유럽의 재생에너지 인증서/크레딧 시장 : 용도별, 제품별, 국가별 - 분석과 예측(2025-2035년)

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Introduction to Europe Renewable Energy Certificate/Credit (REC) Market

The Europe renewable energy certificate/credit market was valued at $3,119,481.5 thousand in 2024 and is projected to grow at a CAGR of 6.85% during the forecast period 2025-2035. Europe's REC/GO market is growing as the continent quickens its transition to clean energy, supported by robust corporate sustainability pledges and stricter EU-wide legislation encouraging the use of renewable energy. Demand is still being driven by growing involvement in environmental reporting systems and voluntary green buying initiatives. Transparency and operational efficiency among member states are being enhanced by developments in digital tracking, blockchain-enabled verification, and standardized cross-border trading. Traceability and compliance are being strengthened by the integration of real-time generation data and the alignment of GOs with national renewable targets. The REC/GO market is anticipated to continue growing steadily until 2035 due to continued policy harmonization, technical advancement, and the quick expansion of European renewable capacity, solidifying its position as a crucial tool in assisting Europe's clean energy transition.

Market Introduction

The Europe Renewable Energy Certificate (REC) or Guarantees of Origin (GO) market is essential for monitoring and confirming the region's use of renewable energy. GOs are now a fundamental tool that allows companies, utilities, and consumers to claim the usage of renewable power with transparency and credibility as Europe speeds up its decarbonization pathway. Strong regulatory control under EU directives, which guarantee uniform certificate issue, transfer, and cancellation while avoiding double counting and promoting correct energy disclosure, shapes the market.

The demand for GOs is steadily increasing due to growing corporate sustainability commitments, adherence to new reporting systems, and the growth of voluntary renewable procurement. A dynamic environment marked by both opportunity and volatility is being created at the same time as Europe's growing renewable energy, especially from wind and solar, is increasing the supply of certificates. The efficiency and trust of the market are being further transformed by developments in digital tracking systems, blockchain-based verification, and updated trading platforms.

The REC/GO market is becoming more crucial to achieving Europe's climate goals as member states strive to harmonize policies and match GOs with national and EU-level energy targets. The market continues to solidify its position as a crucial tool in quickening the region's shift to clean, dependable, and traceable renewable energy through more transparency, consistent governance, and technical innovation.

Market Segmentation:

Segmentation 1: by Application

• Compliance RECs
• Voluntary RECs

Segmentation 2: by Transaction Type

• Bundled RECs
• Unbundled RECs

Segmentation 3: by Resource Type

• Solar RECs
• Wind RECs
• Hydro RECs
• Biomass RECs
• Others

Segmentation 4: by Region

• Europe: Germany, France, U.K., Italy, Spain, and Rest-of-Europe

Europe Renewable Energy Certificate/Credit (REC) Market Trends, Drivers and Challenges

Market Trends

• Record growth in REC/GOs issuance - Strong renewable generation growth continues to expand overall certificate availability across Europe.
• High price volatility - GO prices have experienced steep fluctuations due to oversupply, shifting demand cycles, and timing mismatches between generation and corporate purchasing.
• Rising corporate procurement - Companies are increasingly using RECs/GOs to support scope-2 reporting, sustainability claims, and RE100-aligned commitments.
• Greater market liquidity - More exchanges, brokers, and standardized products are improving transparency and cross-border trading.
• Regulatory alignment efforts - The EU is refining rules on claims, disclosures, and certificate handling, pushing the market toward better harmonization.

Market Drivers

• Corporate net-zero commitments - Businesses remain the largest demand engine, buying certificates to demonstrate renewable energy use and meet ESG disclosure norms.
• Expanding renewable energy capacity - Rising wind and solar output increases the supply of GOs, shaping pricing patterns and availability.
• Policy evolution - Changing EU guidelines and national regulations influence certificate issuance, cancellation rules, and claim verification.
• Improved trading infrastructure - New digital platforms and forward markets encourage broader participation and more sophisticated hedging.

Key Market Challenges

• Oversupply-driven price pressure - Low prices reduce additional revenue streams for renewable generators, impacting project economics.
• Market fragmentation - Differing rules and timelines across countries create complexity for corporates operating multi-market footprints.
• Risk of double-counting - Varying disclosure standards and inconsistent cancellation practices raise concerns around claim credibility.
• Timing mismatches - Bulk issuance aligned with generation peaks often clashes with corporate buying schedules, driving volatility.
• Quality differentiation gaps - Buyers increasingly seek high-quality GOs (specific location, technology, or additionality), but market standardization is still evolving.

How can this report add value to an organization?

Product/Innovation Strategy: In the Europe renewable energy certificate/credit market, companies are emphasizing innovation and technological integration to strengthen their position in the evolving renewable energy landscape. Digital transformation and transparency are central to these strategies, with key innovations focusing on blockchain-based tracking systems, automated registry platforms, and artificial intelligence-enabled verification tools that ensure the authenticity and traceability of renewable energy transactions. Market players are investing in the development of digital marketplaces that facilitate real-time trading, pricing visibility, and cross-border compatibility of renewable energy certificates. The adoption of cloud-based infrastructure and decentralized ledger technologies is enhancing operational efficiency and reducing administrative costs. Additionally, companies are promoting the integration of renewable energy certificates with corporate sustainability reporting and carbon accounting systems to enable organizations to meet net-zero and ESG goals more efficiently. Strategic collaborations between certificate issuers, technology providers, and energy producers are driving the evolution of scalable, secure, and interoperable trading platforms, fostering confidence and growth in the global renewable energy ecosystem.

Growth/Marketing Strategy: The Europe renewable energy certificate/credit market presents strong growth potential through strategic market expansion, policy alignment, and technological adoption. Companies are pursuing regional diversification and cross-border trading to capitalize on increasing renewable energy commitments across Europe. Market participants are focusing on product differentiation by offering customized certificate bundles for solar, wind, hydro, and biomass energy sources, aligning with diverse regulatory and corporate sustainability frameworks. Mergers, acquisitions, and partnerships are central to strengthening technological capabilities and expanding into high-demand markets where renewable energy targets are accelerating. Companies are also enhancing their marketing initiatives by promoting transparency, traceability, and environmental accountability, appealing to both institutional buyers and individual consumers seeking credible green energy solutions. Collaborative efforts with regulatory bodies and renewable energy associations are enabling firms to influence emerging market structures and compliance mechanisms. As global demand for verifiable and tradeable renewable energy solutions increases, companies implementing robust growth and marketing strategies will be well-positioned to lead the market's next phase of expansion.

Competitive Strategy: In the Europe renewable energy certificate/credit market, companies are leveraging innovation, strategic partnerships, and market integration to strengthen their competitive positioning. Leading players are focusing on platform scalability, verification integrity, and global market access as key differentiators. The emphasis on digital verification technologies and transparent trading systems is reshaping competition by prioritizing trust, efficiency, and environmental impact. Strategic alliances between certificate issuers, renewable energy generators, and corporate sustainability platforms are enabling the creation of integrated ecosystems that cater to diverse compliance and voluntary market requirements. Market leaders are also expanding their service offerings to include portfolio management, automated compliance reporting, and data analytics for renewable energy sourcing, helping organizations streamline sustainability operations. Furthermore, competitive differentiation increasingly depends on data transparency, interoperability, and user experience, factors that enhance trust and participation in certificate trading. As sustainability commitments intensify worldwide, companies that effectively combine technology, credibility, and strategic collaboration will likely maintain a strong competitive edge in the rapidly growing Europe renewable energy certificate/credit market.

Key Market Players and Competition Synopsis

The companies that are profiled in the Europe renewable energy certificate/credit market have been selected based on inputs gathered from primary experts, who have analyzed company coverage, product portfolio, and market penetration.

Some of the prominent names in the market are:

• Statkraft AS
• Enel S.p.A. (Enel Green Power)
• ENGIE SA
• Iberdrola, S.A.
• TotalEnergies SE
• EDF Renewables
• Orsted A/S
• Scatec ASA

Table of Contents

Executive Summary

Scope and Definition

1 Market: Industry Outlook

• 1.1 Trends: Current and Future Impact Assessment
  • 1.1.1 Integration with Carbon Markets and Scope 2 Accountability
  • 1.1.2 Digital and Granular Certificates (24/7 Renewable Energy Matching)
• 1.2 Supply Chain Overview
  • 1.2.1 Stakeholder Ecosystem Snapshot
  • 1.2.2 Customer Insights and Buying Behavior
  • 1.2.3 Case Study and Best Practices
  • 1.2.4 Pricing Analysis
• 1.3 Market Dynamics Overview
  • 1.3.1 Market Drivers
    • 1.3.1.1 Strengthening Renewable Energy Mandates and Targets
    • 1.3.1.2 Corporate Sustainability and ESG Commitments
    • 1.3.1.3 Falling Costs of Renewables and Energy Transition Investments
  • 1.3.2 Market Challenges
    • 1.3.2.1 Regulatory Uncertainty and Policy Reversals
    • 1.3.2.2 Oversupply and Low Certificate Prices
  • 1.3.3 Market Opportunities
    • 1.3.3.1 Cross-Border and International Trade Expansions
• 1.4 Startup Landscape

2 Region

• 2.1 Regional Summary
• 2.2 Europe
  • 2.2.1 Regional Overview
  • 2.2.2 Driving Factors for Market Growth
  • 2.2.3 Factors Challenging the Market
    • 2.2.3.1 Application
    • 2.2.3.2 Product
  • 2.2.4 Germany
    • 2.2.4.1 Application
    • 2.2.4.2 Product
  • 2.2.5 France
    • 2.2.5.1 Application
    • 2.2.5.2 Product
  • 2.2.6 U.K.
    • 2.2.6.1 Application
    • 2.2.6.2 Product
  • 2.2.7 Italy
    • 2.2.7.1 Application
    • 2.2.7.2 Product
  • 2.2.8 Spain
    • 2.2.8.1 Application
    • 2.2.8.2 Product
  • 2.2.9 Rest-of-Europe
    • 2.2.9.1 Application
    • 2.2.9.2 Product

3 Company Profiles

• 3.1 Statkraft AS
  • 3.1.1 Overview
  • 3.1.2 Top Products/Product Portfolio
  • 3.1.3 Top Competitors
  • 3.1.4 Target Customers
  • 3.1.5 Key Personnel
  • 3.1.6 Analyst View
  • 3.1.7 Market Share, 2024
• 3.2 Enel S.p.A. (Enel Green Power)
  • 3.2.1 Overview
  • 3.2.2 Top Products/Product Portfolio
  • 3.2.3 Top Competitors
  • 3.2.4 Target Customers
  • 3.2.5 Key Personnel
  • 3.2.6 Analyst View
  • 3.2.7 Market Share, 2024
• 3.3 ENGIE SA
  • 3.3.1 Overview
  • 3.3.2 Top Products/Product Portfolio
  • 3.3.3 Top Competitors
  • 3.3.4 Target Customers
  • 3.3.5 Key Personnel
  • 3.3.6 Analyst View
  • 3.3.7 Market Share, 2024
• 3.4 Iberdrola, S.A.
  • 3.4.1 Overview
  • 3.4.2 Top Products/Product Portfolio
  • 3.4.3 Top Competitors
  • 3.4.4 Target Customers
  • 3.4.5 Key Personnel
  • 3.4.6 Analyst View
  • 3.4.7 Market Share, 2024
• 3.5 TotalEnergies SE
  • 3.5.1 Overview
  • 3.5.2 Top Products/Product Portfolio
  • 3.5.3 Top Competitors
  • 3.5.4 Target Customers
  • 3.5.5 Key Personnel
  • 3.5.6 Analyst View
  • 3.5.7 Market Share, 2024
• 3.6 EDF Renewables
  • 3.6.1 Overview
  • 3.6.2 Top Products/Product Portfolio
  • 3.6.3 Top Competitors
  • 3.6.4 Target Customers
  • 3.6.5 Key Personnel
  • 3.6.6 Analyst View
  • 3.6.7 Market Share, 2024
• 3.7 Orsted A/S
  • 3.7.1 Overview
  • 3.7.2 Top Products/Product Portfolio
  • 3.7.3 Top Competitors
  • 3.7.4 Target Customers
  • 3.7.5 Key Personnel
  • 3.7.6 Analyst View
  • 3.7.7 Market Share, 2024
• 3.8 Scatec ASA
  • 3.8.1 Overview
  • 3.8.2 Top Products/Product Portfolio
  • 3.8.3 Top Competitors
  • 3.8.4 Target Customers
  • 3.8.5 Key Personnel
  • 3.8.6 Analyst View
  • 3.8.7 Market Share, 2024

4 Research Methodology

• 4.1 Data Sources
  • 4.1.1 Primary Data Sources
  • 4.1.2 Secondary Data Sources
  • 4.1.3 Data Triangulation
• 4.2 Market Estimation and Forecast