AI summary
Singapore redeemed far more I-RECs than it issued in 2024, emphasizing the limits of domestic supply. Buyers should plan around certificate origin, technology, vintage and regional sourcing options while considering SS 673 and evolving cross-border REC frameworks.
Singapore issued around 387,000 International Renewable Energy Certificates (I-RECs) in 2024, while buyers redeemed around 3.8 million. That gap gives procurement teams a clear constraint to plan around, although the published 2024 data does not show the issuing country of each certificate redeemed in Singapore.
Screenshot from external source for reference | |
“387,000 International Renewable Energy Certificates (I-RECs) in 2024, while buyers redeemed around 3.8 million” Page 21 of the PDF |  |
I-TRACK began publishing country-of-issuance data for redemptions from June 2025, applied prospectively. Until that detail is available for earlier activity, buyers can use the 2024 totals as a planning baseline and define origin, technology, vintage and timing early in the sourcing brief.
So how should a Singapore buyer turn that supply gap into a workable sourcing plan?
Key Takeaways
- Singapore issued around 387,000 I-RECs in 2024 and redeemed around 3.8 million, so same-year domestic issuance alone would fall well short if redemption remains near that scale.
- The 2024 totals show a large difference between local issuance and redemption, while certificate origin for each redeemed unit remains unavailable from those totals alone.
- Regional supply varies sharply by country, with Vietnam issuing over 12 million I-RECs and redeeming about 4 million locally during 2024.
- SS 673 expresses same-market-boundary sourcing as best practice, remains voluntary, and also covers qualifying certificates produced in Southeast Asia for renewable energy claims in Singapore.
- Buyers can plan from the wider regional pool where their reporting and internal requirements permit it, then narrow the eligible volume by origin, technology, vintage and timing.
What Singapore’s 2024 Numbers Describe
The 2024 figures are useful for planning, but they need to be read carefully:
- Issuance and redemption measure different activities: issuance records certificates created from eligible generation, while redemption records certificates used for a claim.
- The volume gap is significant: Singapore issued around 387,000 I-RECs in 2024 and recorded around 3.8 million redemptions.
- Domestic supply is naturally constrained: Singapore’s renewable generation base is limited and largely solar.
- Vintage matters: certificates redeemed in 2024 may have been generated in a different period, so the figures are not a one-to-one match.
- For sourcing: relying only on newly issued Singapore volume would have created a substantial supply constraint.
The next step is to compare Singapore with nearby markets where issuance volumes are much larger.
How The Rest Of Southeast Asia Compares
I-REC data shows a clear supply imbalance between Southeast Asian markets such as Vietnam and Singapore. Vietnam, Malaysia and Thailand recorded issuance volumes materially above Singapore’s domestic issuance; Singapore issued only about 0.4 million I-RECs in 2024, while its redemption volume substantially exceeded domestic issuance.
Screenshot from external source for reference | |
I-REC data shows a clear supply imbalance between Southeast Asian markets such as Vietnam and Singapore | Source: Page 20 and 25 of the PDF. |
“Vietnam, Malaysia and Thailand recorded issuance volumes materially above Singapore’s domestic issuance” |  |
“ Singapore issued only about 0.4 million I-RECs in 2024, while its redemption volume substantially exceeded domestic issuance.” Page 21 of the PDF | |
For buyers, however, regional volume should not be treated as one interchangeable pool. Country balances, technology mix and vintage vary, while reporting rules, internal policy and contractual criteria determine which markets are actually eligible.
A Singapore buyer considering regional RECs should therefore record the country of issuance alongside technology, vintage and volume before approval begins. Total supply is only the first filter; technology and other sourcing criteria can narrow the usable pool further.
Technology Preferences Reduce The Eligible Pool
Headline issuance volumes show the total pool, but technology preferences quickly narrow what is usable. A buyer specifying solar or wind is working with a smaller subset, and country or vintage requirements can reduce it further.
In Singapore, domestic issuance is already limited and largely solar. Regional sourcing expands the available pool, but technology still needs to be checked against the approved criteria.
A procurement brief should therefore define origin and technology before volume is requested. A certificate may sit within the regional total yet still fall outside the eligible pool if one attribute does not match.
The next filter comes from Singapore’s national standard.
What SS 673 Expects
SS 673 is Singapore’s national Code of Practice for Renewable Energy Certificates. It provides guidance on the production, tracking, management and use of RECs for renewable energy claims.
Key points for buyers include:
- Current standard: The Singapore Standards eShop lists SS 673:2021+C1:2021 as the current edition.
- Voluntary framework: SS 673 is voluntary and recommends same-market-boundary sourcing as best practice.
- Regional scope: Qualifying RECs produced in Southeast Asia can also be used for renewable energy claims in Singapore.
- Draft amendment: A proposed update on market-based Scope 2 claims and physical deliverability is still in draft, so the current edition remains the published standard.
- Buyer criteria still apply: Your reporting framework, internal policy and other commitments determine which certificates your organisation can use.
This leaves procurement teams with a practical question: which markets, technologies, vintages and volumes should be included in the next sourcing brief?
What This Changes In Your Sourcing Plan
A useful Singapore sourcing brief starts with eligibility before it starts with volume. The 2024 data gives you the size of the domestic constraint, while regional market data shows where a broader pool may exist.
Before the next sourcing cycle, your team should be able to answer four questions:
- Which issuing markets can your organisation accept for its reporting and internal approval process?
- Which generation technologies can your organisation use, and which technologies does it prefer?
- Which commitments or reporting frameworks place conditions on origin, technology, vintage or other certificate attributes?
- How far ahead should the annual requirement be secured to allow time for budgeting, stakeholder review, approval and reporting deadlines?
Those answers turn a broad request into a defined procurement brief. They also expose any conflict between desired attributes and available volume while there is still time to review the requirement internally.
At Asiarecs, we can structure your REC sourcing across Asia around the origin, technology, vintage and volume criteria your team uses for approval. Starting from those attributes keeps the discussion focused on eligible supply and prevents headline regional totals from driving the brief.
Plan The Next Sourcing Cycle Around Available RECs
Singapore’s 2024 figures provide a disciplined starting point for annual sourcing. Around 387,000 I-RECs were issued domestically while around 3.8 million were redeemed, so same-year local issuance alone was far below redemption activity.
The totals leave the issuing country behind each 2024 redemption unresolved, so buyers should treat origin as a separate data point to verify. They still show that a plan tied only to newly issued Singapore volume would face a tight capacity constraint if demand continues near the same level.
Before planning the next cycle, confirm which issuing market the certificates in your last redemption came from.
Then, work with Asiarecs to test your origin, technology, vintage and volume requirements against available Singapore and regional supply before you request quotes.
Frequently Asked Questions
How many I-RECs did Singapore issue and redeem in 2024?
Singapore issued around 387,000 I-RECs in 2024, while buyers redeemed around 3.8 million. Redemption activity was therefore more than three times the volume issued domestically during the year.
Do the 2024 figures prove that most Singapore redemptions used overseas certificates?
The annual totals leave the issuing country of each redeemed certificate unresolved. I-TRACK began adding country-of-issuance information for redemptions from June 2025 and applied the additional field prospectively from that point.
Why is Singapore's local issuance limited?
Singapore has limited land for renewable generation, and most local certificates come from solar photovoltaic generation. Those physical constraints place a ceiling on the volume that can be issued domestically.
Does SS 673 require local sourcing?
SS 673 is voluntary and expresses same-market-boundary sourcing as best practice. Its scope also covers qualifying RECs produced in Southeast Asia that may be used for renewable energy claims in Singapore.
What should a buyer confirm before sourcing regional volume?
Confirm the issuing country, generation technology, vintage and volume against your organisation’s approved reporting and procurement criteria. Doing so early gives the sourcing request a defined eligible pool before contracting begins.
