Tradable Certificates for Energy Savings (White Certificates): Theory and Practice

This report first reviews the experiences of countries with emission trading and green certificates, then describes how tradable certificates for energy savings (TCES) work and how they have been implemented in Italy and Great Britain. Finally, it compares TCES with energy taxation and mandatory demand-side managements programs and discusses ways in which both green and white certificates could be integrated into the existing framework for energy efficiency programs.