ANNOUNCEMENTS
The renewable energy sector of our country is rapidly growing and the major factors responsible for this tremendous growth is the successful application of renewable energy policy mechanisms. These promote the development and the growth of renewable energy sector. While there are a lot of policies which promote renewable sector the policy mechanism of Renewable Energy Certificate mechanism is much preferred by the policy makers for the regulation of the RE sector. The policy was introduced with the aim to increase the participation of financial and major energy producing companies in the green energy sector. The policy over the decade has faced a lot of challenges and criticisms. The policy is often compared with other successfully implemented REC mechanisms in various countries. The comparison is often on the lack of effective implementation of the obligations of the policy. This paper highlights the various problems of Indian REC mechanism and the challenges it has faced since its inception. Also, a comparative analysis has been performed with the best implemented REC mechanism across the world. The comparison highlighted various policy corrections the REC mechanism can implement in order to sustain in the market. Finally, few suggestions and recommendations has been suggested for the development and successful future of the REC mechanism of our country.
