Abstract

The Kyoto target for Romania was to reduce its carbon dioxide emissions by 8 % from the 1989 levels. The 1989 emissions werearound 260 million tones. In 2000 the net CO2 emission - some 125 million tones - were 54% of the net CO2 emission in the reference year -1989, leaving some 115 million tones as a reserve or as a tradable resource to other countries that can not met their Kyoto targets. Assuming that Romania will sell 100 millions tones of its extra quota in accordance to Article 17 under Kyoto at 10 euros a tone this paper will try to answer the following question: What is the best way for the Romanian

government to spend 1 billion euros in the renewable energy? As the area of renewable energy is highly complex this paper will mainly focus on assessing the programs related to wind power. This paper will provide an assessment of the wind potential in Romania by assessing an average project. This essay will argue that green certificates are a model to be considered over other schemes like feed in tariffs or direct investment.