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

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

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Article ID: iaor201111820
Volume: 40
Issue: 12
Start Page Number: 301
End Page Number: 306
Publication Date: Jan 2012
Journal: Energy Policy
Authors:
Keywords: Italy, green industry
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.

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