China trades 446 million green certificates in 2024, up 3.6 times year-on-year

(ECNS) -- China's National Energy Administration (NEA) on Thursday said a total of 446 million green electricity certificates (GECs) were traded in 2024, up 3.6 times year-on-year.

Among them, 239 million of GECs were for wind power, 202 million for solar power, 3.59 million for biomass power, and 2.06 million for other renewable energy sources, said Wei Qingshan, an official from China’s National Energy Administration.

According to Wei, China has issued about 4.73 billion GECs in 2024, a year-on-year increase of 28.4 times, of which 3.158 billion are tradable GECs, accounting for 66.71 percent.

By the end of December 2024, 4.96 GECs had been issued, including 3.38 tradable GECs.

Among all the GECs issued in 2024, 1.94 billion were issued for wind power, 1.58 billion for biomass power, and 8.09 million for other renewable energy sources, said Wei.

China in 2020 announced its "dual carbon" goals of peaking carbon emissions before 2030 and achieving carbon neutrality before 2060.

Efforts will be made in strengthening the construction of the GEC system, accelerating the cultivation of the GEC market, promoting the synergy between GECs and the carbon market, and advancing the internationalization of GECs, Wei added.