AIB permanently lifts ban on Icelandic Guarantees of Origin (GO) certificates


The Association of Issuing Bodies (AIB), lifted its ban on Icelandic Guarantees of Origin (GO) certificates

AIB permanently lifts ban

The Brussels-based standardisation body, the Association of Issuing Bodies (AIB), lifted its ban on Icelandic Guarantees of Origin (GO) certificates, in a case that has far-reaching implications for the broader European market in GO certificates.

A welcomed decision

We welcome this decision reached by the AIB Board today,” said Tinna Traustadóttir, Executive Vice President of Sales and Customer Service at Landsvirkjun, the Icelandic renewables energy supplier and principal trader in national GO certificates.

Landsvirkjun has, for many years, traded GOs in the European market, as do many other European renewable energy suppliers.

Ms. Traustadóttir continued: “Notwithstanding the decision today, AIB's imposition of a temporary ban on Icelandic GOs has highlighted the systemic governance deficiencies of the GOs market in Europe and ignore the serious financial impact decisions to ban can have on a company, such as Landsvirkjun. We understand, naturally, that wrongful claims must be avoided but we would also stress the importance of having in place common rules and regulations to ensure a level playing field for all actors”.

Where it all began

The complaint arises from a market participant alleging wrongful disclosure (double counting/- claiming) of renewable electricity via GOs from the Icelandic market. The complaint was lodged with AIB, resulting in a rectification order and suspension of GOs originating from Iceland on 27th April 2023, pending investigation by the AIB. Although the ban on GOs was lifted on 1st June 2023, this was with a conditional rectification order to be reviewed after 1st October 2023. Yesterday, November 8, the AIB Board announced its decision.

In parallel, the German environmental agency (UBA) also investigated the complaint. It concluded on 26th July 2023 that there was no double counting in the Icelandic provision of GOs, and quickly permitted Icelandic GOs to be imported into Germany again.