The latest statistics for I-REC(E) markets have been updated to include data through 31 July 2025. Both issuance and redemptions have increased compared to the same period in 2024. You can view the full data set here. 

I-REC(E) Issuance 

As of the end of July 2025, approximately 227 million I-REC(E) have been issued globally, representing a12% increase compared to the first seven months in 2024. 

Brazil continues to be the largest market, with 54 million I-REC(E) issued so far in 2025, already surpassing its total for all of 2024. Significant growth is also evident in Guatemala and Peru, where the 2025 issuances have exceeded the 2024 volumes by 15% and 25%, respectively.

Growth is also evident in several emerging I-REC(E) markets. In Kenya, issuance in 2025 has already matched the total for all of 2024. New Zealand joined the market this year with its first-ever issuance. Other countries showing strong upward trends include Bangladesh, India, Kazakhstan, and Saudi Arabia. Saudi Arabia has seen a remarkable surge, with issuance rising from 5.3 million in 2024 to over 11 million in 2025. 

I-REC(E) Redemption 

So far in 2025, nearly 187 million I-REC(E) have been redeemed globally – an 8% increase over the first seven months of 2024.  

Cross-border redemptions 

As previously reported, the I-TRACK Foundation now publishes the country of issuance for each redemption, adding transparency to cross-border activity  

Preliminary data from the past two months indicates that the majority of I-REC(E) redemptions occur within the same country where the certificates were issued. However, among countries with more than 500,000 I-REC(E) redemptions in these two months, a few exhibit notable levels of cross-border activity. 

While cross-border redemptions remain relatively rare, they have so far been observed to primarily occur in Asia, where a significant amount of cross-border demand is concentrated in Singapore.