Will Green Certificates Become a Must-Have and "Hard Currency" for Enterprises?

How can AI’s international recognition enhance the corporate value of green certificates?

21st Century Business Herald Reporter Lei Ye, Li Deshangyu Beijing Report

In recent years, the green certificate market has been increasingly active. By 2025, the total nationwide trading volume of green certificates reached 930 million, a 1.1-fold increase year-on-year, with the annual trading volume surpassing all previous years combined; in the second half of 2025, the average price of green certificates was 4.14 yuan each, a 90% increase from the first half of the year.

According to the latest data from the National Energy Administration, in February 2026, the NEA issued 198 million green certificates, covering 610,200 renewable energy power generation projects, including 150 million tradable green certificates, accounting for 75.49%.

With both volume and price rising rapidly and trading surging, a key question faces companies: Will green certificates shift from optional credentials to essential entry tickets? Can they become the “hard currency” of the renewable energy industry?

The full name of green certificates is “Renewable Energy Green Power Certificates,” which are electronic IDs issued by the state for green electricity, and the only proof of green power consumption. For every 1,000 kWh of green electricity produced, one green certificate is issued. All electricity generated from registered renewable energy projects—such as wind, solar, hydro, and biomass—can obtain this exclusive label.

After power is connected to the grid, the physical attributes of coal-fired and green electricity are identical; the grid and consumers cannot distinguish the source. The emergence of green certificates provides a dedicated label for green power, solving the pain point of “traceability of generation and proof of consumption.” Green certificates are a mutually beneficial tool: power producers can earn additional environmental benefits by selling certificates, incentivizing further renewable projects; companies and individuals purchasing certificates can demonstrate their green electricity consumption.

Since the trial implementation of green certificate issuance and voluntary subscription systems in 2017, expanding from wind and solar subsidy projects to parity projects in 2019, and the release of the “Notice on the Renewable Energy Power Consumption Responsibility Weight and Related Matters for 2025” in 2025, China’s green certificate development has evolved from pilot programs to full coverage.

With policy support and market participation, the green certificate market in 2025 saw a trading volume of 930 million, with 111,000 consumers involved—an 87.5% increase year-on-year. High-energy-consuming, export-oriented, and high-tech enterprises became the main consumers of green certificates. Additionally, individual buyers emerged strongly in 2025, purchasing 6.33 million certificates, 5.4 times more than in 2024.

More notably, China’s green certificates have obtained an “international green pass.” In May 2025, RE100 fully recognized Chinese green certificates; in November, China’s green certificates made their debut at COP30, earning global recognition. As the world’s largest manufacturing country and the largest exporter, recognition of Chinese green certificates means that domestic companies’ green electricity consumption, verified through certificates, is more easily acknowledged in international markets.

Will green certificates become an essential need for companies? Will they become the “hard currency” of renewable energy? The answer is already very clear. As the “dual carbon” goals advance and international green trade rules tighten, green certificates are shifting from a matter of “whether to buy” to “must hold.” They are the value carriers of green electricity, the green credit of enterprises, and the “hard currency” circulating in the renewable energy sector.