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市場調查報告書
商品編碼
1696298
全球再生能源證書市場 - 2025 至 2032 年Global Renewable Energy Certificate Market - 2025-2032 |
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2024 年全球再生能源證書市場規模達到 141.2 億美元,預計到 2032 年將達到 1,127 億美元,2025-2032 年預測期內的複合年成長率為 26.32%。
在緩解氣候變遷和減少溫室氣體排放的需求的推動下,全球能源格局正在發生巨大變化。再生能源證書(REC)已成為此轉變的重要工具,它提供了一種基於市場的解決方案,以鼓勵再生能源供應,同時追蹤使用情況。本研究深入分析了全球 REC 市場的特徵,包括其發展、細分、監管框架、主要競爭對手、區域見解、市場挑戰和未來趨勢。
再生能源證書(REC),有時也稱為綠色標籤,代表利用再生能源生產一兆瓦時(MWh)電力所帶來的環境和社會效益。 REC 與實際產生的電力不同,允許獨立銷售、交易或消費。這種區別為企業提供了一個靈活的框架,即使他們不能直接提供能源,也能展示他們對永續能源使用的承諾。
雖然亞太地區的新興市場在 REC 採用方面處於領先地位,但一些國家仍處於早期階段。然而,印度和中國等國家在將 REC 納入其再生能源目標方面取得了長足的進步。該地區,特別是印度,REC 貿易量正在增加。印度對再生能源的承諾顯而易見,2024 年 1 月印度能源交易所 (IEX) 創紀錄的 152 萬個 REC 交易就是明證,這與其不斷成長的能源需求一致。
動力學
政府監管不斷加強
世界各國政府都制定了要求使用再生能源和碳補償的政策。歐盟再生能源指令和美國清潔電力計畫等政策在增加再生能源證書需求方面發揮了重要作用。這些限制迫使能源生產商透過發放再生能源證書 (REC) 來證明他們正在達到再生能源目標。在亞太地區,國際再生能源證書(I-REC)和全球再生能源可交易工具(TIGR)就是重要的例子。
國際再生能源證書 (I-REC) 標準由位於荷蘭的 I-REC 標準基金會監督。 I-REC 標準為認證再生能源生產和消費提供了一個全球框架。它有助於確保根據當地法規和市場要求持續檢查和驗證可再生能源聲明。
能源轉型不斷推動
隨著世界能源不斷轉向更清潔的再生能源,對 REC 的需求自然會增加。在從化石燃料轉向再生能源的市場中尤其如此,因為 REC 可以作為能源永續產生的驗證。例如,中國的再生能源領域特別是光伏技術正在取得長足進展。中國正穩步邁向2060年碳中和目標。
谷歌宣布與再生能源公司 Intersect Power 和投資公司 TPG Rise Climate 合作,創造足夠的再生能源來為多個千兆瓦級資料中心供電。再生能源的總投資預計為 200 億美元,Intersect 已經資助了第一個項目。作為三方策略合作的一部分,Intersect Power 將創建新的再生能源基礎設施,而Google將為共置工業園區新建資料中心園區的主要租戶確保電力供應。這個雄心勃勃的計畫旨在為美國各地千兆瓦容量的資料中心提供再生能源,並將分階段實施。初始階段計劃於 2026 年投入營運,並於 2027 年全面竣工。
複雜性和市場波動性
REC 業務面臨的最大問題之一是各地區之間缺乏統一性和標準化。例如,全球使用的I-REC系統並不總是與國家認證系統相對應,這會給跨國業務帶來困難。
缺乏協調會增加交易成本和管理負擔。 REC 價格波動性大,受需求波動、政策變動和再生能源的可用性等因素影響。這種不確定性可能會使企業的長期規劃變得困難,並阻礙潛在買家
Global Renewable Energy Certificate Market reached US$ 14.12 billion in 2024 and is expected to reach US$ 112.70 billion by 2032, growing with a CAGR of 26.32% during the forecast period 2025-2032.
The global energy landscape is changing dramatically, driven by the need to mitigate climate change and reduce greenhouse gas (GHG) emissions. Renewable Energy Certificates (RECs) have emerged as a vital instrument in this shift, providing a market-based solution to encourage renewable energy supply while tracking usage. This thorough analysis investigates the characteristics of the global REC market, including its evolution, segmentation, regulatory frameworks, main competitors, regional insights, market challenges and future trends.
Renewable Energy Certificates (RECs), sometimes known as green tags, represent the environmental and social benefits of producing one megawatt-hour (MWh) of electricity from renewable energy sources. RECs are distinct from the physical power generated, allowing for independent sale, trade or consumption. This distinction provides a flexible framework for enterprises to demonstrate their commitment to sustainable energy use, even if they cannot directly supply it.
While Asia-Pacific's emerging markets are leading the way in REC adoption, several countries are still in the early stages. However, countries like India and China are making considerable gains in incorporating RECs into their renewable energy targets. The region, particularly India, is seeing an increase in REC trade volumes. India's commitment to renewable energy is obvious, as evidenced by record-breaking transactions of 1.52 million RECs on the Indian Energy Exchange (IEX) in January 2024, which align with its expanding energy needs.
Dynamics
Rising Government Regulations
Governments around the world have put in place policies requiring the use of renewable energy and carbon offsets. Policies such as the EU Renewable Energy Directive and U.S. Clean Power Plan have played an important role in increasing demand for RECs. The restrictions compel energy producers to certify they're reaching renewable energy targets by issuing RECs. In Asia-Pacific, the International Renewable Energy Certificate (I-REC) and the Tradable Instrument for Global Renewables (TIGR) are significant examples.
The International Renewable Energy Certificate (I-REC) Standard is overseen by the I-REC Standard Foundation, based in the Netherlands. The I-REC Standard provides a global framework for certifying renewable energy production and consumption. It contributes to ensuring that renewable energy claims are consistently checked and validated in accordance with local regulations and market requirements.
Growing Energy Transition
As the world's energy shift to cleaner, renewable sources continue, the demand for RECs naturally increases. This is especially true in markets switching from fossil fuels to renewable energy, as RECs serve as verification that energy was generated sustainably. For instance, China's renewable energy sector, particularly PV technology, is making substantial progress. China is solidly on track to achieve its carbon neutrality goals by 2060.
Google has announced a cooperation with renewable energy company Intersect Power and investment firm TPG Rise Climate to create enough renewable energy to power several gigawatt-scale data centers. The total investment in renewable energy is projected at US$ 20 billion, with Intersect having already funded the first project. As part of the strategic three-party collaboration, Intersect Power will create new renewable energy infrastructure, with Google ensuring power offtake as the anchor tenant for newly built data centre campuses in co-located industrial parks. This ambitious project seeks to provide renewable energy for gigawatts of data centre capacity across U.S. and will be carried out in phases. The initial phase is planned to become operational by 2026, with full completion by 2027.
Complexity and Market Volatility
One of the most significant issues for the RECs business is a lack of uniformity and standardization between regions. For example, the I-REC system utilized worldwide does not always correspond to national certification systems, causing difficulties in cross-border business.
The lack of harmonization raises transaction costs and administrative load. REC prices can be highly volatile, based on factors such as demand fluctuations, policy changes and the availability of renewable energy. This uncertainty can make long-term planning difficult for businesses and dissuade potential buyers
The global renewable energy certificate market is segmented based on type, certificate, energy source, end-user and region.
Corporate Sustainability Commitments Drives Voluntary REC Segment
The voluntary REC segment is expected to dominate the global market in 2024. The voluntary REC industry is expanding rapidly, driven by corporate sustainability commitments and net-zero ambitions. Companies like Google, Microsoft and Amazon have established high renewable energy objectives, driving REC purchases in this sector.
In 2022, around 240 million RECs retired in voluntary markets, vs approximately 390 million RECs in compliance markets. The voluntary market encompasses a wide range of items, buyers and market situations. Different products package RECs and power differently, catering to different types of clients, ranging from residential families making relatively small buys to non-residential buyers making huge purchases.
Production and Consumer Trends in North America
North America, particularly plays a dominant role in the global renewable energy certificate market, driven by both production and consumption factors. The region is primarily driven by a robust regulatory framework and government requirements for renewable energy. U.S. and Canada are the market leaders in terms of both issuance and acquisition of RECs.
Voluntary RECs are increasing popularity in U.S. due to business sustainability goals and tax incentives, such as the Inflation Reduction Act of 2022. This trend is especially noticeable in the data centre industry, where corporations are aggressively pursuing green Power Purchase Agreements (PPAs). Mexico's REC market is stable, with regulators aiming to entice smaller generators with standard changes and rate reductions. This program is projected to promote the development of International Renewable Energy Certificates (I-RECs), especially in sectors like retail and industry that want to certify their renewable energy use.
Growing Energy Transition in Asia-Pacific
Asia-Pacific is expected to be the fastest-growing region in the global REC market. The Asia-Pacific region has experienced a significant transformation in its energy landscape over the past decade, marked by a robust shift towards renewable energy sources. This transition is not only altering the region's energy mix but also propelling the development and adoption of Renewable Energy Certificates (RECs) as mechanisms to certify and trade renewable energy generation.
The Philippines exemplifies this commitment. According to the Department of Energy, the country ascended to the 2nd spot in BloombergNEF's 2024 Climatescope Report, a significant rise from 20th place in 2021. This leap reflects the global community's growing confidence in the Philippines' dedication to clean energy transition and sustainable growth.
Vietnam has also made notable strides in renewable energy development. As of recent reports, hydropower accounts for approximately 44% of the country's energy generation, followed by oil and gas at 34% and coal at 19%. This distribution highlights Vietnam's substantial reliance on renewable sources, particularly hydropower, in its energy mix.
The major global players in the market include ECOHZ, Green-e Energy, Green-e Energy, APX Inc., ENGIE, I-REC standard, RECS International, Statkraft, The Green Certificate Company Limited, Eneco Energy Trade, Shell Energy, Climate Bridge (Shanghai) Ltd., Tata Power Renewable Energy Ltd., Adani Green Energy, INDIAN ENERGY EXCHANGE LIMITED and National Renewable Energy Certification (T-REC) Center.
Asia-Pacific Renewable Energy Certificate (REC) market is growing rapidly, driven by increasing corporate demand for clean energy and supportive government policies. Countries across the region are expanding their REC frameworks to encourage renewable energy adoption and carbon reduction.
Advanced digital platforms are enhancing transparency and efficiency in REC trading, making it easier for businesses to meet sustainability goals. The market is also seeing increased participation from energy producers, utilities and large corporations seeking to offset emissions. With rising awareness and regulatory support, the REC market in Asia-Pacific is poised for continued expansion and integration into global sustainability initiatives.
Pricing Analysis
The pricing of Renewable Energy Certificates (RECs) in the global market is influenced by factors such as supply-demand dynamics, regulatory frameworks and the distinction between compliance and voluntary markets. In compliance markets like the U.S. RPS program and the EU's Guarantees of Origin (GO) system, prices are more stable but fluctuate based on mandated targets and market liquidity.
In voluntary markets, such as I-RECs in Asia and Latin America, prices vary significantly depending on corporate sustainability commitments and regional policy changes. Additionally, vintage-based pricing plays a role, with older RECs often trading at a discount compared to newer ones. The growing demand for RECs, driven by corporate net-zero goals and Scope 2 emissions reduction, continues to impact pricing, while factors like renewable project financing and geopolitical shifts also contribute to price volatility.
China: The pricing of Renewable Energy Certificates (RECs) in China is influenced by several factors, including government policies, supply-demand dynamics, corporate sustainability commitments and the dominance of state-owned enterprises in the renewable energy sector. The price of China's RECs fluctuates based on the type of renewable energy source, with wind and solar RECs generally priced higher than hydropower RECs due to differences in generation costs and technology maturity. China's hydro RECs were priced at US$ 0.30/MWh, while solar RECs were priced at US$ 0.80/MWh in 2023.
The increasing demand from multinational corporations looking to meet renewable energy targets under initiatives like RE100 has contributed to price adjustments, but concerns over double-counting, lack of transparency and limited third-party verification have kept some buyers hesitant, preventing price surges seen in more mature REC markets.
Sustainability Analysis
The Renewable Energy Certificate (REC) market plays a vital role in driving sustainability efforts globally by incentivizing renewable energy production, reducing carbon emissions and facilitating the energy transition. By purchasing RECs organizations directly fund renewable energy projects like wind, solar, hydro and biomass, increasing global renewable energy capacity.
Regulatory mandates like Renewable Portfolio Standards (RPS) drive demand in compliance REC markets, ensuring a stable framework. Voluntary markets grow as more corporations commit to sustainability goals and adopt Science-Based Targets or net-zero pledges. Emerging platforms simplify REC purchasing for small businesses and individuals, expanding market participation.
The government and private entities' significant investment in renewable energy, notably large-scale solar power facilities, is propelling industry expansion. For example, in April 2023, U.S. Department of Energy (DOE) announced a US$ 52 million financial commitment for a carefully selected collection of 19 projects. This includes US$ 10 million supplied from the Bipartisan Infrastructure Law, aimed at strengthening the domestic solar supply chain in US.
Blockchain and Transparency in REC Trading
The use of blockchain technology in conjunction with AI can increase the transparency and security of REC transactions. Blockchain technology can generate a decentralized and unchangeable record of all REC purchases and sales, lowering fraud and increasing trust in the certification process. This will also boost the transparency of renewable energy projects and assist track the actual production of renewable energy in real-time.
According to Silke Mooldijk, the corporate climate responsibility expert at the NewClimate Institute, if tech businesses do not disclose transparent information, consumers may be unable to understand the climatic impact of AI and move their behavior towards different models. Google recognizes that unbundled renewable energy certificates do not cut emissions and has begun replacing them with clean energy.
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