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Asia-Pacific Renewable Energy Certificate Market Reaching US$ 10.48 Billion by 2032 at 8.4% CAGR as India Emerges Fastest-Growing and China Leads Volume | DataM Intelligence
Asia-Pacific Renewable Energy Certificate Market
The shift from direct renewable asset ownership to flexible certificate-based procurement reflects a broader transformation toward decarbonization, Scope 2 emissions reduction, supply chain sustainability, and cost-effective green claims. Unlike physical power purchase agreements, RECs (I-REC, TIGR, GEC) from providers like Solarvest Holdings Berhad, Asiarecs Pte. Ltd., Statkraft, Tata Power, and TÜV AUSTRIA Group allow multinational and local firms to match consumption with verified clean energy attributes without grid constraints. This innovation is not just compliance-driven; it is a paradigm shift in Asia-Pacific's energy transition, corporate net-zero strategies, and renewable market liberalization.
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Browse in-depth TOC on "Asia-Pacific Renewable Energy Certificate Market"
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Strategic Outlook
The Asia-Pacific Renewable Energy Certificate Market is entering a high-growth phase during 2025-2032. Four key forces will define its trajectory:
Corporate Net-Zero Commitments - RE100 and ESG pressure will drive I-REC and domestic certificate demand.
Policy & Trading Platform Maturity - China's GEC expansion and India's REC reforms will boost liquidity.
Solar & Wind Supply Surge - Massive renewable additions will ensure abundant REC availability.
Regional Leadership Dynamics - China's volume dominance combined with India's fastest growth will shape market evolution.
Market Segmentation - Growth Anchors
By Type
In 2024, I-REC (International REC) dominated due to global acceptance and widespread use by multinational corporations operating in Asia. TIGR (Taiwan International Green REC) and GEC (Green Electricity Certificate, China) gain traction in domestic compliance and voluntary markets.
By Energy Source
Solar RECs lead the market, reflecting Asia-Pacific's massive solar capacity additions and corporate preference for high-visibility renewables. Wind RECs, Hydro RECs, Biomass, and Geothermal contribute steadily, with hydro strong in certain countries and biomass supported by agricultural waste utilization.
Regional Insights: China & India
China
China stands as the largest country in the Asia-Pacific REC market in 2024, driven by:
World's largest renewable capacity base and rapid GEC issuance growth.
Mandatory green electricity trading pilots and voluntary corporate demand from tech/manufacturing giants.
Strong policy push toward carbon peaking/neutrality goals.
Key players like Climate Bridge (Shanghai) Ltd. and local exchanges fuel volume.
India
India is the fastest-growing country, fueled by:
Surging corporate renewable commitments (RE100 members) and state-level REC trading mechanisms.
Explosive solar and wind additions under ultra-mega projects.
Rising I-REC demand from global supply chains and export-oriented industries.
Local leaders such as Tata Power and Enerpac Energy Pvt. Ltd. drive market maturity.
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Industry Trends & 2025 Developments
Corporate & RE100 Momentum: In 2025, Asia-Pacific saw record I-REC retirements by multinational firms in electronics, apparel, and data centers to meet net-zero Scope 2 targets.
Policy & Market Liberalization: China expanded GEC trading volumes and pilot green electricity certificates; India streamlined REC trading platforms and introduced long-term open access reforms in 2025.
Solar & Wind Dominance: Solar RECs continued to lead supply in 2025, supported by utility-scale additions in India, China, Vietnam, and Australia.
Cross-Border & Standardization: Increased harmonization efforts for I-REC acceptance and regional TIGR/GEC interoperability gained traction in 2025.
Competitive Landscape: Leaders Driving the Future
Solarvest Holdings Berhad
Solarvest leads in solar-focused REC origination and supply across Southeast Asia, supporting corporate buyers with verified clean energy attributes from its large-scale solar projects.
Asiarecs Pte. Ltd.
Asiarecs specializes in I-REC brokerage and advisory, serving multinational corporations with end-to-end REC procurement and retirement services across the region.
Statkraft
Statkraft brings European expertise to Asia-Pacific, offering REC trading, origination, and risk management solutions for wind and hydro-backed certificates.
Tata Power (TATA Power Trading Company Limited)
Tata Power dominates India's REC market with integrated renewable generation, trading, and corporate PPA/REC solutions, driving domestic and I-REC growth.
TÜV AUSTRIA Group
TÜV AUSTRIA provides critical certification, verification, and auditing services for REC issuance and retirement, ensuring credibility and compliance.
Other Key Players
Saxon Renewables Pte. Ltd, Becour AS, REDEX Pte. Ltd, Enerpac Energy Pvt. Ltd., and Climate Bridge (Shanghai) Ltd. advance regional REC liquidity, cross-border trading, and GEC/I-REC platforms.
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Conclusion
The Asia-Pacific Renewable Energy Certificate Market, projected to rise from US$ 5.15 billion in 2024 to US$ 10.48 billion by 2032, is central to corporate decarbonization, Scope 2 reduction, and renewable energy adoption across the region. With China leading in market size and India setting the fastest growth pace, the sector offers compelling opportunities for corporations, renewable developers, traders, certifiers, and investors focused on Asia's clean energy transition.
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About DataM Intelligence
DataM Intelligence is a renowned provider of market research, delivering deep insights through pricing analysis, market share breakdowns, and competitive intelligence. The company specializes in strategic reports that guide businesses in high-growth sectors such as nutraceuticals and AI-driven health innovations.
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