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A GCS, also known as Renewable
Energy Certificate (REC) scheme, Renewables Obligation (RO) scheme, Quota
Model, among other names, is a RBM where the utilities or electricity retailers
must comply with a minimum percentage of electricity generated from renewable
energy sources, which they can fulfil by delivering a proper amount of
certificates.  (Schaeffer, Boots, Martens, & Voogt, 1999)

 

At the international level, the
GCSs have demonstrated to be a robust policy instrument used by countries to
increase the share of renewable energy sources in their electricity mix. Among its
different characteristics, Green Certificates:

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·     
Serve transparently to obligated entities as a
means to fulfil their renewable energy targets.

·     
Open a new universe of opportunities for a
voluntary demand driven by customers seeking to minimize the environmental
externalities linked to their electricity consumption.

·     
Allow electricity consumers to have access to
renewable electricity even in those locations where there is a limited number
of generation technology options.

·     
Enables end-consumers to claim the use of
renewable electricity at a different time from the moment of generation.

·     
Are accessible in numerous jurisdictions given
the current ample diversity of tracking systems. (Environmental
Protection Agency, 2010)

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