Brazil has officially overtaken China as the number one I-REC issuer in the world. Our analysis of the 2024 vintage confirms the country's leadership in total certificate volume under The International Tracking Standard Foundation, and shows a market that keeps growing on every relevant metric.
Key figures, vintage 2024
I-RECs issued
62,750,609 MWh
+22.4% vs 2023
I-RECs redeemed
58,248,827 MWh
+31.2% vs 2023
Worldwide rank
1st
Up 1 place vs 2023
Latin America rank
1st
No change vs 2023
Active installed capacity
59,677.1 MW
+28.1% vs 2023
Devices registered and active
496
+111 vs 2023
Average COD of I-RECs issued
April 2001
2.3 years more recent than 2023
Generation mix of I-RECs issued
- Hydro 54.7%
- Wind 34.7%
- Solar 8.3%
- Biomass 2.1%
- Biogas 0.1%
Remarkable and consistent growth
Across all the indicators we track, Brazil grew by more than 20% in a single year. Issuance rose 22.4% to over 62.7 million MWh, and redemptions climbed even faster, up 31.2% to more than 58.2 million MWh. That means the vast majority of certificates issued are being used by end consumers to back their electricity claims, rather than sitting unused in the registry.
Active installed capacity also grew a considerable 28.1%, reaching 59,677 MW. For a market that was already the largest in Latin America, sustaining this pace confirms how central Brazil has become to corporate renewable energy strategies worldwide.
A diversifying energy mix
Hydro remains Brazil's primary source, at 54.7% of 2024 issuance, but the market is steadily becoming less dependent on it. Wind now accounts for 34.7% of the mix and solar has climbed to 8.3%, up from 32.2% and 6.4% respectively in 2023. Biomass (2.1%) and biogas (0.1%) complete the picture.
This shift is also visible in the age of the assets. The average commercial operation date (COD) of the certificates issued moved forward by 2.3 years, to April 2001, as newer wind and solar plants take a larger share of production.
An ecosystem built for high volumes
With 496 active devices and nearly 60 GW of active capacity, Brazil offers the scale and technology choice that the world's largest corporate energy buyers need, whether they are looking for large, cost-effective volumes or certificates from specific technologies and newer projects.
We also highlight the role of Instituto Totum as the local issuer. Its management of the registry is essential for the integrity of the world's leading I-REC market.
What it means for buyers
Brazil combines the deepest liquidity in the I-REC market with an increasingly modern generation mix. Companies reporting Scope 2 emissions can source large volumes efficiently, and those with stricter criteria, such as newer assets or specific technologies, have more options every year.
