Renewable Energy Certificates Global Market Report 2025

The renewable energy certificates market size has grown exponentially in recent years. It will grow from $17.63 billion in 2024 to $22.55 billion in 2025 at a compound annual growth rate (CAGR) of 27.9%. The growth in the historic period can be attributed to government policies and regulations, voluntary renewable energy goals, renewable energy incentives, public awareness, and environmental concerns.

The renewable energy certificates market size is expected to see exponential growth in the next few years. It will grow to $58.35 billion in 2029 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to the emergence of green hydrogen, shifts in electricity market structures, expansion of renewable energy markets, resilience and climate adaptation investments. Major trends in the forecast period include rise of blockchain technology, integration of renewable energy credits into carbon markets, innovation in REC financing mechanisms, enhanced standardization and certification.

The forecast of 26.8% growth over the next five years reflects a modest reduction of 0.6% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through higher verification and trading costs for cross-border green energy credits, primarily administered through European and Asian markets, increasing administrative overhead for sustainability programs. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

The growing use of renewable energy sources is expected to drive the expansion of the renewable energy certificate market. Renewable energy includes sources that are naturally replenished and continuously available, such as solar, wind, water, and biomass. Renewable energy certificates support market transactions for renewable energy, help ensure compliance with renewable energy targets, and enable organizations to make environmental claims about their energy use. For example, according to the European Environment Agency, a government agency based in Denmark, renewable energy sources accounted for 23% of the EU’s energy consumption in 2022, an increase from 21.9% in 2021, largely driven by a significant rise in solar power. Consequently, the increased consumption of renewable energy sources is fueling growth in the renewable energy certificate market.

Leading companies in the renewable energy certificate market are focusing on innovative solutions to meet the growing demand for renewable energy and support decarbonization efforts. These solutions, such as renewable energy certificate services, provide certificates representing the environmental attributes of renewable electricity generation. They enable individuals and organizations to claim the environmental benefits of renewable electricity usage. For example, in February 2023, Shizen Energy Inc. launched a renewable energy certificate (REC) service that offers certificates, including non-fossil energy certificates with tracking, in alignment with international sustainability standards such as RE100 and CDP. These services aim to provide an accessible and cost-effective way for companies to demonstrate their use of renewable energy and initiate decarbonization efforts.

In November 2023, E&C Consultants partnered with Veyt, a global data hub, to empower clients in their decarbonization efforts. This collaboration provides transparent pricing information and market intelligence for renewable energy certificates and low-carbon markets, enabling clients to make informed decisions. E&C Consultants, based in Belgium, offers renewable certificates, while Veyt, headquartered in Norway, specializes in insights for carbon markets and renewable energy.

Renewable energy certificates (RECs) are tradeable certificates that signify the environmental attributes of electricity generated from renewable energy sources. They serve various purposes related to promoting renewable energy, reducing greenhouse gas emissions, and verifying the environmental benefits associated with renewable electricity production.

The primary energy types covered by renewable energy certificates include wind power, solar energy, gas power, and hydroelectric power. Wind power involves the conversion of wind energy into usable energy, typically electricity, using wind turbines. It encompasses different capacities, such as 0-1000 kWh, 1000-5000 kWh, and greater than 5000 kWh, and is utilized by various end-users, including compliance and voluntary participants.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The sharp escalation of U.S. tariffs and resulting trade tensions in spring 2025 are significantly affecting the electrical and electronics sector. Key components such as semiconductors, display panels, and rare-earth metals crucial for batteries and motors are now facing heavy duties. Consumer electronics companies are seeing profit margins shrink, as fierce competition makes it difficult to pass on rising costs to consumers. At the same time, industrial electronics firms are experiencing project delays due to shortages of tariff-impacted parts like printed circuit boards. In response, businesses are shifting assembly operations to tariff-exempt nations, building up inventory reserves, and redesigning products to reduce reliance on restricted materials.

The renewable energy certificates market research report is one of a series of new reports that provides renewable energy certificates market statistics, including renewable energy certificates industry global market size, regional shares, competitors with a renewable energy certificates market share, detailed renewable energy certificates market segments, market trends and opportunities, and any further data you may need to thrive in the renewable energy certificates industry. This renewable energy certificates market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Major companies operating in the renewable energy certificates market are NextEra Energy Resources LLC, Statkraft AS, U.S. Environment Protection Agency, EDF Renewables Inc., Western Area Power Administration, Green Mountain Energy Company, Carbon Clear, 3Degrees Group Inc., BloombergNEF, Central Electricity Regulatory Commission, Clean Power Research, Element Markets LLC, Renewable Choice Energy Inc., Community Energy Inc., Innovative Solar Systems, The CarbonNeutral Company, Green-e Energy, General Services Administration, Sterling Planet Inc., Sustainable Energy Advantage LLC, 3 Phases Renewables, NeXtWind Management GmbH, Environmental Tracking Network of North America, Defense Logistics Agency Energy, RECS International.

North America was the largest region in the renewable energy certificates market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the renewable energy certificates market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the renewable energy certificates market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The renewable energy certificate market includes revenues earned by entities by services such as energy security, energy access, price stability, and educational and awareness services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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