China Unveils Rules for Issuance and Trading of Renewable Energy Green Electricity Certificates
ISSUING AUTHORITY:
National Energy Administration
DATE OF ISSUANCE:
August 26, 2024.
On August 26, the National Energy Administration released the Rules for Issuance and Trading of Renewable Energy Green Electricity Certificates (the “Rule”), which is aimed at standardizing the Green Electricity Certificates (the “GECs”) and facilitating the green electricity trading market.
The Rule is aimed at clarifying the basic framework for issuing and trading GECs. For the issuance of GECs, the GECs will be issued monthly by the National Energy Administration's Electric Power Business Qualification Management Center. For the trading of GECs, the GECs’ transactions are open to the public, and transacted based on the market orientation. The seller and the buyer shall be transacted on the national green certificate issuance and trading system via their verified green certificate accounts. The Rule has also proposed several measures for strengthening the supervision of the GECs market, including using new technological tools, such as artificial intelligence, cloud computing, and blockchain, to ensure the reliability of GECs’ issuance and transaction.
With the implementation of the Rule, China is expected to further support the clean and low-carbon transformation of the energy industry, and promote the green development of the economy and society.
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