Market-Based Mechanisms to Promote Renewable Energy in Asia

Venkatachalam Anbumozhi, Alex Bowen and Puthusserikunnel Devasia Jose
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Alex Bowen: London School of Economics and Political Sciences, UK
Puthusserikunnel Devasia Jose: Indian Institute of Management Bangalore, India

No DP-2015-30, Working Papers from Economic Research Institute for ASEAN and East Asia (ERIA)

Abstract: Market-based instruments such as Renewable Energy Certificate (REC) are increasingly favoured as an alternative to command-and-control legislation to increase the uptake of renewable energy. Focusing on the renewable energy industry and policy situation in Asia, this paper analysed the strengths and weaknesses of market-based approaches in the long-term interest of developing Asia. It found that approaches such as REC are disadvantaged by a lack of both market acceptance and a strong institutional and programme support. To identify gaps in the REC system in India, a comparative analysis with the United Kingdom (UK) model was made. This revealed some fundamental issues around market-based approaches in Asia, underscoring the need for a policy design to address the concerns of buyers and sellers in the market.

Keywords: Market-based Mechanisms; Renewable Energy; Renewable Obligation; Regulatory Intervention (search for similar items in EconPapers)
JEL-codes: Q41 Q42 Q48 (search for similar items in EconPapers)
Pages: 42 pages.
Date: 2015-04
New Economics Papers: this item is included in nep-ene, nep-env, nep-reg and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (30)

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