再生可能エネルギー証書(REC)市場 – 2030年までの世界予測と動向

Renewable Energy Certificate Market - Global Forecast to 2030

再生可能エネルギー証書(REC)市場 - エネルギーの種類 (太陽光発電、風力発電、水力発電、バイオマス)、容量 (1000 KWH 以下、1001~5000 KWH、5000 KWH 以上)、最終用途 (コンプライアンス、自主的)、地域別 - 2030年までの世界予測と動向
Renewable Energy Certificate (REC) Market by Energy Type (Solar Power, Wind Power, Hydropower, Biomass), Capacity (Up to 1000 KWH, 1001-5000 KWH, Above 5000 KWH), End Use (Compliance, Voluntary), and Region - Global Forecast & Trends to 2030

商品番号 : SMB-76159

出版社MarketsandMarkets
出版年月2025年4月
ページ数203
図表数229
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

Report Overview

The Renewable energy certificate market is estimated to reach USD 45.45 billion by 2030 from an estimated value of USD 27.99 billion in 2025, at a CAGR of 10.2% during the forecast period. Supporting  government policies and mandates for renewable energy targets, Corporates strategies and initiatives towards sustainability, energy transition and shift to renewables, and increasing awareness towards Climate change are the major driving factors for the Renewable Energy Certificate market.

再生可能エネルギー証書(REC)市場は、2025年の推定値279億9,000万米ドルから2030年には454億5,000万米ドルに達すると予測されており、予測期間中は年平均成長率(CAGR)10.2%で成長が見込まれます。再生可能エネルギー目標に関する政府の政策と義務付けの支援、持続可能性、エネルギー転換、再生可能エネルギーへの移行に向けた企業の戦略と取り組み、そして気候変動に対する意識の高まりが、再生可能エネルギー証書市場の主要な推進要因となっています。

再生可能エネルギー証書(REC)市場 - 2030年までの世界予測と動向
renewable-energy-certificate-market

“Solar: The largest segment of the Renewable energy certificate market, by energy type.”

By energy type, the Renewable energy certificate market was segmented into five categories: wind, solar, hydro, biomass and others. The segment, solar energy, is expected to capture the largest share of the market by energy type. Due to rapid growth, cost-effectiveness, and widespread adoption across the world. Solar energy has experienced a substantial decline in costs over the last decade due to advancements in technology, economies of scale, and government incentives. This has made it the most affordable and viable source of renewable energy for both industrial-scale and domestic installations, leading to its superiority in the REC market. Consequently, many solar energy generators are producing renewable nergy certificates from their solar facilities, and thus a large quantity of certificates is being issued, traded, and bought in the market.

“Above 5,000 KWh segment is expected to remain the largest segment by capacity.”

Based on capacity, the Renewable energy certificate market has been segmented into upto 1,000 KWh, 1,001 to 5,000 KWh, and above 5,000 KWh. The Above 5,000 KWh segment is expected to hold the largest market share during the forecast period because of the size and economic efficiencies of large-scale renewable energy projects, especially in solar and wind energy. Larger installations, like commercial-scale solar farms or wind turbines, can generate large quantities of renewable energy. Large-scale renewable energy projects benefit from economies of scale where the cost per unit of energy generated decreases as the system size gets larger making them generally more financially compelling and more competitive in the RECs market.

“Voluntary segment is expected to emerge as the second largest segment based on end user”

By end use, the Renewable energy certificate market has been segmented into complaince and voluntary segment. Voluntary is expected to be the second largest during the forecast period driven by the rising  demand from corporations, business units, and individuals seeking to meet their sustainability targets and environmental goals.

再生可能エネルギー証書(REC)市場 - 2030年までの世界予測と動向 region
renewable-energy-certificate-market-region

“North America is expected to be the second fastest region in the Renewable energy certificate market.”

North America is expected to be the second-fastest region in the Renewable energy certificate market between 2025-2030. The North American market consists of the US, Canada, and Mexico. Demand for Renewable energy certificate in North America is driven by the combination of of regulatory obligation, company sustainability objectives, and rising public awareness of climate change. In the US, much of the demand stems from state Renewable Portfolio Standards (RPS) and Clean Energy Standards (CES), which require utilities and energy companies to get a specific percentage of their energy from renewable sources. This regulatory structure generates ongoing demand for RECs as a vehicle through which utilities and firms can prove compliance with renewable energy requirements.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

  • By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
  • By Designation: C-Level Executives – 30%, Managers- 25%, and Others- 45%
  • By Region: North America- 30%, Europe- 20%, Asia Pacific- 25%, South America- 10%, Middle East & Africa- 15%

Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined based on their total revenues as of 2023. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The Renewable energy certificate market is dominated by a few major players that have a wide regional presence. The leading players in the Renewable energy certificate market are 3Degrees, Inc. (US), Ecohz (Norway), Shell Energy (UK), Statkraft (Norway), EDF Trading Limited (UK), ENGIE (France), The Green Certificate Company (France), Enel Spa (Italy),  STX Group (Netherlands).

再生可能エネルギー証書(REC)市場 - 2030年までの世界予測と動向 ecosystem
renewable-energy-certificate-market-ecosystem

Research Coverage:

The report defines, describes, and forecasts the Renewable Energy Certificate market, by energy type, by capacity, by end user for various regions. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the Renewable Energy Certificate market.

Key Benefits of Buying the Report

  • The Renewable Energy Certificate market is driven by factors such as supporting government policies and mandates for renewable energy targets, corporates strategies and initiatives towards sustainability,  energy transition and shift to renewables, and  increasing awareness towards climate change. Fluctuating prices of REC and high transaction costs restrain growth in the Renewable Energy Certificate market. Opportunities include a increasing investment in clean energy projects andIncreasing government incentives and financial support programs. Few challenges this market faces are lack of standardization and double counting
  • Product Development/ Innovation: Other such developments is RECO, RECO is a platform launched by Shell Energy that enables businesses to progressively purchase renewable energy by allowing Shell Energy customers to buy Large-scale Generation Certificates (LGCs) from accredited renewable generators. These LGCs are then surrendered on behalf of the customer, effectively matching their electricity consumption with renewable energy sources.
  • Market Development: Incorporation of blockchain and digital ledger technology in renewable energy certificates is emerging as a prominent trend. Digital Ledger enable the real-time and distributed recording of transactions, which eliminates the need for centralized intermediaries. This system ensures that every transaction involving a REC (such as the issuance, sale, or certificate transfer) is recorded transparently and can be tracked by all stakeholders involved.
  • Market Diversification: EDF, REDEX and Rekursive Labs have successfully collaborated on a Proof-of-Concept for automating Renewable Energy Certificates transactions using Hedera. The project enables end consumers to retire small quantities of RECs in real time.
  • Competitive Assessment: Assessment of rankings some of the key players including of 3Degrees, Inc. (US), Ecohz (Norway), Shell Energy (UK), Statkraft, EDF Trading Limited (UK), ENGIE (France), The Green Certificate Company (France), Enel Spa (Italy),  STX Group (Netherlands).

Table of Contents

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 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

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