RE100 – the global corporate renewable energy initiative that brings together businesses committed to using 100% renewable electricity – has announced that China’s Green Electricity Certificates (GECs) are aligned with international standards.
The GEC is China’s version of a Renewable Energy Certificate (REC). Each REC (and GEC) can be used as proof of production and consumption of renewable electricity.
The announcement was made by the Climate Group – an international non-profit that leads RE100 – at the Climate Group Asia Action Summit held in Singapore.
The enhancement of GEC recognition was a result of successful consultation between RE100 and the China Renewable Energy Engineering Institute (CREEI) and the arrival of a mutual consensus on the improvements to China’s GEC system led by China’s National Energy Administration (NEA). Previous concerns on double-counting of environmental benefits and GEC expiry have been addressed.
Implications
With the development, China’s renewable electricity market has made vital progress on enabling credible corporate renewables claims. Businesses with operations in China can now confidently use GECs to address Scope 2 emissions, knowing the renewable energy that they are procuring can be traced and verified.
It also means that it is easier for both Chinese and global RE100 companies with operations in China to verify their renewable energy consumption, and report on their progress towards their 100% renewable electricity goals.
The development also has the knock-on effect of decarbonising global supply chains by enabling large manufacturers in China to use renewable energy.
Renewable Energy Solutions
As China strives to achieve its dual carbon goals of achieving peak emission by 2030 and reaching carbon neutrality by 2060, the country is developing a green economy, with renewable energy as one of the engines.
Powering the green economy hand-in-hand with renewable energy are GECs which could catalyse increased investment in renewables. Using GECs, businesses can enhance their sustainability credentials and support China’s goal to reach carbon neutrality.
Contact REDEX to learn more about GECs and to find out how we can support your renewable energy journey.
