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Falling Short: An Evaluation of the Indian Renewable Certificate Market

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Published: December, 2012

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.