Overview

The International Tracking Standard Foundation (I-TRACK Foundation) follows the laws and regulations of national actors in all markets with Accredited Market Facilitators.  

On 5 September 2024, the I-TRACK Foundation was made aware of the formal publication of the NEA Policy “Renewable Energy Green Electricity Certificate Issuance and Trading Rules.”  

Operating Guidance

The I-TRACK Foundation has been informed that effective immediately, no new electricity generation assets can be registered for I-REC(E)   issuance in China. For all devices that are already registered in China, issuance requests will not be reviewed, and issuance will not be permitted beyond 31 March 2025. Furthermore, for devices that are already registered and that request issuance until 31 March 2025, issuance will only be permitted for power generated up until 31 December 2024 (i.e., effective immediately, issuance requests submitted up to the 31 March 2025 deadline will only be reviewed for the 2024 vintage). 

Anticipated Impacts

The decision of the NEA policy “Renewable Energy Green Electricity Certificate Issuance and Trading Rules” to prohibit the re-issuance of EACs as secondary certificates makes it impossible for asset owners in China to use GECs to seek mutual recognition of international instruments such as I-REC(E). This may impact the ability of both foreign and international companies operating in China to comply with international trade, disclosure, reporting requirements, and tax obligations.  

The I-TRACK Foundation remains committed to supporting trade facilitation at a global scale and extends its willingness to support the Chinese economy provided that such support is compliant with all applicable domestic laws and regulations. While the release of the NEA policy “Renewable Energy Green Electricity Certificate Issuance and Trading Rules” directly prohibits mutual recognition, the I-TRACK Foundation remains willing to reengage if updates to the policy or new policies make such support possible in the future. 

Thank You for Your Engagement

The I-TRACK Foundation extends its sincere gratitude and appreciation to all partners, Market Players, and associated actors that have contributed to the resounding success of the I-REC(E) market in China. We wish you all well and look forward to staying connected with the other 60 markets that the I-TRACK Foundation supports.