Aug 02, 2024 05:01 PM
Charts of the Day: China’s Green Electricity Trading Boom
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China has issued a record number of green electricity certificates (GECs) this year as the country encourages companies to use more power from non-fossil sources.
The National Energy Administration (NEA) handed out 486 million GECs in the first half of 2024, a 13-fold jump year-on-year, NEA official Chen Jing, told a press conference in Beijing Wednesday.
This means nearly 70% of the 707 million GECs that have been distributed since 2017 when the program started were given out during the first half of this year.
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- China issued 486 million Green Electricity Certificates (GECs) in the first half of 2024, a 13-fold increase year-on-year.
- Nearly 70% of all GECs since 2017 were issued in this period, with 90% going to wind, solar, and hydro power generators.
- China added 134 GW of renewable power capacity in the first half of 2024, 88% of its total new capacity, with solar leading the growth at 102 GW.
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What Happened When
- 2023-08：
- China expanded its GEC program from covering just onshore wind and large solar power plants to encompassing all types of renewable energy projects.
- January 2024 to June 2024：
- Almost 90% of the GECs issued, or 432 million of them, went to wind, solar, and hydro power generators.
- First half of 2024：
- The National Energy Administration (NEA) handed out 486 million GECs.
- First half of 2024：
- The trading of GECs picked up, with 39,000 companies and individuals buying certificates and 160 million GECs bought and sold.
- First half of 2024：
- China installed 134 gigawatts (GW) of renewable power capacity.
- 2024-07-31：
- NEA official Chen Jing provided updates on GECs issuance at a press conference.
- By the end of June, 2024：
- Nearly 54% of China’s cumulative power capacity came from renewable sources.
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