一、绿证核发情况 2025 年 12 月，国家能源局核发绿证 2.11 亿个，涉及可再生能源发电项目 68.87 万个，其中可交易绿证 1.50 亿个，占比 71.32% 。 本期核发 2025 年 11 月可再生能源电量对应绿证 1.85 亿个，占比 87.72% 。 2025 年 1 - 12 月，国家能源局共计核发绿证 29.47 亿 个，其中可交易绿证 18.93 亿个。 全国绿证核发情况一览表 注：由于 " 四舍五入 " 原因，可能会导致数据分项合计与总计略有差异。 二、绿证交易情况 2025 年 12 月，全国交易绿证 2.02 亿个，其中绿色电力交易绿证 2275 万个。 2025 年 1 - 12 月，全国共计交易绿证 9.30 亿个，其 中绿色电力交易绿证 2.50 亿个。 全国绿证交易 数量 一览表 | 可再生能源发电类型 | 2025 年 12 月交易绿证 | 2025 年 1-12月交易绿证 | | --- | --- | --- | | | 数量 | 数量 | | 风电 | 9415 | 44116 | | 大阳能发电 | 8931 | 42091 | | 生物质发电 | 1421 ...

Core Viewpoint - The article discusses the implementation details of the "Renewable Energy Green Power Certificate Management Implementation Rules (Trial)" issued by the National Energy Administration, which aims to enhance and standardize the management of green certificates for renewable energy in China [1][4]. Summary by Sections General Principles - The rules are designed to improve the mechanism for promoting green energy consumption and to standardize the issuance and management of green power certificates (referred to as green certificates) [5]. - The rules apply to the issuance, transfer, cancellation, and management of green certificates corresponding to renewable energy generation projects within China [5]. Responsibilities - The National Energy Administration is responsible for the design and management of the green certificate system, including the establishment and management of the national green certificate issuance and trading system [6]. - Various entities, including provincial energy authorities and power grid companies, are tasked with supporting the data collection and reporting necessary for green certificate issuance [7]. Account Management - Green certificate issuing agencies will establish accounts for relevant entities through the national green certificate issuance and trading system, recording the issuance, trading, transfer, and cancellation of green certificates [8]. - Power generation companies must complete the registration of their renewable energy projects within one month of grid connection to facilitate green certificate issuance [8][9]. Issuance of Green Certificates - Green certificates will be issued monthly based on renewable energy generation, with one certificate issued for every 1,000 kilowatt-hours of renewable energy generated [10]. - Different types of renewable energy projects will have specific rules for certificate issuance, with tradable certificates issued for certain projects starting from January 1, 2023 [10][11]. Transfer of Green Certificates - The national green certificate issuance and trading system is the sole channel for the transfer, freezing, and allocation of green certificates [14]. - Power generation companies and electricity users can choose any green certificate trading platform for transactions, with the requirement that the price of green certificates must be greater than zero [14][15]. Cancellation of Green Certificates - The issuing agency will cancel certificates that exceed their validity period or are associated with voluntary emission reductions [16]. - Users must select the environmental rights attribution location when purchasing green certificates, and the cancellation of certificates must align with the physical consumption of electricity [16][17]. Dispute Handling - Any disputes regarding the issuance or transfer of green certificates must be raised within three months, and the issuing agency will verify and process these disputes [18][19]. Information Management - All relevant entities must ensure the accuracy of information submitted to the national green certificate issuance and trading system [20]. - The issuing agency will compile and publish monthly reports on the issuance, trading, and cancellation of green certificates [20]. Supervision - The National Energy Administration and local government departments will oversee the implementation of the green certificate system and propose regulatory suggestions [21].

Group 1 - The National Energy Administration issued 258 million green certificates in November 2025, involving 509,700 renewable energy generation projects, with 150 million tradable green certificates, accounting for 58.25% [2] - In the period from January to November 2025, a total of 2.736 billion green certificates were issued, of which 1.743 billion were tradable [2] - The breakdown of green certificates issued in November 2025 includes wind power (75,96), solar power (5,804), conventional hydropower (10,822), biomass power (1,331), and other renewable energy sources (280), totaling 25,833 [4] Group 2 - In November 2025, a total of 132 million green certificates were traded nationwide, with 25.39 million being green electricity trading certificates [5] - From January to November 2025, a total of 728 million green certificates were traded, including 228 million green electricity trading certificates [5] - The average trading price of green certificates for electricity produced in 2024 was 4.28 yuan per certificate, while for electricity produced in 2025, it was 5.16 yuan per certificate [7]

Summary of Key Points Core Viewpoint - The National Energy Administration has released data on the issuance and trading of renewable energy green power certificates for October 2025, highlighting significant activity in the renewable energy sector. Group 1: Green Certificate Issuance - In October 2025, the National Energy Administration issued 370 million green certificates, covering 374,100 renewable energy generation projects, with 158 million being tradable certificates, accounting for 42.61% of the total issued [1] - The green certificates corresponding to renewable energy generation for September 2025 amounted to 243 million, representing 65.80% of the total [1] - From January to October 2025, a total of 2.478 billion green certificates were issued, with 1.592 billion being tradable [1] Group 2: Green Certificate Trading - In October 2025, a total of 6.67 million green certificates were traded nationwide, including 2.299 million green power trading certificates [3] - From January to October 2025, the total number of traded green certificates reached 596 million, with 202 million being green power trading certificates [3] Group 3: Trading Prices of Green Certificates - The average trading price for green certificates from the production year 2024 was 2.56 yuan per certificate, while for the production year 2025, the average price was 5.22 yuan per certificate [5]

Group 1 - In October 2025, the National Energy Administration issued 370 million green certificates, involving 374,100 renewable energy generation projects, with 158 million being tradable green certificates, accounting for 42.61% [2] - For the period from January to October 2025, a total of 2.478 billion green certificates were issued, of which 1.592 billion were tradable [2] - The issuance of green certificates in October 2025 corresponds to 243 million renewable energy electricity, representing 65.80% [2] Group 2 - In October 2025, a total of 66.7 million green certificates were traded nationwide, with 22.99 million being green electricity trading certificates [5] - From January to October 2025, a total of 596 million green certificates were traded, with 202 million being green electricity trading certificates [5] - The average trading price for green certificates produced in 2024 was 2.56 yuan per certificate, while for those produced in 2025, it was 5.22 yuan per certificate [7] Group 3 - The trading volume of green certificates in October 2025 included 3.023 million from wind power and 3.403 million from solar power [7] - The average price for green certificates produced in 2025 saw a month-on-month decrease of 19.14% [9] - The total trading volume for renewable energy types in October 2025 included 137 from biomass power and 108 from other renewable energy sources [7]

Green Certificate Issuance - In September 2025, the National Energy Administration issued 229 million green certificates, covering 306,500 renewable energy generation projects, with 158 million being tradable green certificates, accounting for 68.86% [2] - For the period from January to September 2025, a total of 2.108 billion green certificates were issued, of which 1.435 billion were tradable [2] Green Certificate Issuance by Renewable Energy Type - In September 2025, the issuance of green certificates by renewable energy type was as follows: Wind power: 72,160; Solar power: 73,240; Conventional hydropower: 68,760; Biomass power: 13,000; Other renewable energy: 1,241, totaling 229,390 [4] - From January to September 2025, the total issuance was 2,107,580 green certificates [4] Green Certificate Trading - In September 2025, a total of 65.12 million green certificates were traded nationwide, with 21.02 million being green electricity trading certificates [5] - From January to September 2025, a total of 529 million green certificates were traded, with 179 million being green electricity trading certificates [5] Green Certificate Trading by Renewable Energy Type - In September 2025, the trading of green certificates by renewable energy type was as follows: Wind power: 28,600; Solar power: 32,880; Biomass power: 1,620; Other renewable energy: 2,010, totaling 65,120 [7] - The average trading price for green certificates in September 2025 was 4.99 yuan per certificate, reflecting a month-on-month decrease of 11.78% [7][10]

Green Certificate Issuance - In August 2025, the National Energy Administration issued 271 million green certificates, covering 306,500 renewable energy generation projects, with 152 million being tradable green certificates, accounting for 55.99% [2] - For the period from January to August 2025, a total of 1.878 billion green certificates were issued, of which 1.277 billion were tradable [2] - The breakdown of green certificate issuance in August 2025 by renewable energy type includes: Wind Power (6,494), Solar Power (7,327), Conventional Hydropower (11,767), Biomass Power (1,328), and Other Renewable Energy (228) [3] Green Certificate Trading - In August 2025, a total of 48.38 million green certificates were traded nationwide, with 17.63 million being green electricity trading certificates [4] - From January to August 2025, a total of 464 million green certificates were traded, including 158 million green electricity trading certificates [4] - The average trading price for green certificates in August 2025 was 5.66 yuan per certificate, reflecting a month-on-month increase of 22.77% [6] Trading Price Overview - The trading price for green certificates has varied by production year, with 2025 showing an average price of 8.10 yuan per certificate, a month-on-month increase of 17.83% [8] - The average trading price for all certificates in August 2025 was 5.66 yuan, with a significant increase of 22.77% compared to the previous month [8]

Group 1: Green Certificate Issuance - In July 2025, the National Energy Administration issued 236 million green certificates, covering 235,800 renewable energy generation projects, with 166 million tradable green certificates, accounting for 70.63% [1] - For the period from January to July 2025, a total of 1.607 billion green certificates were issued, of which 1.125 billion were tradable [1] - The green certificates issued in June 2025 corresponded to 194 million renewable energy generation, representing 82.36% [1] Group 2: Green Certificate Trading - In July 2025, a total of 68.21 million green certificates were traded nationwide, with 34.72 million being green power trading certificates [4] - From January to July 2025, 416 million green certificates were traded, including 141 million green power trading certificates [4] - The average trading price for green certificates in July 2025 was 4.61 yuan per certificate, with a month-on-month increase of 35.42% [6] Group 3: Breakdown of Green Certificate Issuance and Trading by Renewable Energy Type - In July 2025, the issuance of green certificates by renewable energy type included: wind power (77,73), solar power (75,02), conventional hydropower (68,63), biomass power (1,256), and others (1,828), totaling 23,553 [3] - For the first seven months of 2025, the total issuance by type was: wind power (65,403), solar power (35,467), conventional hydropower (48,856), biomass power (10,091), and others (828), totaling 160,675 [3] - In July 2025, the trading of green certificates by type included: wind power (3,648), solar power (2,822), biomass power (253), and others (97), totaling 6,821 [6]

Green Certificate Issuance - In June 2025, the National Energy Administration issued 278 million green certificates, a month-on-month increase of 29.33%, covering 198,700 renewable energy generation projects, with 196 million being tradable green certificates, accounting for 70.64% [1] - From January to June 2025, a total of 1.371 billion green certificates were issued, of which 958 million were tradable [1] Renewable Energy Generation Types - In June, the issuance of green certificates by renewable energy generation type included: - Wind power: 11,078 - Solar power: 6,994 - Conventional hydropower: 8,226 - Biomass power: 1,330 - Other renewable energy: 171 - Total green certificates issued in June: 27,799, and from January to June: 1,371,122 [3] Green Certificate Trading - In June 2025, a total of 60.91 million green certificates were traded nationwide, with 10.33 million being green electricity trading certificates. From January to June, 348 million green certificates were traded, including 107 million green electricity trading certificates [4] - In June, the average trading price of green certificates was 3.40 yuan per certificate, with a month-on-month increase of 24.77% [6] Trading by Renewable Energy Generation Types - In June, the trading of green certificates by renewable energy generation type included: - Wind power: 2,927 - Solar power: 2,364 - Biomass power: 678 - Other renewable energy: 122 - Total green certificates traded in June: 6,091, and from January to June: 34,826 [6]

Group 1: Green Certificate Issuance - In May 2025, the National Energy Administration issued 215 million green certificates, a month-on-month decrease of 0.59%, covering 127,100 renewable energy generation projects, with 130 million tradable green certificates, accounting for 60.31% [1] - From January to May 2025, a total of 1.093 billion green certificates were issued, of which 762 million were tradable [1] - The breakdown of green certificate issuance by renewable energy type in May includes: Wind power (82,32), Solar power (40,55), Conventional hydropower (74,48), Biomass power (16,37), and Other renewable energy (123), totaling 21,495 [3] Group 2: Green Certificate Trading - In May 2025, a total of 29.87 million green certificates were traded nationwide, including 10.05 million green electricity trading certificates [4] - From January to May 2025, a total of 287 million green certificates were traded, with 96.23 million being green electricity trading certificates [4] - The trading of green certificates in May included 19.82 million certificates with an average trading price of 2.73 yuan per certificate, reflecting a month-on-month increase of 18.12% [5]