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Market Dynamics
Strengthening Government Regulations Boosting Renewable Energy Adoption
Governments worldwide are enforcing policies to accelerate renewable energy adoption and carbon offset initiatives. Regulations like the EU Renewable Energy Directive and the U.S. Clean Power Plan have significantly driven demand for Renewable Energy Certificates (RECs), requiring energy producers to certify their compliance with renewable energy targets.
In the Asia-Pacific region, frameworks such as the International Renewable Energy Certificate (I-REC) and the Tradable Instrument for Global Renewables (TIGR) play a crucial role. The I-REC Standard, governed by the Netherlands-based I-REC Standard Foundation, provides a globally recognized framework for certifying renewable energy production and consumption. This ensures that renewable energy claims are consistently verified in alignment with local regulations and evolving market requirements.
As government regulations continue to tighten, the demand for standardized certification systems like RECs and I-REC is expected to grow, further reinforcing global commitments to sustainability and carbon neutrality.
Market Segments
• By Type (Compliance RECs, Voluntary RECs)
• By Energy Source (Solar RECs, Wind RECs, Hydro RECs, Others)
• By End-User(Industrial, Commercial, Residential, Governmental)
• Region ( North America, Europe, South America, Asia-Pacific)
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Market Regional Share
Renewable Energy Certificate Market: Production and Consumer Trends in North America
North America plays a leading role in the global Renewable Energy Certificate (REC) market, driven by strong regulatory frameworks and increasing demand for certified renewable energy. The U.S. and Canada are at the forefront in both issuing and acquiring RECs, bolstered by government mandates and corporate sustainability initiatives.
In the U.S., voluntary REC adoption is on the rise, fueled by tax incentives and sustainability commitments, particularly under the Inflation Reduction Act of 2022. This trend is evident in energy-intensive sectors such as data centers, where companies are actively securing green Power Purchase Agreements (PPAs) to meet carbon neutrality goals.
Mexico’s REC market remains stable, with regulatory efforts focused on attracting smaller generators through policy adjustments and rate reductions. These measures are expected to drive the growth of International Renewable Energy Certificates (I-RECs), particularly among industries like retail and manufacturing that seek to certify their renewable energy consumption.
Key Market Players
Key players are Central Electricity Regulatory Commission, Green-e Energy, General Services Administration, Western Area Power Administration, U.S. Environment Protection Agency, Defense Logistics Agency Energy, I-REC standard, TÜV SÜD, Statkraft and The Green Certificate Company Limited.
Recent Developments
• In May 2024, the Indian Energy Exchange (IEX) recorded a 26.4% year-on-year rise in REC trading for the fiscal year 2024. This increase in both the number and value of RECs traded reflects India's growing need for renewable energy.
• In February 2024, the Indian Wind Power Association Northern Region Council appealed the Central Electricity Regulatory Commission's (CERC) new 2022 legislation on renewable energy certificates. The outcome of this issue could significantly affect the REC market dynamics in India.
DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
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