Cero Trade approved as first Latin American I-REC platform operator

The I-TRACK Foundation has approved Cero Trade, a Chilean marketplace for International Renewable Energy Certificates, as the first Latin American platform operator, thereby integrating into the regional energy attribute certificates ecosystem.

Cero Trade announced on Aug. 4 that it had officially been accredited as a platform operator. The I-TRACK Foundation grants this status to organizations that have successfully coordinated the development of a product market in accordance with the International Attribute Tracking Standard.

Accredited platform operators can modify the interface through which market participants interact with accredited registries, offering supplementary services such as marketplaces and enhanced visualization tools to facilitate the commercialization of energy attribute certificates.

Following its accreditation on July 31, Cero Trade becomes the second platform operator in Latin America after Redex, a Singaporean company that began operations in 2024 after signing a memorandum of understanding with Mexican and Colombian I-REC issuers.

"Our aim is to provide a marketplace solution tailored to the needs of the Latin American I-REC markets, ensuring that the value created by these certificates remains in the region, supporting local development and environmental stewardship," said Valentina De Vidts, Cero Trade's Chief Technology Officer.

"We want to ensure that the economic benefits derived from I-REC transactions contribute directly to local economies, community resilience, and the long-term protection of our natural resources," she added.

Cero Trade will initially focus on the Chilean I-REC market, the fifth largest globally in terms of issuance and third in redemption, with 81.71 TWh issued and 58.83 TWh redeemed by July.

"At the moment, we are not embracing other environmental commodities, as the I-REC certification process is clearer, easier, cheaper, and better regulated," said Joaquín González, Chief Executive Officer of Cero Trade.

"In contrast, the development of carbon offsets relies on complex and often inaccurate methodologies, making their use more challenging," De Vidts added.

González explained that while local renewable carbon offsets often trade at higher prices than I-RECs -- creating a potential opportunity cost for generators -- end-buyers continue to prefer I-RECs for scope 2 offsetting due to their simplicity and competitive pricing.

Platts, part of S&P Global Energy, assessed wind, solar, hydro, and biomass vintage 2024 Chilean I-RECs at 44 cents/MWh on Aug. 5, while vintage 2025 I-RECs were assessed at 65 cents/MWh.

According to González, the biggest challenge in operating in Chile is overcoming the learning curve in the "niche" I-REC market.

Despite the first I-REC issuance in Chile occurring in 2017, De Vidts stated, "several stakeholders do not fully understand the market yet."

She explained that "the platform intends to simplify the commercialization and redemption of certificates, to drive momentum to a market that, due to its relatively newness, has remained untapped".

This increased accessibility could enhance liquidity, which may lead to more stable pricing as participants are able to buy and sell certificates more easily.

Cero Trade representatives do not rule out the expansion of operations into other Latin American countries in the mid-term, with a particular focus on the Mexican I-REC market, which has seen significant price increases since December.

On Aug. 5 last year, Platts assessed Mexico's wind and solar current-year I-RECs at $1.46/MWh and previous-year I-RECs at $1.28/MWh. As of Aug. 5, 2025, current-year I-RECs are assessed at $4.65/MWh, while previous-year I-RECs are at $4.35/MWh, reflecting increases of 218.49% and 239.06%, respectively.

"Establishing operations in Mexico will pave the way for our expansion into Latin America," González said.