A total of 249 gigawatts pf major hydropower and non-hydropower renewables is expected to go online across Asia by the end of 2030, Fitch Solution reported. Of this, some 31% will be contributed by China, whilst the other 68% will be from India, according to its Key Project Database.

RECs serve as an instrument for companies to prove the decarbonisation of their electricity sources and support capacity. This also allows markets, particularly Asia, to attract investors who may be interested in renewable projects.

RECs are expected to increase following moves of various Asian markets, like China and India, to declare their commitment to achieve net-zero by 2060 and 2070, respectively, during the recently concluded United Nations Climate Change Conference. India and Malaysia, in particular, have included RECs in their renewable energy push.

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