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Recently, five departments including the National Development and Reform Commission jointly issued the "Opinions on Promoting the High-Quality Development of the Renewable Energy Green Power Certificate Market" (hereinafter referred to as the "Opinions"). The Opinion clearly states that efforts should be accelerated to increase the proportion of green power consumption by enterprises in the petrochemical, chemical and other industries, data centers, as well as other key energy-consuming units and industries. By 2030, it should, in principle, not be lower than the average level of the national total renewable energy power consumption responsibility weight.

At present, China has basically achieved full coverage of green certificate issuance, with the transaction scale and the number of users expanding rapidly. The international mutual recognition of green certificates is being actively promoted. Meanwhile, due to the lack of coordination between supply and demand, the price of green certificates has been continuously declining, and the environmental value of green power in the market has been seriously underestimated.

Seventeen specific measures are feasible and implementable

To fully stimulate the demand for green electricity consumption and unleash the vitality of the green certificate market. Based on the goals for the construction of the green certificate market in 2027 and 2030, the "Opinions" put forward 17 specific and operational measures that can be implemented from aspects such as market supply, consumer demand, trading mechanisms, application scenarios, and the "going global" of green certificates.

The first is to stabilize the supply of the green certificate market. Establish a monthly batch automatic issuance mechanism for green certificates, and in principle, complete the issuance of green certificates corresponding to the electricity consumption of the previous month within the same month. Expand the scale of green power trading, improve the green certificate verification and write-off mechanism, and promote the optimal allocation of green certificates on a larger scale.

The second is to stimulate the demand for green certificates. Establish a green certificate consumption mechanism that combines mandatory consumption with voluntary consumption, steadily promote mandatory green certificate consumption in accordance with the law, gradually increase the proportion of green power consumption and use green certificates for accounting. Improve the voluntary consumption mechanism for green certificates and expand the scenarios for their voluntary consumption. Measures such as improving financial and fiscal support policies.

The third is to improve the green certificate trading mechanism. Improve the formation mechanism of green certificate prices, strengthen the monitoring of green certificate prices, study the establishment of a green certificate price index, and guide green certificate prices to operate at a reasonable level. Optimize the green certificate trading mechanism, promote the signing of medium and long-term green certificate purchase agreements between the issuer and the user, and support agency institutions in participating in the issuance and trading of green certificates for distributed new energy power generation projects. Improve the green power trading mechanism, promote the construction of multi-year, annual, monthly and intra-month green power trading mechanisms, and encourage both power generation and consumption parties to sign multi-year purchase agreements.

Fourth, expand the application scenarios of green certificates. Accelerate the construction of the green certificate standard system, compile a directory of green power consumption standards, and promote the effective connection between green certificates and the carbon emission accounting standards of key industry enterprises and the carbon footprint accounting standards of key products. Establish a green power consumption accounting mechanism based on green certificates, and improve the statistical ranking dimensions and levels of green power consumption. Formulate relevant technical standards, rules and labels for green power consumption certification, establish a green power consumption certification mechanism that suits China's national conditions, promote the acceptance and application of certification results in related fields, and encourage relevant entities to actively use green power consumption labels. Promote the effective connection between green certificates and other mechanisms, gradually expand the scope of industries and enterprises with green power consumption ratio requirements and use green certificates for accounting, promote the inclusion of green power consumption requirements in the energy conservation and carbon reduction management measures for key energy-consuming and carbon-emitting units, and strengthen the application of green certificates in the carbon footprint accounting of key products and product carbon labeling.

The fifth is to promote the application of green certificates to go global. We should make overall plans for the formulation of international and domestic standards, promote the application of China's green power consumption standards in international green power consumption accounting and certification, and accelerate the formulation of international standards for green power consumption. In the inter-governmental institutional dialogue, green certificates should be regarded as an important topic. Support should be given to various institutions and enterprises to carry out exchanges and cooperation on green certificates, and guide trading partners to recognize Chinese green certificates. Carry out flexible and diverse publicity and implementation activities on green certificate policies to promote the formation of a favorable atmosphere for active consumption of green electricity. Encourage all regions, especially those with a high demand for green certificates such as the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area, to explore the establishment of green certificate and green electricity service centers.

The combination of compulsion and voluntariness stimulates the demand for green certificates

The Opinion takes the establishment of a green certificate consumption mechanism that combines compulsory consumption with voluntary consumption as its core and accelerates the promotion of green certificate consumption.

On the one hand, clearly define the mandatory consumption requirements for green certificates. On the basis of setting green power consumption targets for the electrolytic aluminum industry and using green certificates for accounting in the 2024 renewable energy power consumption responsibility weight, mandatory green certificate consumption requirements will be imposed on enterprises and data centers in industries such as steel, non-ferrous metals, building materials, petrochemicals, and chemicals, as well as other key energy-consuming units and industries. It is clearly stipulated that by 2030, it should not be lower than the average level of the national total consumption responsibility weight of renewable energy power. It is required that the proportion of green power consumption in newly-built data centers at national hub nodes be further increased on the basis of 80%.

At the same time, in regions with the necessary conditions, a number of green power factories and green power parks that consume a high proportion of green electricity should be classified and graded to encourage them to achieve 100% green electricity consumption, effectively supporting the construction of zero-carbon factories and zero-carbon parks. Promote the inclusion of green power consumption information in the environmental, social and corporate governance (ESG) reporting system of listed companies.

On the other hand, improve the voluntary consumption mechanism for green certificates. On top of the mandatory proportion of green electricity consumption, other energy-consuming units are encouraged to further increase the proportion of green electricity consumption. We should give full play to the leading role of government departments, public institutions and state-owned enterprises, and steadily increase the consumption level of green electricity. Build green industrial chains and supply chains, and encourage leading enterprises in the industry, multinational companies and their industrial chain enterprises, as well as export-oriented enterprises, to gradually increase the proportion of green power consumption year by year and proactively disclose the situation of green power consumption.

At the same time, enrich the voluntary consumption scenarios for green certificates, promote green charging piles, support new energy vehicles in charging green electricity, and make electric vehicles truly new energy vehicles. Promote the integration of green power consumption and buildings, and build a number of green power buildings and green power communities with a high proportion of green power consumption. Encourage power grid enterprises, green certificate trading platforms and other institutions to innovate trading methods, provide more convenience for residents to purchase green certificates and consume green electricity, increase incentives, and incorporate green power consumption into evaluation indicators such as green families and green travel. Research and establish a tiered and graded identification system for green power consumption based on green certificates.

In addition, it is necessary to clearly improve and enhance relevant financial and fiscal support policies, increase the support of green finance for enterprises, products and activities to consume green electricity, and strengthen green credit support. Incorporate the requirements for green power consumption into the evaluation standards for green products, and study and formulate policies for government procurement to support green products.

Improve the trading mechanisms for green certificates and green power

The Opinion, from the perspective of flexibly meeting users' diverse green power consumption demands, has put forward specific measures to improve the green certificate trading and green power trading mechanisms.

The first is to improve the market price mechanism for green certificates. Strengthen the monitoring of green certificate prices, organize and carry out research on green certificate price indices, establish a scientific and effective green certificate price index, and guide green certificate prices to operate at a reasonable level. Considering that the price of green certificates in green power trading is difficult to be clearly defined, it is suggested that the separate trading price of green certificates can be referred to to reasonably form the price of green certificates in green power trading.

The second is to optimize the green certificate trading mechanism. Implement the requirements of building a unified national energy market system, accelerate the establishment of a unified national green certificate trading system, and achieve the reasonable circulation of green certificates throughout the country. Closely follow user demands, strengthen the construction of the green certificate trading platform, and optimize and improve business functions such as registration, trading, and information disclosure. Encourage the medium and long-term trading of green certificates to meet users' long-term demand for purchasing green certificates and enhance the flexibility of green certificate trading. Support agency institutions in participating in the issuance and trading of green certificates for distributed new energy power generation projects. Accelerate the establishment of provincial green certificate accounts. The green certificates of the existing hydropower purchased by the power grid through agency will be automatically transferred to the corresponding provincial green certificate accounts based on the settlement results of electricity transactions. Promote the provincial energy authorities to take the lead in studying and clarifying the specific methods for allocating the corresponding green certificates from the provincial green certificate accounts to users.

The third is to improve the green power trading mechanism. Enrich the varieties of green power trading, promote the construction of multi-year, annual, monthly and intra-month green power trading mechanisms, and meet the diverse needs of users. Encourage all regions to implement the national energy strategy and plan through the form of green power trading, expand cross-provincial and cross-regional green power supply, and meet users' cross-provincial and cross-regional green power trading demands. In light of the resource endowment of distributed new energy and the actual demands of users, efforts should be made to promote the nearby aggregation of distributed new energy to participate in green power trading.