On June 30, 2024, the National Energy Administration (NEA) officially launched the National Green Certificate Issuance and Trading System (NGCITS). This aims to fully implement the requirements set by the National Development and Reform Commission, the Ministry of Finance and the National Energy Administration for the comprehensive coverage of renewable energy green power certificates (the green certificates).
Starting July 1, 2024, power generation companies or project owners can access the system through the “Online Services” section of the NEA website using their existing accounts and passwords. The system will issue green certificates based on electricity consumption data provided by power grid companies and power trading institutions for registered projects.
According to NEA data, by the end of May 2024, China’s installed capacity of renewable energy power generation reached 1.12 billion kilowatts, marking a year-on-year increase of 15.5%. This includes wind power installations reaching 330 million kilowatts (up 17.8% year on year) and solar power installations reaching 350 million kilowatts (up 17.8% year-on-year). These renewable energy sources will provide substantial data support for the issuance of green certificates.
Moreover, the activation of the NGCITS will positively impact China’s carbon emission quota trading market. From January to May 2024, the market’s transaction volume reached 130 million tons, a 30.2% year-on-year increase, with renewable energy power companies accounting for 58 million tons, a 36.8% year-on-year increase.
To ensure the smooth operation of the NGCITS, the NEA will enhance system maintenance and management to quarantee safe and stable functionally. Additionally, training will be provided to power generation companies and project owners to improve their proficiency in using the system.
