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The problem of the legal nature of Green Certificates in the Italian legal system

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  • Colcelli, Valentina

Abstract

Green Certificates are usually described as negotiable instruments or commercial papers. The Italian legal system identifies Green Certificates as rights but, due to the ambiguity of the definition, their juridical nature remains uncertain. This reverberates on the functioning of the Green Certificates market and on the enforcement of the relevant norms. This paper discusses the actual legal nature of Green Certificates in Italy and concludes that they should be regarded as goods. This means that private law instruments apply in their market transactions, with consequent implications on the policy side.

Suggested Citation

  • Colcelli, Valentina, 2012. "The problem of the legal nature of Green Certificates in the Italian legal system," Energy Policy, Elsevier, vol. 40(C), pages 301-306.
    • Handle: RePEc:eee:enepol:v:40:y:2012:i:c:p:301-306
    DOI: 10.1016/j.enpol.2011.10.010
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    References listed on IDEAS

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    1. Morthorst, P. E., 2003. "A green certificate market combined with a liberalised power market," Energy Policy, Elsevier, vol. 31(13), pages 1393-1402, October.
    2. Eirik Amundsen & Fridrik Baldursson & Jørgen Mortensen, 2006. "Price Volatility and Banking in Green Certificate Markets," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 35(4), pages 259-287, December.
    3. Kildegaard, Arne, 2008. "Green certificate markets, the risk of over-investment, and the role of long-term contracts," Energy Policy, Elsevier, vol. 36(9), pages 3413-3421, September.
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