The I-REC(E) market statistics for 2023 have been published. These statistics detail all issued and redeemed I-REC(E) around the world. Based upon the date of transaction, a total of 283 million certificates, representing 283 TWh of electricity, have been issued in all I-REC(E) markets combined during the calendar year of 2023. This fantastic growth represents a 42% growth compared to 2022. The number of redemptions grew at an even larger rate of 81% compared to 2022. The total redemptions in 2023 were 176 million, representing 176 TWh. Since I-REC(E) has a trading phase, it is normal that the number of redemptions is lower than the number of issuances for the same calendar year.
The largest markets in 2023 were China, the United Arab Emirates, Brazil, and Türkiye. Huge growth was seen in the UAE, Brazil, and Türkiye where the growth rate was around 251%, 73%, and 34% respectively. These four markets combined represent 172 million I-REC(E).
The top 10 by volume is completed by respectively Chile, Vietnam, Malaysia, India, Thailand, and Colombia where issuance levels are between 17 and 8 million in each market. The above six countries grew at impressive rates with Malaysia showing a remarkable increase of 441%.
The International Tracking Standard Foundation: Founder of I-REC (I-TRACK Foundation) is also very pleased to see new markets and smaller markets grow at impressive rates. In Africa, South Africa, Nigeria, and Morocco were growing at rates above 80% and the first-ever issuance took place in Burkina Faso. In Central and South America, the market grows steadily in most countries whereas the Dominican Republic grew by over 450% and the first-ever issuance took place in Ecuador. When we zoom in on the remaining areas, we see a high level of growth compared to 2022 levels in Oman, Kazakhstan, the Philippines, and Australia. First ever issuance took place in Bangladesh, Mongolia, and Pakistan, where an impressive volume of over 300 thousand was reached in the first year.
The market statistics for 2024 will be presented in a similar way as previous years with one major change that will be implemented within the year. The I-TRACK Foundation wants to provide non-renewable sources the opportunity to receive certificates with factual attributes to allow for any future full disclosure systems. Such a system allows for the issuance of every single MWh in the country so this can be tracked and allocated to one specific end-user regardless of the energy source. Certificates from non-renewable sources, following the definition of the IEA, will be shown in the statistics as I-TRACK(E) certificates whereas the vast majority of the current certificates will remain to be seen as I-REC(E).
Why do we record the statistics?
To support in the dissemination of reliable and robust market statistic information, the I-TRACK Foundation and Evident, the Registry Operator and Code Manager for the I-REC for Electricity Product Code, have been working together collecting data for the I-REC(E) market to generate a monthly Market Statistics report (downloadable to the left). This file provides transparency in the market and protects the privacy of individual companies and transactions. More information about the provided data can be found in the first datasheet of the file.
Please reach out to the I-TRACK Foundation secretariat via email@example.com if you have questions or concerns about the published data or if you believe there is information missing.
Where to find the I-REC(E) market statistics
In general, updated I-REC(E) market statistics can be found on the I-REC(E) Product Code page of the I-TRACK Foundation website I-REC(E) Product Code page. To download and view the statistics, click on the ‘Market Statistics’ button located at the top, left of the page.