CPI

India recently launched a market-based mechanism called Renewable Energy Certificates (RECs). However, in the one year of trading so far, participation in the REC markets has been low: RECs have failed to attract
investment. In this paper, we evaluate the effectiveness of Indian REC markets against eight government objectives and find that this program is not likely to achieve government objectives.

Related:

• Press release: Financing Challenges Make Renewable Energy in India More Expensive than in the U.S., Europe; Without Policy Solutions, Challenges Could Limit Future Growth in this Sector
• Publication: Meeting India’s Renewable Energy Targets: The Financing Challenge