In December 2024, China issued more than 199 million Green Electricity Certificates (GEC), bringing the yearly total to more 4.73 billion. Wind, solar and hydropower assets accounted for 41%, 17% and 32% of the GECs issued respectively.
In 2024, a total of 446 million GECs were traded nationwide, with more than 98% comprising wind and solar GECs.
Background
To liberalise its renewable energy market, China piloted the Green Electricity Certificate system in 2017 to allow businesses and individuals to buy renewable energy voluntarily. The GEC is an energy attribute certificate with one GEC representing one megawatt-hour of renewable electricity produced.
In September 2024, the country’s National Energy Administration (NEA) published new “Renewable Energy Green Electricity Certificate Issuance and Trading Rules” which codified the GEC as the only recognised energy attribute certificate for renewable electricity generation in China.
Green Electricity Certificates Track Renewable Energy Consumption in China
In the aftermath, the I-TRACK Foundation, the operator of the I-REC(E) system, announced that local issuers would not be able to register new renewable energy generation devices, and I-REC(E) issuance would end with the 2024 vintage. I-REC(E) issuance for previously registered devices will be permitted until 31 March 2025, but only for power generated up to 31 December 2024.
As such, Green Electricity Certificates have become the sole recognised instrument to track renewable energy production and consumption in China.
Adopting Green Electricity Certificates
Green Electricity Certificates are the only way to prove use of renewable energy in China. For MNCs with a presence in China, GECs are recognised by RE100, and have become an essential tool to address Scope 2 emissions and meet your sustainability needs.
REDEX provides a comprehensive one-stop ecosystem to meet your GEC needs. Our innovative platform enables businesses to procure and retire GECs conveniently. Contact REDEX at enquire@redex.eco to find out more.
