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Design of a green certificate differentiated issuance mechanism based on renewable energy enterprises subsidy perspective: A case study of China.

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Title: Design of a green certificate differentiated issuance mechanism based on renewable energy enterprises subsidy perspective: A case study of China.
Authors: Tan, Qinliang1,2,3 (AUTHOR), Shi, Chaofan1,2 (AUTHOR) shichaofan@163.com, Zeng, Jiabin1,2 (AUTHOR), Jin, Zihan1,2 (AUTHOR), Ding, Yihong1,2,4 (AUTHOR), He, Jiaming1,2 (AUTHOR), Qin, Guangyu5 (AUTHOR)
Source: Energy Policy. Feb2026:Part A, Vol. 209, pN.PAG-N.PAG. 1p.
Subject Terms: *Renewable energy sources, *Carbon credits, Supply & demand, Empirical research, Subsidies, Evaluation utilization
Geographic Terms: China
Abstract: Green certificate (GC) is an important voucher for renewable energy's green value and plays a crucial role in promoting the green and low-carbon energy transformation. Chinese government has been piloting green certificate policy since 2017. However, the current GC market faces a supply-demand imbalance. The supply far exceeds demand, leading to a continuous decline in the transaction prices which weakens the subsidy effect for renewable energy. Additionally, the GC allocation mechanism is relatively singular, lacking additional incentives for lower levels of developed renewable energy technologies. Therefore, this study designs a GC differentiated issuance mechanism (DIM). By constructing an evaluation system that includes five indicator categories for differentiated renewable energy development and employing the fuzzy SWARA-discrete coefficient CRITIC-TODIM method to build a differentiated evaluation model, an empirical analysis is conducted on nine renewable energy types that currently issue tradable green certificates in China, verifying the effectiveness of DIM. The results indicate that the DIM can effectively promote the supply-demand balance and drive GC prices to truly reflect environmental values of renewable energy, thereby achieving dynamic differentiated subsidy effects and enhancing green certificates' incentive role. This study provides theoretical basis and practical guidance for the construction and improvement of GC market. • The imbalance of supply and demand in green certificate markets is studied. • Considering all renewable energy types that can issue tradable green certificates. • Constructing renewable energy development differentiated evaluation system. • Proposing a new differentiated green certificate issuance mechanism. • The effectiveness of differentiated issuance mechanism is verified by China's case. [ABSTRACT FROM AUTHOR]
Copyright of Energy Policy is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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  Data: Design of a green certificate differentiated issuance mechanism based on renewable energy enterprises subsidy perspective: A case study of China.
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  Data: <searchLink fieldCode="AR" term="%22Tan%2C+Qinliang%22">Tan, Qinliang</searchLink><relatesTo>1,2,3</relatesTo> (AUTHOR)<br /><searchLink fieldCode="AR" term="%22Shi%2C+Chaofan%22">Shi, Chaofan</searchLink><relatesTo>1,2</relatesTo> (AUTHOR)<i> shichaofan@163.com</i><br /><searchLink fieldCode="AR" term="%22Zeng%2C+Jiabin%22">Zeng, Jiabin</searchLink><relatesTo>1,2</relatesTo> (AUTHOR)<br /><searchLink fieldCode="AR" term="%22Jin%2C+Zihan%22">Jin, Zihan</searchLink><relatesTo>1,2</relatesTo> (AUTHOR)<br /><searchLink fieldCode="AR" term="%22Ding%2C+Yihong%22">Ding, Yihong</searchLink><relatesTo>1,2,4</relatesTo> (AUTHOR)<br /><searchLink fieldCode="AR" term="%22He%2C+Jiaming%22">He, Jiaming</searchLink><relatesTo>1,2</relatesTo> (AUTHOR)<br /><searchLink fieldCode="AR" term="%22Qin%2C+Guangyu%22">Qin, Guangyu</searchLink><relatesTo>5</relatesTo> (AUTHOR)
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  Data: <searchLink fieldCode="JN" term="%22Energy+Policy%22">Energy Policy</searchLink>. Feb2026:Part A, Vol. 209, pN.PAG-N.PAG. 1p.
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  Data: *<searchLink fieldCode="DE" term="%22Renewable+energy+sources%22">Renewable energy sources</searchLink><br />*<searchLink fieldCode="DE" term="%22Carbon+credits%22">Carbon credits</searchLink><br /><searchLink fieldCode="DE" term="%22Supply+%26+demand%22">Supply & demand</searchLink><br /><searchLink fieldCode="DE" term="%22Empirical+research%22">Empirical research</searchLink><br /><searchLink fieldCode="DE" term="%22Subsidies%22">Subsidies</searchLink><br /><searchLink fieldCode="DE" term="%22Evaluation+utilization%22">Evaluation utilization</searchLink>
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  Label: Abstract
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  Data: Green certificate (GC) is an important voucher for renewable energy's green value and plays a crucial role in promoting the green and low-carbon energy transformation. Chinese government has been piloting green certificate policy since 2017. However, the current GC market faces a supply-demand imbalance. The supply far exceeds demand, leading to a continuous decline in the transaction prices which weakens the subsidy effect for renewable energy. Additionally, the GC allocation mechanism is relatively singular, lacking additional incentives for lower levels of developed renewable energy technologies. Therefore, this study designs a GC differentiated issuance mechanism (DIM). By constructing an evaluation system that includes five indicator categories for differentiated renewable energy development and employing the fuzzy SWARA-discrete coefficient CRITIC-TODIM method to build a differentiated evaluation model, an empirical analysis is conducted on nine renewable energy types that currently issue tradable green certificates in China, verifying the effectiveness of DIM. The results indicate that the DIM can effectively promote the supply-demand balance and drive GC prices to truly reflect environmental values of renewable energy, thereby achieving dynamic differentiated subsidy effects and enhancing green certificates' incentive role. This study provides theoretical basis and practical guidance for the construction and improvement of GC market. • The imbalance of supply and demand in green certificate markets is studied. • Considering all renewable energy types that can issue tradable green certificates. • Constructing renewable energy development differentiated evaluation system. • Proposing a new differentiated green certificate issuance mechanism. • The effectiveness of differentiated issuance mechanism is verified by China's case. [ABSTRACT FROM AUTHOR]
– Name: AbstractSuppliedCopyright
  Label:
  Group: Ab
  Data: <i>Copyright of Energy Policy is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.)
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        Value: 10.1016/j.enpol.2025.114944
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      – Code: eng
        Text: English
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      – SubjectFull: Renewable energy sources
        Type: general
      – SubjectFull: Carbon credits
        Type: general
      – SubjectFull: Supply & demand
        Type: general
      – SubjectFull: Empirical research
        Type: general
      – SubjectFull: Subsidies
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      – SubjectFull: Evaluation utilization
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      – SubjectFull: China
        Type: general
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      – TitleFull: Design of a green certificate differentiated issuance mechanism based on renewable energy enterprises subsidy perspective: A case study of China.
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            – D: 01
              M: 02
              Text: Feb2026:Part A
              Type: published
              Y: 2026
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