Global Renewable Energy Certificates Market: Increased Focus on Green Energy Electricity Production to Drive Demand, says TMR
The global market for renewable energy certificates (REC) is likely to witness a robust rise in the coming years, states a report by Transparency Market Research (TMR). The study is titled, “Renewable Energy Certificates Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2023.” It states that the demand for renewable energy certificates is expected to increase owing to global warming issues related to the burning of fossil fuels. These certificates are used in international trade for pushing the development of the renewable energy sector. The production cost of renewable or green energy is more and renewable energy certificates provide an additional income to energy providers, thus driving their demand.
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With an aim to create a market for renewable energy, RECs promote the progress of renewable energy sources. According to the study, for every unit of electricity generated, there is an equivalent number of RECs generated, which can be sold as a tradeable commodity in the international markets. The purchase of renewable certificates counterbalances the generation of conventional energy and the buyer receives a separate electricity bill for the utility. Various tax benefits and allowances are provided for renewable energy-based power generation and this is encouraging the growth of the market. RECs help in replacing fossil-fuel-based power generation in areas where renewable electricity generators are located. On the other hand, many environmental organizations claim that there are no ecological benefits by the certification method being used at present. This is expected to hamper the growth of the market in the coming years.
Developing economies in Africa and Asia have high requirements for electricity owing to the growing population and a surge in industrialization. Additionally, an increase in infrastructure development activities in Asia has fueled power requirements. These certificates can be used to minimize the supply, demand gap through the use of green energy sources. In Asia, China is leading in the renewable energy investments. The U.K. and Denmark are leading in terms of investments in renewable energy in Europe, and in North America, the U.S. is the leader. Countries such as Ireland and Scotland are expected to emerge as lucrative markets for RECs owing to their increased focus in reducing carbon footprints and green energy electricity production.
The report categorizes the renewable energy certificates market on the basis of type of renewable energy produced such as biomass, solar, wind, geothermal, and hydroelectric energy. The study also profiles key players operating in the market such as Carbon Solutions Group, Bonneville Environmental Foundation, Sky Energy, Inc., GP Renewables & Trading LLC, 3Degrees, NuPath Energy, Renewable Choice Energy, and Mass Energy Consumers Alliance.
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