A comparative analysis of green certificates markets in the European Union.

Purpose - The aim of this paper is to investigate how green certificates markets have developed in the European Union, with a view to producing consistent recommendations that could be used in future environmental strategies and policies to improve existing schemes for renewable energy promotion and support. Design/methodology/approach - The study was conducted by combining a wide variety of sources, such as regulations, position papers, road-maps, as well as articles and research reports. European experiences in using green certificates to support renewable energies were compared from the point-of-view of the legislative framework and national support systems. Findings -- The findings reveal that improvements in three major areas (legislative framework, national support systems, and cost reduction) are needed in order to achieve a better support for renewable energy generation. Practical implications - The conclusions justify the effort invested in developing green certificates markets and are relevant for policy makers in a very sensitive sector to accomplish sustainability goals - the use of renewable energy. The study may represent a starting-point for further research into renewable energy support systems, environmental issues and economic implications. Originality/value - The paper provides a rational and comparative approach for finding solutions to the problems of green certificates markets in the European Union. The methodology and the results reported in this research could be used for exploring green certificates markets opportunities in other European countries. [ABSTRACT FROM AUTHOR]