GCC has seen record growth in renewable energy certification in the first quarter of 2023, as evidenced by data which points towards a positive outlook.
A standout highlight is the record number of International Renewable Energy Certificates (I-RECs) issued by GCC, which reached 32 million between January and March 2023, spanning 27 countries across the globe.
What makes this record growth even more impressive is when we consider the cumulative total of I-RECs issued by GCC in the last quarter of 2022 and the first quarter of 2023, which stands at a staggering 61 million. To put this into perspective, this number is equivalent to the combined total of I-RECs issued at GCC throughout the entire years of 2020 and 2021! The combined growth rate of I-REC issuance at GCC between the last quarter of 2022 and the first quarter of 2023, when compared to the same period in 2020 and 2021, is a remarkable 375%!
An additional noteworthy highlight is the significant growth in the number of facilities registered at GCC during the first quarter of 2023. In comparison within the same period in 2022, where 112 facilities were registered with a total capacity of 7.4GW, the figures for the first quarter of 2023 are impressive. A total of 520 facilities have been registered, boasting a combined capacity of 9.2GW, highlighting a substantial increase in both the number of registered facilities and their overall capacity. This is enough to power approximately 30 million households!
This growth rate underscores the accelerating momentum of renewable energy adoption worldwide and highlights the increasing recognition of the environmental, social, and economic benefits of renewable energy technologies, paving the way for a sustainable future.