Table of Content

1 INTRODUCTION 21
1.1 STUDY OBJECTIVES 21
1.2 MARKET DEFINITION 21
1.3 STUDY SCOPE 22
1.3.1 MARKET SEGMENTATION AND REGIONAL SCOPE 22
1.3.2 YEARS CONSIDERED 23
1.3.3 INCLUSIONS AND EXCLUSIONS 23
1.4 CURRENCY CONSIDERED 24
1.5 UNIT CONSIDERED 24
1.6 LIMITATIONS 24
1.7 STAKEHOLDERS 24
2 RESEARCH METHODOLOGY 25
2.1 RESEARCH DATA 25
2.1.1 SECONDARY DATA 26
2.1.1.1 List of key secondary sources 26
2.1.1.2 Key data from secondary sources 26
2.1.2 PRIMARY DATA 27
2.1.2.1 List of primary interview participants 27
2.1.2.2 Key industry insights 27
2.1.2.3 Breakdown of primaries 28
2.1.2.4 Key data from primary sources 28
2.2 DATA TRIANGULATION 29
2.3 MARKET SIZE ESTIMATION 29
2.3.1 BOTTOM-UP APPROACH 29
2.3.2 TOP-DOWN APPROACH 30
2.3.3 DEMAND-SIDE ANALYSIS 31
2.3.3.1 Demand-side assumptions 31
2.3.3.2 Demand-side calculations 31
2.3.4 SUPPLY-SIDE ANALYSIS 32
2.3.4.1 Supply-side assumptions 33
2.3.4.2 Supply-side calculations 33
2.4 RESEARCH ASSUMPTIONS 34
2.5 RESEARCH LIMITATIONS 34
2.6 RISK ANALYSIS 34
3 EXECUTIVE SUMMARY 35
?
4 PREMIUM INSIGHTS 39
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN
RENEWABLE ENERGY CERTIFICATE MARKET 39
4.2 RENEWABLE ENERGY CERTIFICATE MARKET IN NORTH AMERICA,
BY END USE AND COUNTRY 40
4.3 RENEWABLE ENERGY CERTIFICATE MARKET, BY ENERGY TYPE 40
4.4 RENEWABLE ENERGY CERTIFICATE MARKET, BY CAPACITY 41
4.5 RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 41
4.6 RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 42
5 MARKET OVERVIEW 43
5.1 INTRODUCTION 43
5.2 MARKET DYNAMICS 43
5.2.1 DRIVERS 44
5.2.1.1 Government policies and mandates regarding
renewable energy targets 44
5.2.1.2 Corporate strategies and initiatives toward sustainability goals 45
5.2.1.3 Transition toward renewable energy sources 47
5.2.1.4 Increasing awareness of climate change 48
5.2.2 RESTRAINTS 48
5.2.2.1 Fluctuating prices of RECs 48
5.2.2.2 High transaction costs 49
5.2.3 OPPORTUNITIES 50
5.2.3.1 Increasing investments in clean energy projects 50
5.2.3.2 Government incentives and financial support programs 51
5.2.3.3 Elevating demand for solar panels, micro hydropower plants,
and micro wind turbines 52
5.2.4 CHALLENGES 53
5.2.4.1 Standardization gaps in REC and risks of fraud and duplicate claims 53
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 53
5.4 SUPPLY CHAIN ANALYSIS 54
5.5 ECOSYSTEM ANALYSIS 57
5.6 CASE STUDY ANALYSIS 58
5.6.1 INDIAN COMPANIES UTILIZE RECS TO MEET RE100 ENERGY TARGETS 58
5.6.2 SOUTH KOREA ADOPTS LCOE-INTEGRATED AHP MODEL TO DESIGN FLEXIBLE REC MULTIPLIER SYSTEM 59
5.6.3 CLEARWAY ENERGY REFURBISHES OCOTILLO WIND FARM TO EXTEND ITS OPERATIONAL LIFE SPAN 59
5.7 TECHNOLOGY ANALYSIS 60
5.7.1 KEY TECHNOLOGIES 60
5.7.1.1 Blockchain and digital ledger technology 60
5.7.1.2 IoT-based monitoring systems 61
?
5.7.2 COMPLEMENTARY TECHNOLOGIES 61
5.7.2.1 Remote sensing and geographic information systems 61
5.7.2.2 Cloud computing and API integration 62
5.8 PRICING ANALYSIS 62
5.8.1 INDICATIVE PRICING OF RENEWABLE ENERGY CERTIFICATES,
BY ENERGY TYPE, 2024 62
5.8.2 AVERAGE SELLING PRICE TREND OF RENEWABLE ENERGY CERTIFICATES,
BY REGION, 2022–2024 63
5.9 PATENT ANALYSIS 64
5.10 KEY CONFERENCES AND EVENTS, 2025 66
5.11 INVESTMENT AND FUNDING SCENARIO 66
5.12 REGULATORY LANDSCAPE 67
5.12.1 REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 67
5.13 PORTER’S FIVE FORCES ANALYSIS 69
5.13.1 THREAT OF SUBSTITUTES 71
5.13.2 BARGAINING POWER OF SUPPLIERS 71
5.13.3 BARGAINING POWER OF BUYERS 72
5.13.4 THREAT OF NEW ENTRANTS 72
5.13.5 INTENSITY OF COMPETITIVE RIVALRY 73
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 74
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 74
5.14.2 BUYING CRITERIA 75
5.15 IMPACT OF GENERATIVE AI/AI ON RENEWABLE ENERGY CERTIFICATE MARKET 75
5.15.1 ADOPTION OF GENERATIVE AI/AI APPLICATIONS IN
RENEWABLE ENERGY CERTIFICATE MARKET 76
5.15.2 IMPACT OF GENERATIVE AI/AI BY KEY END USERS, BY REGION 77
5.15.3 IMPACT OF AI IN MARKET, BY REGION 77
5.16 GLOBAL MACROECONOMIC OUTLOOK 78
5.16.1 INTRODUCTION 78
5.16.2 GDP TRENDS AND FORECAST 78
5.16.3 IMPACT OF INFLATION ON RENEWABLE ENERGY CERTIFICATE MARKET 79
6 RENEWABLE ENERGY CERTIFICATE MARKET, BY CAPACITY 80
6.1 INTRODUCTION 81
6.2 UP TO 1,000 KWH 82
6.2.1 RISING ADOPTION OF ROOFTOP SOLAR PANELS AND
SMALL-SCALE WIND TURBINES TO PROPEL SEGMENTAL GROWTH 82
6.3 1,001–5,000 KWH 83
6.3.1 GREATER AVAILABILITY OF GREEN FINANCING, SUBSIDIES,
AND CORPORATE POWER PURCHASE AGREEMENTS TO DRIVE MARKET 83
6.4 ABOVE 5,000 KWH 84
6.4.1 LARGE-SCALE COMPLIANCE, CORPORATE SUSTAINABILITY, AND DECARBONIZATION EFFORTS TO DRIVE GROWTH 84
7 RENEWABLE ENERGY CERTIFICATE MARKET, BY ENERGY TYPE 86
7.1 INTRODUCTION 87
7.2 SOLAR POWER 88
7.2.1 WIDESPREAD ADOPTION OF SOLAR ENERGY DUE TO GOVERNMENT INCENTIVES TO FOSTER SEGMENTAL GROWTH 88
7.3 WIND POWER 90
7.3.1 GROWING CORPORATE SUSTAINABILITY COMMITMENTS TO
ACCELERATE DEMAND 90
7.4 HYDROPOWER 91
7.4.1 ABILITY TO GENERATE LARGE AMOUNT OF BASE-LOAD ENERGY TO
SPUR DEMAND 91
7.5 BIOMASS 92
7.5.1 INCREASING DEMAND FOR CLEAN AND RENEWABLE ENERGY SOURCES TO FOSTER SEGMENTAL GROWTH 92
7.6 OTHERS 93
8 RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 94
8.1 INTRODUCTION 95
8.2 COMPLIANCE 96
8.2.1 INCREASING DECARBONIZATION TARGETS SET BY GOVERNMENTS WORLDWIDE TO FOSTER MARKET GROWTH 96
8.3 VOLUNTARY 97
8.3.1 SUSTAINABILITY GOALS AND ESG COMMITMENTS OF
BUSINESS OWNERS TO DRIVE MARKET 97
9 RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 98
9.1 INTRODUCTION 99
9.2 NORTH AMERICA 101
9.2.1 US 105
9.2.1.1 Implementation of RPS and increased adoption of renewable
energy to facilitate market growth 105
9.2.2 CANADA 107
9.2.2.1 Growing focus on voluntary RECs to support market growth 107
9.2.3 MEXICO 108
9.2.3.1 Commitment to creating sustainable power sector to bolster demand 108
9.3 ASIA PACIFIC 109
9.3.1 CHINA 113
9.3.1.1 Mandates on green electricity certificates to drive market 113
9.3.2 INDIA 114
9.3.2.1 Introduction of certificate multiplier system to contribute to market growth 114
9.3.3 JAPAN 115
9.3.3.1 Government policies, market liberalization, and corporate sustainability initiatives to drive market 115
9.3.4 AUSTRALIA 116
9.3.4.1 Clean energy transition through STCs and LGCs to
foster market growth 116
9.3.5 REST OF ASIA PACIFIC 117
9.4 EUROPE 118
9.4.1 GERMANY 121
9.4.1.1 Corporate sustainability commitments to drive market 121
9.4.2 FRANCE 122
9.4.2.1 Enforcement of energy transition laws to reduce carbon emissions to support market growth 122
9.4.3 NORWAY 123
9.4.3.1 Ambitious climate policies to reduce greenhouse gas emissions to drive market 123
9.4.4 SWEDEN 124
9.4.4.1 Investments in wind, biofuel, and solar energy incentives to
boosts demand 124
9.4.5 SPAIN 125
9.4.5.1 Reinforcement of greener energy landscape to foster market growth 125
9.4.6 REST OF EUROPE 126
9.5 ROW 127
9.5.1 MIDDLE EAST & AFRICA 129
9.5.1.1 Green infrastructure investment to fuel market growth 129
9.5.2 SOUTH AMERICA 130
9.5.2.1 Strong focus on contributing to social and environmental sustainability to boost demand 130
10 COMPETITIVE LANDSCAPE 132
10.1 OVERVIEW 132
10.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2025 132
10.3 MARKET RANKING ANALYSIS, 2024 134
10.4 REVENUE ANALYSIS, 2019–2023 135
10.5 COMPANY VALUATION AND FINANCIAL METRICS 135
10.6 PRODUCT COMPARISON 136
10.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 137
10.7.1 STARS 137
10.7.2 EMERGING LEADERS 137
10.7.3 PERVASIVE PLAYERS 137
10.7.4 PARTICIPANTS 137
10.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024 139
10.7.5.1 Company footprint 139
10.7.5.2 Region footprint 141
10.7.5.3 Energy type footprint 142
10.7.5.4 End use footprint 143
10.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024 144
10.8.1 PROGRESSIVE COMPANIES 144
10.8.2 RESPONSIVE COMPANIES 144
10.8.3 DYNAMIC COMPANIES 144
10.8.4 STARTING BLOCKS 144
10.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024 146
10.8.5.1 Detailed list of key startups/SMEs 146
10.8.5.2 Competitive benchmarking of key startups/SMEs 147
10.9 COMPETITIVE SCENARIO 147
10.9.1 PRODUCT LAUNCHES 147
10.9.2 DEALS 148
10.9.3 EXPANSIONS 149
10.9.4 OTHER DEVELOPMENTS 149
11 COMPANY PROFILES 150
11.1 KEY PLAYERS 150
11.1.1 3DEGREES, INC. 150
11.1.1.1 Business overview 150
11.1.1.2 Products/Services/Solutions offered 150
11.1.1.3 Recent developments 151
11.1.1.3.1 Deals 151
11.1.1.3.2 Expansions 152
11.1.1.4 MnM view 152
11.1.1.4.1 Key strengths/Right to win 152
11.1.1.4.2 Strategic choices 153
11.1.1.4.3 Weaknesses/Competitive threats 153
11.1.2 STATKRAFT 154
11.1.2.1 Business overview 154
11.1.2.2 Products/Services/Solutions offered 154
11.1.2.3 Recent developments 155
11.1.2.3.1 Deals 155
11.1.2.4 MnM view 156
11.1.2.4.1 Key strengths/Right to win 156
11.1.2.4.2 Strategic choices 156
11.1.2.4.3 Weaknesses/Competitive threats 156
11.1.3 ENEL SPA 157
11.1.3.1 Business overview 157
11.1.3.2 Products/Services/Solutions offered 158
11.1.3.3 Recent developments 159
11.1.3.3.1 Deals 159
?
11.1.3.4 MnM view 160
11.1.3.4.1 Key strengths/Right to win 160
11.1.3.4.2 Strategic choices 160
11.1.3.4.3 Weaknesses/Competitive threats 160
11.1.4 SHELL ENERGY 161
11.1.4.1 Business overview 161
11.1.4.2 Products/Services/Solutions offered 162
11.1.4.3 Recent developments 163
11.1.4.3.1 Product launches 163
11.1.4.3.2 Deals 163
11.1.4.4 MnM view 164
11.1.4.4.1 Key strengths/Right to win 164
11.1.4.4.2 Strategic choices 164
11.1.4.4.3 Weakness/Competitive threats 164
11.1.5 EDF TRADING LIMITED 165
11.1.5.1 Business overview 165
11.1.5.2 Products/Services/Solutions offered 167
11.1.5.3 Recent developments 167
11.1.5.3.1 Deals 167
11.1.5.4 MnM view 167
11.1.5.4.1 Key strengths/Right to win 167
11.1.5.4.2 Strategic choices 168
11.1.5.4.3 Weaknesses/Competitive threats 168
11.1.6 ENGIE 169
11.1.6.1 Business overview 169
11.1.6.2 Products/Services/Solutions offered 170
11.1.6.3 Recent developments 171
11.1.6.3.1 Deals 171
11.1.7 STX GROUP 172
11.1.7.1 Business overview 172
11.1.7.2 Products/Services/Solutions offered 172
11.1.7.3 Recent developments 173
11.1.7.3.1 Deals 173
11.1.7.3.2 Expansions 173
11.1.8 SOUTH POLE 174
11.1.8.1 Business overview 174
11.1.8.2 Products/Services/Solutions offered 174
11.1.8.3 Recent developments 175
11.1.8.3.1 Deals 175
?
11.1.9 ECOHZ 176
11.1.9.1 Business overview 176
11.1.9.2 Products/Services/Solutions offered 176
11.1.9.3 Recent developments 177
11.1.9.3.1 Deals 177
11.1.10 REDEX 178
11.1.10.1 Business overview 178
11.1.10.2 Products/Services/Solutions offered 178
11.1.10.3 Recent developments 179
11.1.10.3.1 Deals 179
11.1.11 CLIMATE IMPACT PARTNERS 181
11.1.11.1 Business overview 181
11.1.11.2 Products/Services/Solutions offered 181
11.1.12 CNERG 182
11.1.12.1 Business overview 182
11.1.12.2 Products/Services/Solutions offered 182
11.1.12.3 Recent developments 183
11.1.12.3.1 Deals 183
11.1.12.3.2 Other developments 183
11.1.13 STERLING PLANET 184
11.1.13.1 Business overview 184
11.1.13.2 Products/Services/Solutions offered 184
11.1.14 THE GREEN CERTIFICATE COMPANY 185
11.1.14.1 Business overview 185
11.1.14.2 Products/Services/Solutions offered 185
11.1.15 OFGEM 186
11.1.15.1 Business overview 186
11.1.15.2 Products/Services/Solutions offered 186
11.1.16 GRID-INDIA 187
11.1.16.1 Business overview 187
11.1.16.2 Products/Services/Solutions offered 188
11.1.17 SAXON RENEWABLES PTE. LTD 189
11.1.17.1 Business overview 189
11.1.17.2 Products/Services/Solutions offered 189
11.1.17.3 Recent developments 190
11.1.17.3.1 Deals 190
11.2 OTHER PLAYERS 191
11.2.1 TARGRAY 191
11.2.2 NEXTERA ENERGY RESOURCES, LLC. 191
11.2.3 TERRAPASS 192
11.2.4 ACT 193
11.2.5 AFS 194
11.2.6 EVOLUGEN 194
11.2.7 NATIVE 195
11.2.8 NVALUE 195
12 APPENDIX 196
12.1 INSIGHTS FROM INDUSTRY EXPERTS 196
12.2 DISCUSSION GUIDE 196
12.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 199
12.4 CUSTOMIZATION OPTIONS 201
12.5 RELATED REPORTS 201
12.6 AUTHOR DETAILS 202



List of Figures

FIGURE 1 RENEWABLE ENERGY CERTIFICATE MARKET SEGMENTATION AND
REGIONAL SCOPE 22
FIGURE 2 RENEWABLE ENERGY CERTIFICATE MARKET: RESEARCH DESIGN 25
FIGURE 3 KEY DATA FROM SECONDARY SOURCES 26
FIGURE 4 KEY INDUSTRY INSIGHTS 27
FIGURE 5 BREAKDOWN OF PRIMARIES 28
FIGURE 6 RENEWABLE ENERGY CERTIFICATE MARKET: DATA TRIANGULATION 29
FIGURE 7 RENEWABLE ENERGY CERTIFICATE MARKET SIZE: BOTTOM-UP APPROACH 30
FIGURE 8 RENEWABLE ENERGY CERTIFICATE MARKET: TOP-DOWN APPROACH 30
FIGURE 9 RENEWABLE ENERGY CERTIFICATE MARKET: DEMAND-SIDE ANALYSIS 31
FIGURE 10 KEY METRICS CONSIDERED TO ASSESS SUPPLY OF
RENEWABLE ENERGY CERTIFICATES 32
FIGURE 11 RENEWABLE ENERGY CERTIFICATE MARKET: SUPPLY-SIDE ANALYSIS 33
FIGURE 12 SOLAR POWER SEGMENT TO DOMINATE MARKET THROUGHOUT
FORECAST PERIOD 36
FIGURE 13 ABOVE 5,000 KWH SEGMENT TO LEAD RENEWABLE ENERGY
CERTIFICATE MARKET THROUGHOUT FORECAST PERIOD 37
FIGURE 14 COMPLIANCE SEGMENT TO CAPTURE LARGER SHARE OF
RENEWABLE ENERGY CERTIFICATE MARKET IN 2025 37
FIGURE 15 NORTH AMERICA ACCOUNTED FOR LARGEST SHARE OF
RENEWABLE ENERGY CERTIFICATE MARKET IN 2024 38
FIGURE 16 GOVERNMENT MANDATES AND CORPORATE STRATEGIES
TOWARD SUSTAINABILITY TO FOSTER MARKET GROWTH 39
FIGURE 17 COMPLIANCE SEGMENT AND US HELD LARGEST SHARE OF
NORTH AMERICAN RENEWABLE ENERGY CERTIFICATE MARKET IN 2024 40
FIGURE 18 SOLAR POWER SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030 40
FIGURE 19 ABOVE 5,000 KWH SEGMENT TO HOLD LARGEST MARKET SHARE IN 2030 41
FIGURE 20 COMPLIANCE SEGMENT TO LEAD RENEWABLE ENERGY
CERTIFICATE MARKET IN 2030 41
FIGURE 21 ASIA PACIFIC MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 42
FIGURE 22 RENEWABLE ENERGY CERTIFICATE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 43
FIGURE 23 RENEWABLE ENERGY CAPACITY GROWTH, 2022 VS. 2030 (GW) 45
FIGURE 24 TRANSACTION COSTS IN US RENEWABLE ENERGY CERTIFICATE MARKET 49
FIGURE 25 GLOBAL INVESTMENT IN CLEAN ENERGY PROJECTS, 2015–2024 51
FIGURE 26 TRENDS/DISRUPTIONS INFLUENCING CUSTOMER BUSINESS 54
FIGURE 27 RENEWABLE ENERGY CERTIFICATE SUPPLY CHAIN 55
FIGURE 28 RENEWABLE ENERGY CERTIFICATE ECOSYSTEM ANALYSIS 57
FIGURE 29 AVERAGE SELLING PRICE TREND OF RENEWABLE ENERGY CERTIFICATES BY REGION, 2022–2024 63
FIGURE 30 PATENTS APPLIED AND GRANTED, 2015–2024 64
FIGURE 31 INVESTMENT AND FUNDING SCENARIO IN RENEWABLE
ENERGY CERTIFICATE MARKET, 2024 67
FIGURE 32 PORTER’S FIVE FORCES ANALYSIS FOR RENEWABLE
ENERGY CERTIFICATE MARKET 70
FIGURE 33 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USE 74
FIGURE 34 KEY BUYING CRITERIA FOR END USES 75
FIGURE 35 IMPACT OF GENERATIVE AI/AI ON MAJOR END USERS, BY REGION 77
FIGURE 36 RENEWABLE ENERGY CERTIFICATE MARKET SHARE, BY CAPACITY, 2024 81
FIGURE 37 RENEWABLE ENERGY CERTIFICATE MARKET SHARE, BY ENERGY TYPE, 2024 87
FIGURE 38 RENEWABLE ENERGY CERTIFICATE MARKET SHARE, BY END USE, 2024 95
FIGURE 39 RENEWABLE ENERGY CERTIFICATE MARKET SHARE, BY REGION, 2024 99
FIGURE 40 ASIA PACIFIC TO REGISTER HIGHEST CAGR IN RENEWABLE
ENERGY CERTIFICATE MARKET FROM 2025 TO 2030 100
FIGURE 41 NORTH AMERICA: RENEWABLE ENERGY CERTIFICATE MARKET SNAPSHOT 102
FIGURE 42 ASIA PACIFIC: RENEWABLE ENERGY CERTIFICATE MARKET SNAPSHOT 110
FIGURE 43 REVENUE ANALYSIS OF KEY PLAYERS IN RENEWABLE
ENERGY CERTIFICATE MARKET, 2019–2023 135
FIGURE 44 COMPANY VALUATION 135
FIGURE 45 FINANCIAL METRICS (EV/EBITDA) 136
FIGURE 46 PRODUCT COMPARISON 136
FIGURE 47 RENEWABLE ENERGY CERTIFICATE MARKET:
COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024 138
FIGURE 48 RENEWABLE ENERGY CERTIFICATE MARKET FOOTPRINT 139
FIGURE 49 RENEWABLE ENERGY CERTIFICATE MARKET: COMPANY FOOTPRINT 140
FIGURE 50 RENEWABLE ENERGY CERTIFICATE MARKET:
COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024 145
FIGURE 51 ENEL SPA: COMPANY SNAPSHOT 158
FIGURE 52 SHELL PLC: COMPANY SNAPSHOT 162
FIGURE 53 EDF: COMPANY SNAPSHOT 166
FIGURE 54 ENGIE: COMPANY SNAPSHOT 170
FIGURE 55 GRID-INDIA: COMPANY SNAPSHOT 187

List of Tables

TABLE 1 LIST OF KEY SECONDARY SOURCES 26
TABLE 2 LIST OF PRIMARY INTERVIEW PARTICIPANTS 27
TABLE 3 KEY DATA FROM PRIMARY SOURCES 28
TABLE 4 RENEWABLE ENERGY CERTIFICATE MARKET: RISK ANALYSIS 34
TABLE 5 SNAPSHOT OF RENEWABLE ENERGY CERTIFICATE MARKET 36
TABLE 6 CORPORATE CLIMATE COMMITMENTS: GOALS, TARGETS, AND INITIATIVES 46
TABLE 7 ROLE OF COMPANIES IN RENEWABLE ENERGY CERTIFICATE ECOSYSTEM 57
TABLE 8 INDICATIVE PRICING OF RENEWABLE ENERGY CERTIFICATES, BY ENERGY TYPE, 2024 (USD/MWH) 62
TABLE 9 AVERAGE SELLING PRICE TREND OF RENEWABLE ENERGY CERTIFICATES BY REGION, 2022–2024 (USD/MWH) 63
TABLE 10 LIST OF PATENTS, 2020–2025 64
TABLE 11 RENEWABLE ENERGY CERTIFICATE MARKET:
LIST OF CONFERENCES AND EVENTS, 2025 66
TABLE 12 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS 67
TABLE 13 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS 68
TABLE 14 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS 68
TABLE 15 ROW: REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS 69
TABLE 16 RENEWABLE ENERGY CERTIFICATE MARKET: PORTER’S FIVE FORCES ANALYSIS 70
TABLE 17 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USE 74
TABLE 18 KEY BUYING CRITERIA FOR END USES 75
TABLE 19 WORLD GDP GROWTH, 2021–2028 (USD TRILLION) 78
TABLE 20 INFLATION RATE (ANNUAL PERCENT CHANGE), 2024 79
TABLE 21 RENEWABLE ENERGY CERTIFICATE MARKET, BY CAPACITY 2022–2024 (USD MILLION) 81
TABLE 22 RENEWABLE ENERGY CERTIFICATE MARKET, BY CAPACITY 2025–2030 (USD MILLION) 82
TABLE 23 UP TO 1,000 KWH: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION, 2022–2024 (USD MILLION) 82
TABLE 24 UP TO 1,000 KWH: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION, 2025–2030 (USD MILLION) 83
TABLE 25 1,001–5,000 KWH: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION, 2022–2024 (USD MILLION) 83
TABLE 26 1,001–5,000 KWH: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION, 2025–2030 (USD MILLION) 84
TABLE 27 ABOVE 5,000 KWH: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION, 2022–2024 (USD MILLION) 84
TABLE 28 ABOVE 5,000 KWH: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION, 2025–2030 (USD MILLION) 85
TABLE 29 RENEWABLE ENERGY CERTIFICATE MARKET, BY ENERGY TYPE 2022–2024 (USD MILLION) 87
TABLE 30 RENEWABLE ENERGY CERTIFICATE MARKET, BY ENERGY TYPE 2025–2030 (USD MILLION) 88
TABLE 31 SOLAR POWER: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2022–2024 (USD MILLION) 89
TABLE 32 SOLAR POWER: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2025–2030 (USD MILLION) 89
TABLE 33 WIND POWER: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2022–2024 (USD MILLION) 90
TABLE 34 WIND POWER: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2025–2030 (USD MILLION) 90
TABLE 35 HYDROPOWER: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2022–2024 (USD MILLION) 91
TABLE 36 HYDROPOWER: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2025–2030 (USD MILLION) 91
TABLE 37 BIOMASS: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2022–2024 (USD MILLION) 92
TABLE 38 BIOMASS: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2025–2030 (USD MILLION) 92
TABLE 39 OTHERS: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2022–2024 (USD MILLION) 93
TABLE 40 OTHERS: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2025–2030 (USD MILLION) 93
TABLE 41 RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 95
TABLE 42 RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 95
TABLE 43 COMPLIANCE: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2022–2024 (USD MILLION) 96
TABLE 44 COMPLIANCE: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2025–2030 (USD MILLION) 96
TABLE 45 VOLUNTARY: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2022–2024 (USD MILLION) 97
TABLE 46 VOLUNTARY: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2025–2030 (USD MILLION) 97
TABLE 47 RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2022–2024 (USD MILLION) 100
TABLE 48 RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2025–2030 (USD MILLION) 100
TABLE 49 RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2022–2024 (MILLION MWH) 101
TABLE 50 RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION,
2025–2030 (MILLION MWH) 101
TABLE 51 NORTH AMERICA: RENEWABLE ENERGY CERTIFICATE MARKET, BY ENERGY TYPE, 2022–2024 (USD MILLION) 103
TABLE 52 NORTH AMERICA: RENEWABLE ENERGY CERTIFICATE MARKET, BY ENERGY TYPE, 2025–2030 (USD MILLION) 103
TABLE 53 NORTH AMERICA: RENEWABLE ENERGY CERTIFICATE MARKET, BY CAPACITY, 2022–2024 (USD MILLION) 103
TABLE 54 NORTH AMERICA: RENEWABLE ENERGY CERTIFICATE MARKET, BY CAPACITY, 2025–2030 (USD MILLION) 104
TABLE 55 NORTH AMERICA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE, 2022–2024 (USD MILLION) 104
TABLE 56 NORTH AMERICA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE, 2025–2030 (USD MILLION) 104
TABLE 57 NORTH AMERICA: RENEWABLE ENERGY CERTIFICATE MARKET, BY COUNTRY, 2022–2024 (USD MILLION) 105
TABLE 58 NORTH AMERICA: RENEWABLE ENERGY CERTIFICATE MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 105
TABLE 59 US: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 106
TABLE 60 US: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 107
TABLE 61 CANADA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 107
TABLE 62 CANADA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 108
TABLE 63 MEXICO: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 108
TABLE 64 MEXICO: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 109
TABLE 65 ASIA PACIFIC: RENEWABLE ENERGY CERTIFICATE MARKET, BY ENERGY TYPE, 2022–2024 (USD MILLION) 110
TABLE 66 ASIA PACIFIC: RENEWABLE ENERGY CERTIFICATE MARKET, BY ENERGY TYPE, 2025–2030 (USD MILLION) 111
TABLE 67 ASIA PACIFIC: RENEWABLE ENERGY CERTIFICATE MARKET, BY CAPACITY 2022–2024 (USD MILLION) 111
TABLE 68 ASIA PACIFIC: RENEWABLE ENERGY CERTIFICATE MARKET, BY CAPACITY 2025–2030 (USD MILLION) 111
TABLE 69 ASIA PACIFIC: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 111
TABLE 70 ASIA PACIFIC: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 112
TABLE 71 ASIA PACIFIC: RENEWABLE ENERGY CERTIFICATE MARKET, BY COUNTRY 2022–2024 (USD MILLION) 112
TABLE 72 ASIA PACIFIC: RENEWABLE ENERGY CERTIFICATE MARKET, BY COUNTRY 2025–2030 (USD MILLION) 112
TABLE 73 CHINA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 113
TABLE 74 CHINA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 113
TABLE 75 INDIA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 114
TABLE 76 INDIA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 114
TABLE 77 JAPAN: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 115
TABLE 78 JAPAN: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 115
TABLE 79 AUSTRALIA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 116
TABLE 80 AUSTRALIA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 116
TABLE 81 REST OF ASIA PACIFIC: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE, 2022–2024 (USD MILLION) 117
TABLE 82 REST OF ASIA PACIFIC: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE, 2025–2030 (USD MILLION) 117
TABLE 83 EUROPE: RENEWABLE ENERGY CERTIFICATE MARKET, BY ENERGY TYPE 2022–2024 (USD MILLION) 118
TABLE 84 EUROPE: RENEWABLE ENERGY CERTIFICATE MARKET, BY ENERGY TYPE 2025–2030 (USD MILLION) 119
TABLE 85 EUROPE: RENEWABLE ENERGY CERTIFICATE MARKET, BY CAPACITY 2022–2024 (USD MILLION) 119
TABLE 86 EUROPE: RENEWABLE ENERGY CERTIFICATE MARKET, BY CAPACITY 2025–2030 (USD MILLION) 119
TABLE 87 EUROPE: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 119
TABLE 88 EUROPE: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 120
TABLE 89 EUROPE: RENEWABLE ENERGY CERTIFICATE MARKET, BY COUNTRY 2022–2024 (USD MILLION) 120
TABLE 90 EUROPE: RENEWABLE ENERGY CERTIFICATE MARKET, BY COUNTRY 2025–2030 (USD MILLION) 120
TABLE 91 GERMANY: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 121
TABLE 92 GERMANY: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 122
TABLE 93 FRANCE: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 122
TABLE 94 FRANCE: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 123
TABLE 95 NORWAY: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 123
TABLE 96 NORWAY: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 124
TABLE 97 SWEDEN: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 124
TABLE 98 SWEDEN: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 125
TABLE 99 SPAIN: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 125
TABLE 100 SPAIN: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 126
TABLE 101 REST OF EUROPE: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE, 2022–2024 (USD MILLION) 126
TABLE 102 REST OF EUROPE: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE, 2025–2030 (USD MILLION) 126
TABLE 103 ROW: RENEWABLE ENERGY CERTIFICATE MARKET, BY ENERGY TYPE 2022–2024 (USD MILLION) 127
TABLE 104 ROW: RENEWABLE ENERGY CERTIFICATE MARKET, BY ENERGY TYPE 2025–2030 (USD MILLION) 127
TABLE 105 ROW: RENEWABLE ENERGY CERTIFICATE MARKET, BY CAPACITY 2022–2024 (USD MILLION) 128
TABLE 106 ROW: RENEWABLE ENERGY CERTIFICATE MARKET, BY CAPACITY 2025–2030 (USD MILLION) 128
TABLE 107 ROW: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2022–2024 (USD MILLION) 128
TABLE 108 ROW: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE 2025–2030 (USD MILLION) 128
TABLE 109 ROW: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2022–2024 (USD MILLION) 129
TABLE 110 ROW: RENEWABLE ENERGY CERTIFICATE MARKET, BY REGION 2025–2030 (USD MILLION) 129
TABLE 111 MIDDLE EAST & AFRICA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE, 2022–2024 (USD MILLION) 130
TABLE 112 MIDDLE EAST & AFRICA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE, 2025–2030 (USD MILLION) 130
TABLE 113 SOUTH AMERICA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE, 2022–2024 (USD MILLION) 131
TABLE 114 SOUTH AMERICA: RENEWABLE ENERGY CERTIFICATE MARKET, BY END USE, 2025–2030 (USD MILLION) 131
TABLE 115 RENEWABLE ENERGY CERTIFICATE MARKET: OVERVIEW OF
STRATEGIES ADOPTED BY KEY PLAYERS, JANUARY 2020–JANUARY 2025 132
TABLE 116 RENEWABLE ENERGY CERTIFICATE MARKET: REGION FOOTPRINT 141
TABLE 117 RENEWABLE ENERGY CERTIFICATE MARKET: ENERGY TYPE FOOTPRINT 142
TABLE 118 RENEWABLE ENERGY CERTIFICATE MARKET: END USE FOOTPRINT 143
TABLE 119 RENEWABLE ENERGY CERTIFICATE MARKET:
DETAILED LIST OF KEY STARTUPS/SMES 146
TABLE 120 RENEWABLE ENERGY CERTIFICATE MARKET:
COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 147
TABLE 121 RENEWABLE ENERGY CERTIFICATE MARKET:
PRODUCT LAUNCHES, JANUARY 2020–JANUARY 2025 147
TABLE 122 RENEWABLE ENERGY CERTIFICATE MARKET:
DEALS, JANUARY 2020–JANUARY 2025 148
TABLE 123 RENEWABLE ENERGY CERTIFICATE MARKET:
EXPANSIONS, JANUARY 2020–JANUARY 2025 149
TABLE 124 RENEWABLE ENERGY CERTIFICATE MARKET:
OTHER DEVELOPMENTS, JANUARY 2020–JANUARY 2025 149
TABLE 125 3DEGREES, INC.: COMPANY OVERVIEW 150
TABLE 126 3DEGREES, INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED 150
TABLE 127 3DEGREES, INC.: DEALS 151
TABLE 128 3DEGREES, INC.: EXPANSIONS 152
TABLE 129 STATKRAFT: COMPANY OVERVIEW 154
TABLE 130 STATKRAFT: PRODUCTS/SERVICES/SOLUTIONS OFFERED 154
TABLE 131 STATKRAFT: DEALS 155
TABLE 132 ENEL SPA: COMPANY OVERVIEW 157
TABLE 133 ENEL SPA: PRODUCTS/SERVICES/SOLUTIONS OFFERED 158
TABLE 134 ENEL SPA: DEALS 159
TABLE 135 SHELL ENERGY: COMPANY OVERVIEW 161
TABLE 136 SHELL ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED 162
TABLE 137 SHELL ENERGY: PRODUCT LAUNCHES 163
TABLE 138 SHELL ENERGY: DEALS 163
TABLE 139 EDF TRADING LIMITED: COMPANY OVERVIEW 165
TABLE 140 EDF TRADING LIMITED: PRODUCTS/SERVICES/SOLUTIONS OFFERED 167
TABLE 141 EDF TRADING LIMITED: DEALS 167
TABLE 142 ENGIE: COMPANY OVERVIEW 169
TABLE 143 ENGIE: PRODUCTS/SERVICES/SOLUTIONS OFFERED 170
TABLE 144 ENGIE: DEALS 171
TABLE 145 STX GROUP: COMPANY OVERVIEW 172
TABLE 146 STX GROUP: PRODUCTS/SERVICES/SOLUTIONS OFFERED 172
TABLE 147 STX GROUP: DEALS 173
TABLE 148 STX GROUP: EXPANSIONS 173
TABLE 149 SOUTH POLE: COMPANY OVERVIEW 174
TABLE 150 SOUTH POLE: PRODUCTS/SERVICES/SOLUTIONS OFFERED 174
TABLE 151 SOUTH POLE: DEALS 175
TABLE 152 ECOHZ: COMPANY OVERVIEW 176
TABLE 153 ECOHZ: PRODUCTS/SERVICES/SOLUTIONS OFFERED 176
TABLE 154 ECOHZ: DEALS 177
TABLE 155 REDEX: COMPANY OVERVIEW 178
TABLE 156 REDEX: PRODUCTS/SERVICES/SOLUTIONS OFFERED 178
TABLE 157 REDEX: DEALS 179
TABLE 158 CLIMATE IMPACT PARTNERS: COMPANY OVERVIEW 181
TABLE 159 CLIMATE IMPACT PARTNERS: PRODUCTS/SERVICES/SOLUTIONS OFFERED 181
TABLE 160 CNERG: COMPANY OVERVIEW 182
TABLE 161 CNERG: PRODUCTS/SERVICES/SOLUTIONS OFFERED 182
TABLE 162 CNERG: DEALS 183
TABLE 163 CNERG: OTHER DEVELOPMENTS 183
TABLE 164 STERLING PLANET: COMPANY OVERVIEW 184
TABLE 165 STERLING PLANET: PRODUCTS/SERVICES/SOLUTIONS OFFERED 184
TABLE 166 THE GREEN CERTIFICATE COMPANY: COMPANY OVERVIEW 185
TABLE 167 THE GREEN CERTIFICATE COMPANY: PRODUCTS/SERVICES/SOLUTIONS OFFERED 185
TABLE 168 OFGEM: COMPANY OVERVIEW 186
TABLE 169 OFGEM: PRODUCTS/SERVICES/SOLUTIONS OFFERED 186
TABLE 170 GRID-INDIA: COMPANY OVERVIEW 187
TABLE 171 GRID-INDIA: PRODUCTS/SERVICES/SOLUTIONS OFFERED 188
TABLE 172 SAXON RENEWABLES PTE. LTD: COMPANY OVERVIEW 189
TABLE 173 SAXON RENEWABLES PTE. LTD: PRODUCTS/SERVICES/SOLUTIONS OFFERED 189
TABLE 174 SAXON RENEWABLES PTE. LTD: DEALS 190