Many obstacles So far the theory of project development in renewable energy has been discussed. in practice there are many obstacles to accumulate the potential revenues described above. in the first place, not all emission reducing projects are eligible for ETS credits. Second, the ETS rules out a renewable MWh for CO2 credits, that has already received subsidies or the value of green certificates on the market. in some countries there might be some legal ways to cash the CO2 credits first and, after that, also receive the subsidy or green certificate value. it indeed requires a lot of creativity and knowledge of local circumstances to generale CO2 emissions reductions in the right sector, so the credits are allowed on the market place, but isn't that just business-as-usual for project developers? in most cases the financial injections from subsidies, green certificates and emissions credits cannot be accumulated. But with the arrival of the carbon trade system the projeci developer is now offered the choice between three options. in most cases subsidies are much higher than the value of certificates or credits, so a project developer would prefer to get finance from that source. However, for some renewable technologies in some EU countries renewable energy subsidies are practically MAKALE/ ARTICLE zero. in these circumstances it seems obvious that the developer would prefer to cash the value of the CO2 credits because they are worth more than green certificates. lf a project developer chooses to get CO2 credits for his project, he must go through the right procedures: " The project must be executed in a sector that is not subject to the carbon trading scheme. " You have to prove that the project is 'additional' to developments that would have happened anyway. in general, rules according to the UNFCCC have to be applied -very much the same as rules for emission reduction projects in developing countries (called Clean Development Mechanism or CDM) or in the socalled Annex lcountries (Joint lmplementation Projects). Extra option hard to reach Concluding this analysis, with the introduction of the European Emissions Trading Scheme, renewable energy project development appears to get an extra option tor financing. But in practice it will not happen very often, because cashing the subsidy, green certificate value or credit value generally excludes the other options. Türkiye'nin ilk ve en geli§mi§ • insan Kaynakları Sitesi "Kojenerasyon: Yüksek Verim, Temiz Çevre, Enerjide Yeniden Yapılanma" www .k«rtıjer.~et Elektronik Yayıncılık A.Ş. 0216 302 05 00 ENERJi & KOJENERASYON DÜNYASI 1 71
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