The IEA’s Renewables 2024  report provides forecasts for renewable energy technologies in electricity, transport, and heat through 2030. It highlights progress towards the goal of tripling global renewable capacity, agreed upon at COP28, and identifies challenges hindering faster growth. A special chapter on renewable fuels, including bioenergy, biogas, hydrogen, and e-fuels, explores their potential in decarbonizing key sectors. The report also covers policy trends, solar and wind manufacturing, renewable technology costs, hydrogen production, and system integration challenges such as grid connection delays.

Here is a comprehensive summary of the insights on Renewable Energy Certificates (RECs) based on the content of the IEA “Renewables 2024” report:

1. Renewable Energy Guarantees of Origin (GO):
Guarantees of Origin (GOs) are being utilized as a part of renewable energy certification schemes, especially in the biomethane and biogas sectors. For example, Germany’s renewable biomethane and biogas sectors use GOs to certify the renewable origins of their gas products, which is increasingly essential as part of their renewable energy targets. The GOs help facilitate the trading and usage of these renewable gases across various sectors, including heating and transport .

2. French Biogas Guarantees of Origin (GOs):
France is also employing a GO system for biogas, managed through the European Energy Exchange (EEX), which enables end customers to use biogas certificates to meet voluntary decarbonization targets. This system is separate from other national market-based incentives such as biogas production certificates. The French GO system is critical to boosting investor confidence and fostering growth in the renewable gas market .

3. Biogas Certificates and Market Stability:
France’s use of biogas production certificates is a newer policy that creates market stability by obligating natural gas suppliers to purchase these certificates. This policy seeks to encourage investment in renewable gas by providing predictable demand and financial backing for renewable energy projects .

4. Corporate Power Purchase Agreements (PPAs) and Green Certificates:
Green certificates, along with corporate Power Purchase Agreements (PPAs), play an important role in driving renewable capacity expansion globally. They account for a significant portion of market-driven renewable energy growth, particularly in regions like Latin America, where corporate PPAs and merchant projects rely heavily on green certificates. These certificates serve as a market-based mechanism to provide revenue streams for renewable energy projects .

5. China’s Green Electricity Certificates (GEC):
In China, the government introduced and updated the Green Electricity Certificate (GEC) scheme between 2022 and 2024. This scheme helps to facilitate renewable energy trading across provinces, track progress toward meeting provincial renewable energy goals, and support the certification of renewable electricity for industries. This move is part of China’s broader effort to expand renewable energy infrastructure .

These systems and policies underpin the growing importance of RECs and GOs in facilitating renewable energy trading, compliance, and market development, and they are playing an increasingly important role in supporting global and regional renewable energy targets.