Uncertainty, Boundaries, and Impact: Reflections from the REC Market Meeting 2025

This year’s REC Market Meeting was a reminder of just how dynamic and layered the EAC space has become. Passionate debate, cautious optimism, and honest questioning filled the agenda, all circling around a core question: what kind of impact are we really investing in?

Held across four key streams: Deep Dives, Overviews, Renewable Gas, and Understanding the Basics, the programme explored the full breadth of the world of renewable energy. From granular tracking to the future of biomethane certificates to corporate procurement strategies, the theme of the event, Investing in Impact, was not just the slogan for the conference, but rather, it was woven through every session. And yet, what became increasingly clear was this: while the ambition is real, the path forward is anything but straightforward.

A search for clarity

A recurring topic across streams was the need for stronger, more cohesive policy frameworks to support the growth and credibility of EAC markets. Market participants, from traders to corporate buyers, are doing what they can with the tools available. But without unified rules, particularly around market boundaries, progress is piecemeal and often stifled by uncertainty.

Should we localise certificate procurement to reinforce regional impact and price signals? Or should we open markets to greater cross-border flexibility, enabling more rapid investment and uptake of renewables across a broader base? The debates across the sessions highlighted that in this market, we lack alignment not only on policy but on the very definition of “impact.”

This tension touches all areas discussed too. And although the conversations were genuine and grounded in shared intent, the absence of consensus made one thing clear: without clarity on what we’re optimising for, even the best mechanisms fall short.

What does “impact” actually mean?

If one word defined the event, it was impact. But it became increasingly clear that it means different things to different people. For some, impact is about additionality, funding new renewable projects that wouldn’t otherwise exist. For others, it’s about visibility and scalability, knowing exactly where and how your electricity was generated or unlocking the biggest volume of clean energy, as quickly as possible. Others reminded us that impact may mean going beyond renewable energy generation and considering the broader picture, including the communities affected, the surrounding biodiversity, and other social and environmental dimensions.

The tension between localised procurement and market openness is a prime example. Local purchases can strengthen regional markets and grid decarbonisation, but they can also reduce liquidity, inflate costs, and slow down investment. Cross-border purchasing may boost speed and affordability, but critics worry it dilutes real-world impact, though this can be debated.

In the absence of policy direction, market actors are forced to choose between imperfect options. The risk is fragmentation, or worse, stagnation.

Stability in the uncertainty

Still, there were moments of stability, even optimism, that the REC Market Meeting brought.

The confirmation that the GHG Protocol and SBTi will almost certainly continue to utilise both the market-based and location-based approaches to reporting scope 2 emissions, and will therefore continue to accept EACs as valid instruments for scope 2 reporting offers a crucial signal to corporate buyers. Despite noise in the system, the role of EACs remains firm in the wider decarbonisation framework.

Equally encouraging was the realisation that we are not starting from scratch. Some of the biggest players, including multinationals with robust sustainability targets, are already pushing their supply chains to decarbonise and are doing so using market-based instruments. Take Amazon for example, who just a few weeks ago announced that it will be selling carbon credits to other businesses, including its suppliers and firms that list products on its platform. These efforts are having ripple effects, and they show no signs of slowing down.

New policies such as the European Omnibus proposal may shift the landscape, but they will not undermine the market. If anything, they’re a reminder that politics, while often frustrating, is simply one more piece of a transition we are already navigating.

We need to do more

So where do we go from here?

We’ve all heard the word impact a hundred times this week, but what do we actually mean when we say it? If we are truly to invest in impact, we must define what that means, collectively. Is it about driving new project development? Strengthening national grids? Empowering corporate buyers to act faster and with more confidence? Maybe it’s about all the above, or maybe we’re still figuring that out. But we won’t get there without clearer priorities, better policy, and shared language.

Inaction, however, is not neutral. Choosing to do nothing, to wait for policy to lead, sends a signal that this market no longer matters. And in systems shaped by perception and demand, that signal can become self-fulfilling. The reality is that policies often follow pressure. Market momentum comes first, and it’s our job to create it. We need to pave the way, even if the road ahead is messy, so that frameworks can follow and help bring order to that momentum.

There is no silver bullet, but there is a path forward:

• Market participants must rethink procurement not as a tick-box exercise but as a chance to shape real outcomes.
• Policymakers must step up and deliver frameworks that align ambition with reality.
• And as a community, we must hold ourselves to higher standards of transparency, of credibility, and of impact.

A final thought and a call to action

The complexity isn’t paralysing us; if anything, it’s pushing us to evolve. The depth of conversation at RMM 2025 showed that this market is maturing and we are no longer asking whether EACs matter but rather how to make them matter more.

So, a sentiment that was echoed throughout the halls of Beurs van Berlage over the three insightful days: Let’s stop waiting for a perfect system. Let’s use the one we have while we shape the one we need. But let’s keep the momentum going, because it is there, even if there’s still plenty of room to grow.

So, whether you’re rethinking procurement strategies, navigating policy uncertainty, or seeking to deepen your impact, Nvalue is here to support you. Let’s keep the momentum going, and build a system that works better for everyone.