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.

AI generated, for reference only

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.

AI generated, for reference only

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