China Renewable Energy Certificate Market to Reach US$ 4.2 Billion by 2032; Asia-Pacific Leads with 65% Share | Key Players: China Green Certificate Trading Platform, I-REC Standard, APX Inc.

Market Overview

The China renewable energy certificate (REC) market reached US$ 1.2 billion in 2024 and is expected to reach US$ 4.2 billion by 2032, growing at a CAGR of 14.2% during the forecast period 2025-2032. China has been the world's largest and fastest-growing producer of renewable energy for over a decade, generating more than three times the renewable electricity of the United States. Its market share in RECs is significant due to massive renewable energy capacity, government policies, and the country's commitment to carbon neutrality by 2060. China generates substantial RECs from its dominant solar and wind energy sectors.

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For instance, in 2023, China installed nearly 350 GW of renewable energy capacity, accounting for two-thirds of global deployment. The country's 14th Five-Year Plan for Renewable Energy (2022) sets ambitious renewable energy targets, driving investment and accelerating clean energy adoption, which will further propel REC market growth in China.

Recent Key Developments:

✅ January 2026 - China: National Energy Administration (NEA) approved the commissioning of several large-scale solar and wind projects, expected to generate over 12 million RECs annually, supporting compliance with Renewable Portfolio Standards (RPS).

✅ September 2025 - China: Major energy utility, State Power Investment Corporation (SPIC), launched a digital REC trading platform to enable real-time tracking, issuance, and trading of renewable energy certificates across multiple provinces.

✅ June 2025 - China: Collaborative initiative between China Southern Power Grid and regional renewable developers to integrate RECs into corporate sustainability programs, targeting high-consumption industrial zones.

✅ March 2025 - China: Chinese government introduced incentives for enterprises purchasing RECs, including tax credits and priority grid access for renewable energy producers, boosting REC adoption.

✅ November 2024 - China: Longi Green Energy Technology expanded solar panel production and tied REC issuance to project output, ensuring a steady increase in market supply.

✅ July 2024 - China: Strategic partnership between renewable energy developers and fintech companies enabled blockchain-based REC tracking for transparency, fraud prevention, and secure trading.

Key Players:
China Green Certificate Trading Platform, I-REC Standard, APX Inc., Beijing Power Exchange Center, Shanghai Environment and Energy Exchange (SEEE) and Climate Bridge (Shanghai) Ltd.

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Regional Insights:

China dominates the Asia-Pacific region, holding approximately 65% of the regional renewable energy certificate (REC) market, driven by its massive renewable energy capacity, ambitious government targets, and accelerated solar and wind deployments.

North America follows with around 15% share, supported by established REC trading markets in the US and Canada and increasing corporate sustainability mandates.

Europe accounts for 12%, with strong regulatory frameworks, EU Green Deal policies, and growing emphasis on renewable energy adoption among corporates.

Market Dynamics:

Drivers

Growing Energy Transition
China has undergone a substantial transformation in its energy landscape over the past decade, marked by a strong shift toward renewable sources. This transition is reshaping the country's energy mix and driving the adoption of Renewable Energy Certificates (RECs) as mechanisms to certify and trade renewable energy generation. China is expected to contribute nearly 60% of the world's new renewable energy capacity by 2030, with solar energy accounting for 80% of this growth. Policy support, declining technology costs, and ambitious renewable energy targets are propelling REC market development in the Asia-Pacific region.

Limited Transparency and Standardization
Despite robust growth, China's REC market faces challenges due to limited transparency and standardization. Inconsistent policy enforcement, a lack of third-party verification, and unclear tracking mechanisms make it difficult for domestic and international buyers to ensure the credibility and traceability of RECs. The dominance of state-owned enterprises also restricts private sector participation, creating barriers for smaller players. These factors contribute to regulatory uncertainty, inconsistent pricing, and hesitation among companies to fully rely on China's REC market for their clean energy commitments.

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Industry Developments

✅ Launch of New Renewable Energy Projects: Renewable energy developers are commissioning large-scale solar, wind, and hydropower projects to increase REC availability and support national renewable energy targets.

✅ Integration with Digital REC Trading Platforms: Online trading systems and digital registries are being implemented to facilitate transparent and real-time tracking, buying, and selling of RECs.

✅ Corporate Sustainability Initiatives Driving Demand: Companies in manufacturing, IT, and retail sectors are increasingly purchasing RECs to meet voluntary sustainability commitments and comply with Renewable Portfolio Standards (RPS).

✅ Strategic Partnerships and Policy Support: Collaborations between government agencies, utilities, and renewable energy developers are accelerating REC issuance, verification, and market adoption.

✅ Focus on Affordable and Accessible RECs: Market players are introducing cost-effective REC solutions to encourage participation from SMEs and smaller commercial entities, boosting market penetration and promoting renewable energy adoption.

Market Segmentation:

By Type: I-RECs dominate the China REC market with an estimated 70% share, primarily driven by international corporations and foreign investors seeking globally recognized certificates for carbon accounting. GEC (Green Energy Certificates) account for the remaining 30%, mainly used for domestic compliance under China's national renewable energy policies.

By Energy Source: Solar RECs hold the largest share at 55%, fueled by China's aggressive solar capacity expansion and favorable government incentives. Wind RECs contribute around 30%, supported by large-scale wind farms in regions like Inner Mongolia, Jiangsu, and Hebei. Hydro RECs represent approximately 10%, leveraging China's extensive hydropower infrastructure. Biomass and geothermal RECs together account for the remaining 5%, primarily from smaller renewable projects and industrial applications.

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