THE SYSTEM OF GREEN CERTIFICATES - PROMOTER OF ENERGY
               FROM RENEWABLE RESOURCES


             Leontina Păvăloaia, ”Alexandru Ioan Cuza” University of Iasi, Romania
             Iuliana Georgescu, ”Alexandru Ioan Cuza” University of Iasi, Romania


ABSTRACT: The traditional economic development aims at customer satisfaction and profits
maximization, but overused the natural resources. Therefore, it becomes a necessity to take into
account the social and environmental aspects. In order to ensure sustainable development, it have
been adopted numerous rules and regulations which set objectives and targets aiming to reduce
emissions and contributing to a responsible behavior. One of the objectives set at EU level is to ensure
that sustainable development is the use of renewable resources in the production of electricity. In
order to encourage the use of renewable energy sources for energy production it applied a system of
promotion throughout green certificates, which aims, among other goals, to reduce imports of
primary energy resources, stimulate the local and regional sustainable development, create
employment throughout new jobs, reduce the environmental pollution by minimizing emissions. In
this paper we intend to analyze the tools used in Romania for the purpose of promoting the production
of energy from renewable sources, the green certificates market, the share of renewable energy in
gross inland consumption, the fulfillment degree of the target and their reflection in the annual
financial statements of energy production companies listed on the Bucharest Stock Exchange.

Keywords: green certificate, renewable energy sources, sustainable development

JEL Codes: Q56