GEC market surges in 2024 amid green power push

China's market for green electricity certificates, designed to boost renewable energy consumption, saw explosive growth in 2024, with trading volume quadrupling, as the country builds a robust system to verify and trade clean power attributes, according to a government report.

The China Green Electricity Certificate Development Report (2024), released by the National Energy Administration on Monday, showed that China's green certificate system framework is now essentially complete, with a cumulative total of 4.955 billion certificates issued by the end of December 2024.

Fueled by supportive policies and market mechanisms, the report highlighted a surge in market activity, with the national green certificate transaction volume reaching 446 million in 2024, a four fold increase compared to the previous year, it said.