China’s first centralized cross-border trading of green electricity certificates (GECs) debuted in Guangzhou, south China’s Guangdong Province, on October 14. Around 100,000 GECs changed hands, representing nearly 100 million kWh of renewable energy. The deal marks the large-scale entry of mainland GECs into Hong Kong’s market, a landmark for green energy collaboration in the Guangdong-Hong Kong-Macao Greater Bay Area.

The transaction uses an innovative dual-agency model. Six mainland new energy producers negotiated with Hong Kong buyers via agents from the Shenzhen Green Electricity and Certificate Service Center and Hong Kong Exchanges and Clearing (HKEX), with settlement completed through the Guangzhou Power Exchange Center. Nine Hong Kong entities across public services, finance, real estate and education took part.

Paul Chow, Group General Counsel and Chief Sustainability Officer of HKEX, called the pilot a key move to strengthen GBA green energy market ties, marking HKEX’s first partnership with a mainland power exchange. Liu Jintao, Deputy Director of the center’s Green Power Development Department, said the two sides signed a cooperation agreement to refine mechanisms, expand trade scale and advance regulatory alignment.