China's green electricity trading sees major growth in beginning of 2024

China's green electricity trading grew rapidly during the first five months this year, with the country's green electricity trading volume exceeding 180 billion kilowatt-hours, according to figures released by China Electricity Council in Beijing on Tuesday.

The total consumption of green electricity in China reached 187.1 billion kilowatt-hours during the first five months this year, representing a year-on-year increase of 327 percent. Among this, green electricity trading accounted for 148.1 billion kilowatt-hours, a year-on-year increase of 254 percent, it said.

The National Development and Reform Commission, the Ministry of Finance and the National Energy Administration jointly issued a document proposing further encouragement of green electricity consumption last year. Green certificates are the only proof of green electricity consumption and power users can achieve green electricity consumption through green electricity trading or purchasing green certificates.

Yang Kun, executive vice-chairman of the council, said the green certificate and green power consumption will further advance the high-quality development of green energy while accelerating formation of new production forces in the country.

According to statistics from the China Electricity Council, in 2023, the total nationwide green electricity trading volume reached 105.9 billion kWh, equivalent to the consumption of 105.9 million green certificates, a year-on-year increase of 281.4 percent.