Member economies' REC mechanism
Economy Australia
Maintain 33,000,000 MWh of renewable energy power from 2021 to 2030.
Large-scale Generation Certificates, LGC and Small- scale Technology Certificate, STC
Issued 48.28 Million STCs
Issued 48.28 Million STCs
Transaction Mechanism
LGCs and STCs are trade through the REC Registry platform or the secondary market.
Limitation to the number of transactions
No limit on the number of transactions before the REC is cancelled with the REC Registry platform.
Claim/ Cancellation Mechanism
Cancel on the REC Registry.
Competent authority
Clean Energy Regulator(CER)
Fee charge
YES
Economy People's Republic of China
Reach carbon peak in 2030 and the carbon neutral in 2060. People's Republic of China is planned to increase the proportion of non-fossil energy in primary energy by 2030 to 25%, and the cumulative installed capacity of wind power and photovoltaic power generation will reach 1.2 billion kilowatts or more. By the end of the 14th Five-Year Plan period, the proportion of renewable energy power generation installed capacity in the total power installed capacity and the proportion of renewable energy in the increase in primary energy consumption will exceed 50%.
Transaction Mechanism
GECs are traded through the China GEC subscription Platform.
Limitation to the number of transactions
Once
Claim/ Cancellation Mechanism
After successfully purchasing the green electricity certificate, the green electricity certificate subscription transaction network will automatically generate a green electricity purchase certificate, indicating the name of the certificate purchasing company or individual, the name of the new energy power generation project purchased and the project code, the purchase of green electricity on-grid power, the purchase number, etc.
Competent authority
National Energy Administration
Fee charge
YES
Economy Hong Kong, China
Hong Kong would strive to achieve carbon neutrality before 2050 and aim to reduce the total carbon emissions by half before 2035 from the 2005 level. Increase the share of renewable energy in the fuel mix for electricity generation to 7.5 per cent to 10 per cent by 2035, and to 15 per cent subsequently; and try out the use of new energy and strengthen co-operation with neighbouring regions to achieve the long-term target of net-zero electricity generation before 2050.
Transaction Mechanism
Purchase renewable energy certificates from CLP/HK Electric.
Limitation to the number of transactions
Once
Claim/ Cancellation Mechanism
The Inventory System will retire a REC with its associated Renewable Electricity and Environmental Attributes once the REC is sold to a customer.
Competent authority
CLP Group/HK Electric
Fee charge
YES
Economy Japan
The target was for renewables to contribute 36-38% of electricity in 2030.
By 2050, Japan will aim to reduce greenhouse gas emissions to net-zero and to realise a carbon-neutral,
decarbonised society.
NFC Non-Fossil Certificate(NFC)
Transaction Mechanism
NFCs are auctioned on the exchanges.
The electricity retailer can purchase RECs on the electricity trading market.
Limitation to the number of transactions
Only the electricity retail industry can buy NFC in the electricity market, and these companies in need could buy green electricity from the electricity retail industry.
Claim/ Cancellation Mechanism
The NFC sold by the electricity retail industry can be cancelled in the electricity market.
Competent authority
Agency for Natural Resources and Energy, Ministry of Economy, Trade and Industry
Fee charge
YES
J-credit
(April 2019~March 2020 data)
(April 2019~March 2020 data)
Transaction Mechanism
The J-Credits are tradable through auction or negotiated transaction(via J-Credit website or via brokers).
Limitation to the number of transactions
Issued to end users directly.
Claim/ Cancellation Mechanism
The J-credit system records the holding, transfer, and invalidation of the issued J-credit.
Competent authority
Agency for Natural Resources and Energy, Ministry of Economy, Trade and Industry
Fee charge
YES
Green Energy Certificates, GEC
(April 2019~March 2020 data)
(April 2019~March 2020 data)
Transaction Mechanism
Matchmaking transactions through the issuing company.
Limitation to the number of transactions
Issued to end users directly.
Claim/ Cancellation Mechanism
None.
Competent authority
Agency for Natural Resources and Energy, Ministry of Economy, Trade and Industry
Fee charge
YES
Economy Ropublic of Korea
The Korean government is committed to advance the country's energy transition by increasing the share of renewable electricity to 20% by 2030 and to 30-35% by 2040, to gradually phase-out coal and nuclear from the energy mix while significantly improving energy efficiency, and by fostering the country's nascent hydrogen industry. Reach net-zero emissions by 2050.
traded in KPX in 2020.
Transaction Mechanism
RECs are traded through the Korea Power Exchange(KPX).
Limitation to the number of transactions
Once
Claim/ Cancellation Mechanism
The REC is finally submitted to the government as a proof of renewable energy power generation, and it will be cancelled if the verification is correct.
Competent authority
New & Renewable Energy Center, KNREC
Fee charge
YES
Economy New Zealand
Have 100% renewable energy by 2030. Achieve net zero emission by 2050.
New Zealand Energy Certificate System (NZECS) Certificate
Traded 228,741 MWH
Traded 228,741 MWH
Transaction Mechanism
Buyers purchase renewable energy certificates through NZECS.
Limitation to the number of transactions
Unlimited times.
Claim/ Cancellation Mechanism
At the end of the year, all issued certificates must either be redeemed or cancelled and removed from circulation.
Competent authority
N/A
Fee charge
YES
Economy Chinese Taipei
In 2025, renewable energy accounted for 20% of the policy target. By 2025, the capacity of solar PV installations will reach 20 GW, and the capacity of offshore wind installations will reach more than 5.7 GW.
T-REC
Transaction Mechanism
Buyers and sellers can trade on their own or approach T-REC Center platform for matchmaking.
Limitation to the number of transactions
Once
Claim/ Cancellation Mechanism
Make claim on the T-REC platform. No cancellation mechanism. (T-REC doesn't expire.)
Competent authority
BSMI, MOEA
Fee charge
YES
Economy United States
By 2030, the U.S. will reduce greenhouse gas emissions by 50%, and achieve a 100% zero-carbon energy system by 2035, and make the U.S. a net zero-emission economy by 2050.
Renewable Energy Certificate (REC)
Transaction Mechanism
The REC dealer and agent are responsible for the transaction
Limitation to the number of transactions
No limit. But once the REC is transferred to the end user, no further transactions or transfers can be made.
Claim/ Cancellation Mechanism
Claim and cancellation mechanisms on their respective tracking platforms.
Competent authority
N/A
Fee charge
YES
IREC
IREC
Transaction Mechanism
Open accounts and register with the I-REC system. I-RECs are traded and redeemed through the I-REC system.
Limitation to the number of transactions
Unlimited times.
Claim/ Cancellation Mechanism
The participant (electricity supplier or end-consumer of electricity) has the right to claim the use or consumption of a certain volume of renewable electricity corresponding to the volume of I-RECs that are in the participant's redemption account.
Competent authority
The I-REC Standard is a foundation based in the Netherlands. Board members of the I-REC Standard are world-wide industry experts in the use and creation of attribute tracking certificates and systems.
Fee charge
YES
TIGR
TIGR
Transaction Mechanism
Establish accounts on the TIGR Registry and manage the transfer and retirement processes.
Limitation to the number of transactions
Unlimited times.
Claim/ Cancellation Mechanism
Retire the RECs in the TIGR system.
Competent authority
APX created the Tradable Instrument for Global Renewables (TIGR) Registry as an online platform for tracking and transferring Renewable energy certificates (RECs)
Fee charge
YES
