North America Renewable Energy Certificate Market to hit US$ 12.04 billion by 2032 | Major Market players - STX Group, Green-e Energy, ENGIE, ECOHZ, APX Inc.,

"North America renewable energy certificate market reached US$ 5.52 billion in 2024 and is expected to reach US$ 12.04 billion by 2032, growing with a CAGR of 10.24% during the forecast period 2025-2032." As per DataM intelligence research report

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United States: Recent Industry Developments

✅ In July 2025, a new corporate-led financing coalition was launched to expand access to Renewable Energy Certificates (RECs). The initiative aims to unlock 5 GW of renewable energy projects while improving REC availability for underserved communities across the U.S.

✅ In June 2025, the Financial Accounting Standards Board (FASB) introduced the first accounting framework for environmental credits, including RECs. Companies must now record purchased RECs at acquisition cost and test for impairment if not expected to be used.

✅ In May 2025, a major West Coast green power program previously certified under Green-e voluntarily decertified following state policy changes and updated REC certification standards. This reflects evolving regulatory dynamics in U.S. renewable energy markets.

Canada: Recent Industry Developments

✅ In July 2025, Canadian renewable developers expanded cross-border REC trading with U.S. buyers, leveraging the I-REC framework. This growth supports multinational corporations seeking unified reporting across North America.

✅ In June 2025, provincial authorities advanced policies aligning Renewable Portfolio Standards with voluntary REC schemes. This alignment aims to simplify compliance for energy producers while ensuring market transparency.

✅ In May 2025, Canadian utilities announced new corporate Power Purchase Agreements (PPAs) tied directly to REC issuance. These agreements strengthen the country's voluntary REC market and help businesses meet net-zero commitments.

North America Renewable Energy Certificate Market: Drivers

The North America Renewable Energy Certificate market is driven by strong policy frameworks and renewable portfolio standards (RPS) set by U.S. states and Canadian provinces. Corporations are increasingly purchasing RECs to meet sustainability and net-zero commitments. The growing awareness among consumers about clean energy sources is also supporting market adoption. Expansion of solar and wind installations directly fuels REC availability. Furthermore, voluntary REC purchases are rising alongside corporate ESG strategies.

Technological advancements in blockchain and digital trading platforms are streamlining REC verification and transactions, boosting transparency and trust. Federal and state-level incentives continue to strengthen demand from utilities and industries. Cross-border trading initiatives between the U.S. and Canada are expanding market reach. With the shift toward decarbonization, demand for compliance and voluntary RECs is expected to accelerate. These factors collectively ensure robust growth for the North American REC market.

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Segment Covered in the North America Renewable Energy Certificate Market:

➥ By Type: Compliance RECs, Voluntary RECs
➥ By Certificate: I-REC, TIGR, GEC
➥ By Energy Source: Solar RECs, Wind RECs, Hydro RECs, Others
➥ By End-User: Industrial, Commercial, Residential, Governmental

North America Renewable Energy Certificate Market: Major Players

STX Group, Green-e Energy, ENGIE, ECOHZ, APX Inc., Karbone, NextEra Energy, I-REC standard, Statkraft and The Green Certificate Company Limited.

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Top-down and bottom-up approach for regional analysis
➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.
➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

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Regional Analysis:

⇥ North America (U.S., Canada, Mexico)
⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
⇥ South America (Colombia, Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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