Photo 1. Photo Session of Workshop Participants
As part of efforts to enhance a shared understanding among ASEAN Member States (AMS) and to support the establishment of the ASEAN REC Taskforce, the ASEAN Centre for Energy (ACE) convened the 1st Renewable Energy Certificate (REC) Online Capacity Building Workshop on 1 April 2026, titled “Navigating the Dynamics of the REC Market and its Implications for ASEAN Countries,” supported by the World Bank under the Multi-Phased Approach - Accelerating Sustainable Energy Transition (MPA-ASET). As ASEAN advances regional cooperation on RECs, the workshop aimed to provide a comprehensive understanding of the REC market landscape, including supply and demand trends, as well as key drivers shaping REC price dynamics.
The workshop was opened by Dr. Tharinya Supasa, Manager of the Sustainable and Renewable Energy (SRE) Department at ACE, who highlighted the growing global momentum of RECs and its strategic role for the region, underscoring the urgency for ASEAN to better understand their rapidly evolving market dynamics. This was followed by a presentation on REC price formation by Liang Lei, Senior Reporter at Argus Media, who provided an in-depth analysis of REC price trends and their key drivers. Drawing comparisons across major markets, including the European Union and China, the session offered valuable insights into the factors influencing REC pricing across different regulatory and market contexts.
Providing an ASEAN perspective, Yong Boon Heng, Head of Sustainability at TNBX Malaysia, presented on Malaysia’s REC market (mREC). His presentation highlighted government-supported green procurement mechanisms on the supply side and examined how corporate demand has responded to these initiatives. Complementing this, Chairapee Liengboonlertchai, Chief of Renewable Energy and Digital Utility at the Electricity Generating Authority of Thailand (EGAT) , shared insights into Thailand’s REC market. In its dual role as the national utility and local REC issuer, EGAT has been instrumental in developing green procurement schemes and enabling a more structured and credible REC market in response to increasing demand.
Expanding the discussion to cross-border REC trade, the workshop welcomed Aaron Mak, Senior Assistant Director at the Ministry of Trade and Industry, Singapore. He shared Singapore’s approach to enabling its market to participate in cross-border REC trade, including efforts to address one of the most critical challenges, double counting.
The workshop successfully addressed a wide range of complex issues surrounding REC markets. Participants actively engaged in the discussions, posing questions and exchanging views with the speakers. By covering key aspects of REC market development, pricing, and governance, the workshop is expected to support AMS in identifying priority areas for the operationalisation of the ASEAN REC Taskforce in the near future.
