China Issues 354 Million Green Certificates in August, Up 15.75%

What changed

China issued 354 million green certificates in August 2026, up 15.75% from July, according to National Energy Administration data. The certificates covered 3.7096 million renewable-energy projects, with 212 million, 60.04%, eligible for trading.

Trading also increased:

• 60.55 million certificates changed hands, up 11.13% month on month and 25.18% year on year.
• Green-power trading certificates fell 0.25% from July but rose 44.86% from a year earlier.
• Separately traded certificates rose 21.21% month on month and 13.91% year on year.

Prices showed a sharp vintage gap: certificates tied to 2024 generation averaged 0.61 yuan each, compared with 3.21 yuan for 2025 and 6.32 yuan for 2026.

Why it matters

China’s green-certificate system is becoming a larger marketplace, not just an accounting label for renewable electricity. More certificates are being issued, more are tradeable, and newer certificates command much higher average prices than older ones.

That price spread gives buyers a clearer way to distinguish between the age of the underlying renewable generation. It also gives traders a market in which timing matters: a certificate linked to 2026 generation averaged more than ten times the price of one linked to 2024 generation.

The figures do not explain why issuance or prices changed, or how the certificate market affects electricity bills and corporate procurement. But the direction is clear: August brought greater volume on both sides of the system, while the strongest growth came in separately traded certificates rather than green-power transactions themselves.