The I-REC(E) market statistics for the first half of 2024 have been published. These statistics detail all issued and redeemed I-REC(E) globally. Based upon the transaction date, a total of 188 million certificates, representing 188 TWh of electricity, have been issued in all I-REC(E) markets combined so far this year. This fantastic number represents a 17% growth compared to the volumes of Q1 and Q2 in 2023. The largest markets so far in 2024 are Brazil, China, and Chile.
Redemptions grew at an even more impressive 58% percent from 102 million in the first 6 months of 2023 to 162 million in 2024. This shows that the enormous growth in issuance last year is being used for 2023 reporting in the first half of 2024. This is shown by the fact that 77% percent, or 124 million certificates, of the volume redeemed in the first six months of 2024 were vintage 2023.
The market statistics for 2024 are presented in a similar way as previous years with one major change. The statistics, following the introduction of I-TRACK for electricity [I-TRACK(E)) and I-REC(E)] a few months ago, now also make this distinction between certificates from non-renewable sources and renewable sources. Such a system allows for the issuance of every single MWh in the country to be tracked and allocated to one specific end-user regardless of the energy source. To determine whether an energy source falls under I-REC(E) statistics or I-TRACK(E) statistics, the definition of the International Energy Agency (IEA) is being followed (World Energy Outlook 2023, IEA).
Why do we record the statistics?
To support 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.
Contact the I-TRACK Foundation secretariat via secretariat@irecstandard.org if you have questions or concerns about the published data.
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 the ‘Market Statistics’ button at the top, left of the page.