Investment Rating - The report indicates a positive outlook for the green certificate market, suggesting it is entering a high-quality development phase [3][6]. Core Insights - Green certificates are the only proof of the environmental attributes of renewable energy electricity in China, with a market mechanism that allows for flexible trading [3][4]. - The development of the green certificate market is strategically significant, emphasizing the environmental value of green electricity and imposing mandatory consumption ratios on high-energy-consuming industries [3][4]. - The report forecasts a substantial increase in the trading scale of green certificates, estimating a market size of 132 billion yuan by 2026 [4][6]. Summary by Sections 1. Green Certificate Market Development - The green certificate market is expected to undergo high-quality development, with a significant increase in issuance and trading volume [3][6]. - The average price of green certificates is projected to rise in the future due to increasing demand from both domestic and international markets [4][6]. 2. Trading Mechanism and Scale - The report outlines a closed-loop operation mechanism for green certificates, including issuance, trading, application, and cancellation [3][4]. - As of September 2025, a total of 70.62 billion green certificates have been issued, with a notable increase in trading volume [4][41]. 3. Mandatory Consumption Requirements - Each province and high-emission industry has established mandatory consumption ratios for green electricity, which are set to increase annually [3][54]. - The report highlights that regions with abundant renewable energy resources have higher mandatory consumption ratios compared to coastal areas [57]. 4. International Recognition and Future Outlook - The report emphasizes the need to enhance the international recognition of China's green certificates, especially in light of the EU's carbon tariff set to take effect in 2026 [3][4]. - By 2027, the green certificate market is expected to have a well-established trading system, combining mandatory and voluntary consumption mechanisms [21][22].

在居民生活领域，深圳绿电绿证服务中心在全国首创"居民绿证随手购""绿车充绿电"等产品。在绿电活 动领域，该中心通过"三讲"走出去，即面向企业讲、面向机构讲、面向港澳讲，将绿电消费理念传播至 更多企业；"三办"请进来，即办交易撮合会、办交流活动、办绿证论坛，至今累计服务撮合交易绿电超 684亿千瓦时。 该中心还为重点企业设计"集约化绿证采购"方案，支撑企业绿色供应链建设。中心成立以来，已累计服 务深圳绿电绿证交易总量达359.28亿千瓦时。今年前三季度，深圳绿电绿证交易总量172.36亿千瓦时， 其中绿电（000537）交易量30.54亿千瓦时，同比增长143%；绿证交易量折合电量141.82亿千瓦时，同 比增长38.1%。累计服务用户突破1000家，其中比亚迪（002594）、华为、腾讯等企业绿电消费跻身全 国绿色电力消费百强。 南方电网深圳供电局作为中国电力企业代表参加会议。在会议主旨演讲环节，深圳供电局市场部副总经 理成坤以"点亮能源未来，让每一度电闪耀绿色价值"为题，分享了深圳在推动绿色电力消费与城市能源 转型方面的系统实践，获得与会代表的广泛关注与认可。 深圳供电局于2023年成立全国首个绿电绿证服务 ...

Core Insights - The event "Green Certificate: Smoothly Connecting China and Moving Towards the World - Green Certificate Entering Beijing-Tianjin-Hebei" was held in Xiong'an New Area, aiming to promote the widespread application of green power certificates in the Beijing-Tianjin-Hebei region and facilitate the green transformation of the energy structure in this area [2][3] Group 1: Event Overview - The event was organized by the Beijing Electric Power Trading Center and hosted over 200 guests, including representatives from the National Energy Administration, Hebei Development and Reform Commission, and various power trading institutions [2] - The event utilized a "main venue + sub-venue" model, with the main venue in Xiong'an and sub-venues in Beijing, Tianjin, and Hebei, conducting simultaneous promotional activities [2] Group 2: Market Development - The green certificate trading scale in the Beijing-Tianjin-Hebei region exceeded 65 million certificates in the first three quarters of this year, representing an 86% year-on-year increase [2] - The National Energy Administration highlighted the continuous expansion of the green certificate market in the region, with trading scales reaching new highs [3] Group 3: Innovations and Initiatives - Beijing is actively promoting green transformation in industrial parks, integrating green certificates with carbon trading and green finance [4] - Tianjin established the first provincial-level green certificate service center in the country, offering 15 service measures to support enterprises [5] - Hebei has implemented a comprehensive data-sharing mechanism to support the issuance and trading of green certificates, with over 200 million certificates issued to date [5] Group 4: Future Prospects - The successful hosting of the event marks a new phase of scaled and standardized development for the green certificate market in the Beijing-Tianjin-Hebei region, with expectations for broader, deeper, and higher-quality applications in the future [6]

Core Viewpoint - The 15th National Games (referred to as the "Fifteenth Games") is set to be the first "carbon-neutral" event, with a commitment to 100% green electricity usage, showcasing innovative technologies for sustainable energy supply [2][4]. Group 1: Green Energy Implementation - The event will utilize over 188 million kilowatt-hours of green electricity, equivalent to a reduction of approximately 160,000 tons of carbon emissions, which is comparable to planting about 8.88 million trees [2][4]. - The green electricity will be sourced from various renewable energy projects across multiple provinces, ensuring a collaborative supply of green certificates [4]. Group 2: Technological Innovations - The event will feature a team of hydrogen-powered robots, including humanoid and quadruped robots, designed for intelligent power inspection, significantly enhancing operational efficiency [6][7]. - The hydrogen-powered emergency power vehicle will provide a continuous power supply of 200 kilowatts for up to 6 hours, integrating multiple energy systems [7]. Group 3: Economic and Industrial Impact - The event serves as a platform to showcase the latest technological advancements in the Guangdong-Hong Kong-Macao Greater Bay Area, injecting new momentum into industrial development [3][8]. - Guangdong's clean energy consumption is on the rise, with a significant portion of electricity sourced from renewable energy, reflecting a growing trend among enterprises to opt for green power [5].

Core Viewpoint - The article emphasizes the importance of developing renewable energy to improve energy structure, ensure energy security, and promote ecological civilization, with a target of reaching 3.6 billion kilowatts of installed wind and solar power capacity by 2035 in China [2]. Group 1: Training Announcement - A training session on green electricity direct connection and non-electric utilization of renewable energy is organized to help enterprises understand the latest policies and pathways [2]. - The training will take place from October 30 to 31 in Beijing [3]. Group 2: Target Audience - The training is aimed at various stakeholders including provincial power companies, renewable energy enterprises (wind, solar, storage), energy service companies, and research institutions [4]. Group 3: Course Modules - The training will cover multiple modules including: - Outlook on the 14th Five-Year Plan for electricity and renewable energy development - Discussion on green electricity direct connection policies - Differences in provincial green electricity direct connection policies - Application scenarios for green electricity direct connection - Investment and construction models for green electricity direct connection projects - Planning paths for green electricity parks - Approval processes for green electricity direct connection projects - Development status and prospects of non-electric utilization of renewable energy [4]. Group 4: Training Fees - The training fee is set at 3,900 yuan per person, which includes the training cost, while transportation and accommodation are self-managed [5].

Core Insights - The 2024 China Green Power (Green Certificate) Consumption TOP100 ranking has been released, showcasing significant growth in green electricity consumption among companies in southern China [1][2] - The ranking reflects the explosive growth of the green electricity and green certificate market in the southern region, with a notable increase in both trading volume and participant numbers [1][2] Group 1: Market Overview - In 2024, the southern region's green electricity trading volume reached 234.2 billion kilowatt-hours, a year-on-year increase of 157% [1] - The green certificate trading scale reached 68.29 million certificates (equivalent to 68.29 billion kilowatt-hours), marking a 72-fold increase year-on-year [1] - Over 9,000 entities participated in the market, with green certificate trading achieving nationwide coverage across all 34 provincial-level administrative regions [1] Group 2: Regional Highlights - Guangdong led the southern region with a green electricity and certificate trading volume of 44.4 billion kilowatt-hours, ranking first in the southern region and third nationally [2] - Yunnan became a core province for green electricity supply with a 90% share of installed capacity from green energy [2] - Guangxi attracted over 2,000 participants in the green electricity and certificate market, the highest in the southern region [2] - Guizhou's consumption focused on new energy battery material production, while Hainan's consumption was concentrated in the service industry [2] Group 3: Corporate Contributions - Foxconn ranked seventh in national green electricity consumption, with its energy management department highlighting the positive impact of the RE100 initiative on green certificate consumption confidence [3] - The use of Chinese green electricity certificates can help companies meet RE100 audit requirements and significantly reduce carbon emission compliance costs [3] - The Guangzhou Electric Power Trading Center is collaborating with provincial trading centers to establish a "1+N" green electricity ranking system, expanding the current consumption ranking to include power generation and sales companies [3]

Core Insights - The green certificate market in China has experienced significant growth in both volume and price in 2023, with a trading volume of 464 million certificates from January to August, representing a year-on-year increase of 120% [1] - The average trading price of green certificates has increased by 140% compared to the beginning of the year, indicating stronger momentum for high-quality development in the green certificate sector [1] - The legal and policy framework for green certificates in China has been established since 2017, supported by the Energy Law and a comprehensive policy system, enhancing the international recognition and influence of Chinese green certificates [1] Market Development - The promotional event held in Jinan is part of a series of activities aimed at expanding the application of green certificates and accelerating the construction of a green electricity consumption system [1] - The nine provinces along the Yellow River have actively promoted green certificate trading and green electricity consumption, leading to an expanding market coverage and steady growth in trading scale [1] - As of August 2025, a total of 188 million green certificates have been sold, accounting for 41% of the national total, while 121 million have been purchased, representing 26% of the national total [1]

Core Viewpoint - The "Green Car Charging Green Electricity" incentive program was launched in Shenzhen to encourage electric vehicle owners to use green energy, contributing to the city's carbon neutrality goals [1][5]. Group 1: Program Details - The program allows electric vehicle owners to receive a personal green certificate after charging 1,000 kWh at designated green electricity charging stations [1][6]. - The initiative is part of a broader strategy to promote renewable energy and has been implemented in 11 charging stations across Shenzhen, which supply 100% green electricity [1][6]. - The green electricity supplied comes from various regions, including Yunnan, Guizhou, Guangdong, and Guangxi, with contributions to local educational institutions [1]. Group 2: Industry Collaboration - Multiple charging operators in Shenzhen signed a "Green Electricity Promotion Initiative," emphasizing collaboration and resource sharing to enhance green energy adoption [5]. - The initiative aims to create a sustainable development strategy within the charging industry, promoting innovative green charging services [5]. Group 3: Expected Impact - The program is projected to achieve over 14 million kWh of green electricity consumption and attract more than 20,000 electric vehicle owners by the end of the year [6]. - By mid-2026, participants will have the opportunity to purchase green certificates through a points system, enhancing engagement in green energy consumption [6]. - In the first half of the year, Shenzhen's green electricity certificate trading volume reached 14.258 billion kWh, leading the southern region of China [6].

Core Viewpoint - The Ningxia Development and Reform Commission has issued a plan for the allocation of renewable energy power consumption responsibility weights for 2025, emphasizing the increase of green electricity consumption in key energy-intensive industries [1] Group 1: Renewable Energy Consumption Targets - The plan specifies that by 2025, the green electricity consumption ratio for the electrolytic aluminum industry will be no less than 34.2% [1] - The steel, cement, and polysilicon industries will also have a green electricity consumption ratio set at no less than 34.2% [1] - New data centers at national hub nodes are required to achieve a green electricity consumption ratio of 80% [1]

Core Viewpoint - The initiative "Green Car Charging with Green Electricity" is gaining popularity in Shenzhen, promoting the use of renewable energy and providing personal green certificates to electric vehicle owners who charge with green electricity [1][2]. Group 1: Green Electricity and Certificates - "Green electricity" refers to electricity generated from renewable sources such as wind, solar, and biomass, while a "green certificate" is an electronic identification issued by the National Energy Administration for every 1,000 kWh of renewable energy consumed [1]. - The Shenzhen Power Supply Bureau has launched a service product that ensures 100% green electricity supply at 11 charging stations in the city [1][2]. Group 2: Incentives and Participation - Electric vehicle owners who charge 1,000 kWh at designated stations will receive a government-authorized green certificate, serving as a recognition of their contribution to environmental protection [2]. - The Shenzhen Power Supply Bureau plans to hold an incentive program to reward participants with benefits such as a 50 yuan charging card, making green electricity consumption tangible and rewarding [2]. Group 3: Future Development - The company aims to continuously innovate green electricity and certificate services, creating a product service matrix to enhance the purchasing experience for electric vehicle owners [3]. - The promotion of "Green Car Charging with Green Electricity" will be executed in three phases: promotion and cultivation, mature development, and integrated win-win, to foster a societal trend towards green electricity consumption [3].