bektaş, Vice President of the Republic of Türkiye Ministry of Environment, Urbanization and Climate Change, Climate Change Doctorate, highlighted Türkiye's role in achieving the 2053 net-zero emission target and its contribution to the green development initiative.

The conference, starting with the opening speech of Jared Braslawsky, Director of The International Tracking Standard Foundation (I-TRACK), explored Carbon Border Adjustment Mechanism and its effects on developing countries. Mr. Braslawsky emphasized the increasing recognition and value of renewable energy markets influenced by guidance from organizations such as RE100 and CDP.

Figure 1: Presentation by Jared Brawlawsky from The International Tracking Standard Foundation

Within the first session, industry leaders evaluated the effects of Carbon Border Adjustment Mechanism on priority sectors. Volkan Yiğit from A Plus Enerji provided valuable insights into the impact of the Emission Trading System (ETS) on market prices of energy resources in scenarios with and without the system.

Figure 2: Presentation by Volkan Yiğit from A Plus Enerji

In the session on global IREC statistics and price indicators, Eessa Mansoor, Product Development Manager at Evident Global I-REC(E), shared information about the countries with the highest renewable energy certificates in recent years. The presentation highlighted that over the last few years, the top 3 issuing countries have been China, Brazil and Türkiye, however, Brazil overtook Türkiye in Q1-23, while UAE made a surprise jump to the top in Q2-23 following the issuance of ~19M certificates. 

Figure 3: Presentation by Eessa Mansoor from Evident Global

Vittoria Elena Morini, Senior Pricing Analyst at S&P Global Commodity Insights, presented the achievements of Türkiye as a model country in renewable energy supply in the context of IREC Renewable Energy Certificates in China, Brazil, and Türkiye. The presentation covered the global distribution of renewable energy certificates and essential information about related certificates.

Figure 4: Presentation by Vittoria Elena Morini from S&P Global Commodity Insights

Edin Erkocevic, Trade Commissioner of Sweden, explained the support of Swedish companies for Türkiye's green energy transformation journey. The presentation summarized investments by Swedish companies in Türkiye's renewable energy capacity, electric vehicles, energy efficiency, and waste management. Possible collaborations in energy transformation between Sweden and Türkiye, Swedish companies' sustainability goals, and practices were highlighted.

Figure 5: Presentation by Edin Erkocevic, Trade Commissioner of Sweden

At the Green Industry session, where the importance of hydrogen in energy transformation and projects reducing carbon emissions in the steel and cement sectors through inter-industry and international collaboration were discussed, Saim Hacıağaoğlu, Deputy General Manager of Pomega Enerji Depolama Teknolojileri, emphasized the importance of hydrogen in energy transformation and the management of energy through storage systems. Hacıağaoğlu, also highlighted the importance of storage systems for increasing flexibility in renewable energy usage.

Figure 6: Presentation by Saim Hacıağaoğlu from Pomega Enerji Depolama Teknolojileri

The final session, titled "From Carbon Offsetting to Carbon Removal," explored the differences between carbon emission reduction and carbon removal. The session covered examples of significant projects implemented in Turkey, including the country's and Europe's first carbon-negative biorefinery, sustainable aviation fuel, and how these concepts are assessed in carbon markets within regulations. Travis Caddy, Product Development Manager at Evident Global, discussed various technologies and methods such as Carbon Capture and Storage (CCS) and Carbon Capture and Utilization (CCU) as means to reduce atmospheric carbon dioxide levels.

Figure 7: Presentation by Travis Caddy from Evident Global

IRECIST23 concluded with closing speeches by Jared Braslawsky from The International Tracking Standard Foundation (I-TRACK), Ed Everson from Evident Global, and Jan Haizmann from Zeta Global. They emphasized Türkiye's rapid change in the electricity market compared to other markets, its unique combination of location, industry, field, and accessibility, and the opportunities it presents within the I-REC countries.

All presentations has shared at Foton ECO website and video recordings of organizastion at Foton ECO youtube channel. Finally, we extend our sincere thanks to all our sponsors who made this unique organization possible!

Main Sponsors: 

S&P Global Commodity Insights, Balsu Gıda, Pomega, Çimsa, A Plus Enerji

Platform Sponsors:

Aksa Elektrik, CK Enerji, Enerjisa Commodities, Entek, GTE, Pure Energy, Rönesans Enerji, Sekans Enerji, Sepaş Akıllı Çözümler, Zorlu Enerji


The International Tracking Foundation, Swedish Chamber of Commerce, Energy Trading Association, Evident

Looking forward to see you at IRECIST24 next year!