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Market-based instruments such as white certificates offer the potential to increase efficiency gains, reduce primary energy consumption and make energy systems more resilient. The purpose of this paper is to provide insights into the white certificate scheme through a case study analysis. In light of increasing decarbonization and energy efficiency targets, it is important to rethink the role that policy instruments play in the energy transition, including the energy efficiency obligation schemes within which white certificate schemes fall. We focus on Italy's white certificate scheme because it is among the longest-lived and has achieved notable results. The scheme is characterized by annually increasing energy savings targets, flexibility, the opportunity to include many interventions, and the role of energy services companies. We provide evidence based on an empirical survey and fill the research gap left by the latest updates to the scheme along with an appraisal of those updates, which covers prominent scheme innovations such as its stability mechanism. Our research can serve as a baseline for policymakers in designing white certificate schemes in countries with little related previous experience and provide useful information from countries where similar schemes have been implemented to fine-tune similar market-based mechanisms to improve energy efficiency. [ABSTRACT FROM AUTHOR]

Abstract Energy efficiency, which is one of the pillars of the EU's Energy Union strategy, has been proposed as a solution, namely as a highly effective pathway to improve economic competitiveness and sustainability of the European economy, lower emissions, reduce energy dependency and increase security of supply, and job creation. The paper reviews the EU strategies and policies on energy efficiency and argues that further focus should be placed on industrial energy efficiency. Despite a decline in energy consumption in recent years in industry, this sector is one of the largest users of energy in the EU. Therefore, the paper reviews the extent to which the European and national policies in the selected jurisdictions, such as Italy and the UK address energy efficiency in industry and whether there are any measures in place to promote it. Highlights • Legal certainty is required in industrial energy efficiency policies. • White Certificates play a major role in industrial energy efficiency in Italy. • Yet, constant changes in the WC regulations can act as an investment barrier. • The UK's Energy Efficiency policy is underpinned with decarbonisation of the industry. [ABSTRACT FROM AUTHOR]