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Cambodia Renewable Energy Certificate Market Size, Share Analysis, Growth Insights and Forecast 2025-2032

Cambodia Renewable Energy Certificate Market is segmented By Type (I-REC, TIGR), By Energy Source (Solar RECs, Wind RECs, Hydro RECs, Biomass, Geothermal)

Published: April 2025 || SKU: EP9386
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Market Size

The Cambodia renewable energy certificate Market reached US$ 5.62 million in 2024 and is expected to reach US$ 7.01 million by 2032, growing with a CAGR of 2.6% during the forecast period 2025-2032. 

Cambodia has gained a significant share in the renewable energy certificate (REC) market due to its strategic policies, abundant renewable resources and increasing investments in clean energy. The country has harnessed its vast hydropower potential, contributing to a substantial share of its electricity generation. Solar energy projects have also expanded rapidly, with government incentives attracting private sector investments.

Cambodia aims to increase its renewable energy share to at least 70% by 2030, reinforcing its commitment to sustainability and economic growth. The government is prioritizing energy efficiency and expanding renewable sources like solar and hydropower to meet international environmental standards. This initiative aligns with Cambodia’s strategy to attract global investors and strengthen its position in the REC market.

Cambodia renewable energy certificate Market, 2023-2032

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Market Scope

 MetricsDetails
 By TypeI-REC, TIGR
 By Energy SourceSolar RECs, Wind RECs, Hydro RECs, Biomass, Geothermal
 Report Insights CoveredCompetitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth

Market Dynamics        

Government Initiatives to Promote Renewable Energy Adoption

The Cambodian government’s increasing focus on renewable energy development and sustainability goals is a key driver for the Cambodia REC market. With rising electricity demand and a commitment to reducing reliance on fossil fuels, the government is actively promoting the use of renewable energy certificates (RECs) to attract investment in clean energy projects and meet corporate sustainability targets. Cambodia’s commitment to carbon neutrality and sustainability has driven the growth of its renewable energy certificate (REC) market.

The Royal Government of Cambodia has approved 23 new energy projects for the 2024-2029 period, aligning with its sustainable development goals. With a total investment of US$ 5.79 billion, the projects include 12 solar farms, six wind power plants and other renewable ventures. Among them, 21 electricity generation projects will contribute 3,950 MW, primarily from clean energy sources, reinforcing Cambodia’s commitment to boosting renewable energy and sustainability.

Lack of Infrastructure 

One key barrier to the Cambodia REC market is a lack of adequate renewable energy infrastructure and poor grid connectivity. While Cambodia has made strides in solar and hydropower development, the country's electrical grid remains undeveloped and unreliable, making it difficult to sustain large-scale renewable energy adoption and REC issuance.

For example, insufficient transmission capacity and grid connectivity difficulties impede the seamless distribution of renewable energy, lowering the credibility and availability of I-REC. Furthermore, regulatory uncertainty and the slow pace of policy implementation create obstacles for enterprises wishing to invest in RECs, limiting the market's growth potential.

Market Segment Analysis                                                  

The Cambodia renewable energy certificate market is segmented based on type and energy source.

Cambodia renewable energy certificate market, by type, 2024

I-RECs are Expected to Drive the Segment Growth.

The I-REC segment is increasing due to the demand from multinational corporations and local businesses committed to sustainability and carbon neutrality. Many global companies operating in Cambodia, particularly in industries like textiles, manufacturing, and hospitality, are actively seeking renewable energy solutions to align with their Environmental, Social and Governance (ESG) commitments.

For instance, major brands in Cambodia's garment sector one of the country's largest industries are under pressure to reduce carbon footprints and source clean energy. As a result, these companies are turning to I-RECs as a viable mechanism to certify renewable energy usage and meet global sustainability targets, driving market growth.

Pricing Analysis

The pricing of renewable energy certificates (RECs) in Cambodia is influenced by several key factors, including renewable energy supply, corporate demand, government policies and international REC market trends. Since Cambodia is in the early stages of developing its renewable energy infrastructure, the availability of locally generated RECs is still limited, which can lead to higher prices compared to more mature markets.

The price of I-RECs in Cambodia typically fluctuates based on project types (solar, hydro, biomass), issuance fees and international demand from companies aiming to meet carbon neutrality targets. Compared to neighboring Southeast Asian countries like Vietnam and Thailand, Cambodia's REC prices are higher due to limited local suppliers and dependence on imported renewable energy solutions. For example, the prices for Solar RECs ranges from US$ 39.83/MWh in 2023 to US$ 42.03/MWh in 2025.

Cambodia renewable energy certificate market, by energy source

Major Players

The major players in the market include Electricité du Cambodge (EDC), TotalEnergies Cambodia,SN Power (Scatec), ECOHZ and I-REC Standard.

Key players market share, 2024

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Target Audience 2024

  • Manufacturers/ Buyers
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  • Research Professionals
  • Emerging Companies
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FAQ’s

  • Cambodia renewable energy certificate Market reached US$ 5.62 million in 2024 and is expected to reach US$ 7.01 million by 2032

  • Key players are Electricité du Cambodge (EDC), TotalEnergies Cambodia,SN Power (Scatec), ECOHZ and I-REC Standard.
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