Demand for Brazilian international renewable energy certificates (I-RECs) rose to 13.96 TWh in the first quarter from 8.5 TWh a year earlier, making Brazil the largest global market.
The country, helped by its vast hydropower capacity, was also the largest issuer of these certificates at 16.91 TWh.
China redeemed 13.91 TWh, up from 8.6 TWh a year earlier. Turkey remained the third-largest I-REC issuer and redeember, with demand rising to 4.7 TWh from 2.5 TWh in the preceding year.