Market Overview
The UK renewable energy certificates market was valued at USD 586.00 Million in 2024 and is projected to reach USD 4,686.60 Million by 2033, growing at a CAGR of 23.10% during 2025-2033. This growth is driven by government incentives aimed at renewable energy adoption, technological advancements, and increasing corporate commitments to sustainability. The market outlook remains positive amid policies designed to reduce carbon emissions and boost clean energy investment.
Study Assumption Years
Base Year: 2024
Historical Year/Period: 2019-2024
Forecast Year/Period: 2025-2033
UK Renewable Energy Certificates Market Key Takeaways
The market size reached USD 586.00 Million in 2024.
The market is forecasted to grow at a CAGR of 23.10% between 2025 and 2033.
The forecast period for the market is 2025-2033.
Strong government incentives such as grants, tax rebates, and feed-in tariffs support market growth.
The UK government pledged to reduce carbon emissions by 2050, enabling a supportive legislative framework for renewable energy.
Corporate sustainability commitments and net-zero targets contribute to rising demand for renewable energy certificates.
Businesses increasingly subscribe to certified renewable energy programs to demonstrate environmental responsibility.
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Market Growth Factors
Government incentives play a critical role in the growth of the UK renewable energy certificates market. Subsidies in the form of grants, tax rebates, and feed-in tariffs make renewable energy projects financially viable, significantly propelling market expansion. The UK government’s legislative commitment to carbon emission reduction by 2050 underpins policies fostering renewable energy technologies, creating a stable environment for investments.
Technological advancements also contribute to market growth by enhancing renewable energy efficiency and accessibility. For example, the UK government’s October 2024 plan to develop energy storage infrastructure to support long-duration storage schemes aims to improve energy security, reduce gas reliance, and attract investments, further stimulating the renewable energy sector.
Corporate commitment to sustainability and carbon neutrality strongly drives the market. The UK’s net zero sector expanded by 10% in 2024 and contributes £83 billion to GVA, creating high-wage jobs and increasing energy security. Businesses across industries strive to reduce their carbon footprints by purchasing certified renewable energy certificates (RECs), expanding market demand as companies demonstrate environmental responsibility through accredited green energy purchases.
Market Segmentation
Energy Type Insights:
Regional Insights
Solar Energy
Wind Power
Hydro-electric Power
Gas Power
Capacity Insights:
0-1000KWh
1100-5000KWh
More than 5000KWh
End Use Insights:
Voluntary
Compliance
Regional Insights:
London
South East
North West
East of England
South West
Scotland
West Midlands
Yorkshire and The Humber
East Midlands
Others
The report provides comprehensive market analysis across several UK regions, including London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands, and others. These regional insights highlight diverse market contributions but the extracted data does not explicitly state which region is dominant or its specific statistics.
Recent Developments & News
In October 2023, GoNetZeroTM expanded its services to the UK and European markets, offering a digital marketplace with verified renewable energy certificates and carbon credits sourced from Sembcorp’s renewable projects and accredited partners. The platform provides access to various environmental assets including i-RECs, REGOs, NFCs, J-Credits, and certified carbon credits.
In January 2023, The Crown Estate finalized agreements for six offshore wind projects expected to generate approximately 8GW of renewable electricity by the decade’s end. These projects will serve over seven million homes and bolster the UK’s status as the world’s second-largest offshore wind energy producer. They are located offshore of North Wales, Cumbria, Lancashire, Yorkshire, and Lincolnshire.
Key Players
GoNetZeroTM
Sembcorp
The Crown Estate
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