# Green Electricity Certificates (GECs, 绿证)

China's renewable-energy certificate (GEC) market — the marketized value of clean electrons,
increasingly the finance metric behind manufacturing's clean-content mandates.

## Headline numbers

| Metric | 2025 | 2024 |
| --- | --- | --- |
| Issued | **2.947 billion** | 4.734 billion |
| …of which tradable | 1.893 billion | 3.158 billion |
| Traded | **930 million** | 446 million |
| …via green-power deals | 250 million | 169 million |

**Cumulative through end-2025:** ~7.90 billion issued, ~1.48 billion traded.

## The price signal: vintage matters

Prices split sharply by the year the certificate's electricity was generated:

- **2024-vintage certificate:** **¥1.12 per certificate** (each certificate = 1 MWh)
- **2025-vintage certificate:** **¥5.15 per certificate**

(December 2025 trades, average.) The demand for fresh clean content pushed 2025-vintage
certificates to nearly 5× the price of last year's — the market is rewarding newly-produced
green power, not legacy generation.

## Why it matters

The GEC market is where renewable manufacturers (and increasingly exporters facing carbon
border measures) buy proof of clean electricity. Strong issuance growth plus a widening
vintage price gap is the cleanest read-out of how scarce genuinely-new green supply has become
relative to demand — a market-side view of the same absorption tension the buildout
page tracks physically.

## Sources

- National Energy Administration (NEA), "National Renewable Energy Green Electricity Certificate Issuance
  and Trading Data", monthly — 2025-12 bulletin: issuance 2.947 billion in 2025, trading 930 million, vintage prices.
- National Energy Administration (NEA), 2024-12 bulletin: 4.734 billion issued / 446 million traded in 2024, cumulative
  4.955 billion issued / 553 million traded through end-2024.

Cumulative 2025 figures (7.90 billion / 1.48 billion) are derived by adding official 2025 full-year flows
to the official end-2024 cumulative totals.