REFERENCES

1. Rose, A.; Wei, D.; Miller, N.; Vandyck, T. Equity, emissions allowance trading and the Paris agreement on climate change. EconDisCliCha 2017, 1, 203-32.

2. Garvens, H. J.; Albrecht, S.; Fischer, M.; Scagnetti, C.; Barkmeyer, M.; Braune, A. Transfer towards climate neutrality - from LCA to a business case. E3S. Web. Conf. 2022, 349, 07002.

3. EMBER. Yearly electricity data. Available from: https://ember-climate.org/data-catalogue/yearly-electricity-data/ [Last accessed on 13 Oct 2025].

4. Energy Institute. Statistical review of world energy. Available from: https://www.energyinst.org/statistical-review/ [Last accessed on 13 Oct 2025].

5. Vertes, A. A.; Qureshi, N.; Blaschek, H. P.; Yukawa, H. Green energy to sustainability: strategies for global industries. John Wiley & Sons; 2020.

6. RECS Energy Certificate Association. Maximising the reliability and impact of buying renewables: guidance for market participants. Available from: https://recs.org/news/recs-international-publishes-guidance-for-market-participants/ [Last accessed on 13 Oct 2025].

7. Safarzadeh, S.; Hafezalkotob, A.; Jafari, H. Energy supply chain empowerment through tradable green and white certificates: a pathway to sustainable energy generation. Appl. Energy. 2022, 323, 119601.

8. Akerlof, G. A. 15 - The market for “lemons”: quality uncertainty and the market mechanism. In Uncertainty in Economics. Academic Press; 1978, pp 235-51.

9. De Matos, T. F. Certificados de energia renovável - conceituação através de uma revisão sistemática de literatura. Revista. Gesta. 2024, 12.

10. Mondello, G.; Salomone, R. Chapter 10 - Assessing green processes through life cycle assessment and other LCA-related methods. In: Studies in surface science and catalysis; 2020. pp. 159-85.

11. Kåberger, T.; Karlsson, R. Electricity from a competitive market in life-cycle analysis. J. Clean. Prod. 1998, 6, 103-9.

12. Amundsen, E. S.; Mortensen, J. B. The Danish Green Certificate System: some simple analytical results. Energy. Econ. 2001, 23, 489-509.

13. Amundsen, E. S.; Bergman, L. Green certificates and market power on the nordic power market. Energy. J. 2012, 33, 101-18.

14. Linares, P.; Santos, F. J.; Ventosa, M. Coordination of carbon reduction and renewable energy support policies. Clim. Policy. 2008, 8, 377-94.

15. THEMA. Available from: https://thema.no/en/news-and-publications/ [Last accessed on 13 Oct 2025].

16. The European Parliament and the Council of the European Union. Directive 2001/77/EC of the European Parliament and of the Council of 27 September 2001 on the promotion of electricity produced from renewable energy sources in the internal electricity market; 2001, pp. 33-40. Available from: http://data.europa.eu/eli/dir/2001/77/oj [Last accessed on 13 Oct 2025].

17. The European Parliament and the Council of the European Union. Directive 2009/28/EC of the European Parliament and of the Council of 23 April 2009 on the promotion of the use of energy from renewable sources and amending and subsequently repealing Directives 2001/77/EC and 2003/30/EC (Text with EEA relevance); 2009, pp. 16-62. Available from: http://data.europa.eu/eli/dir/2009/28/oj [Last accessed on 13 Oct 2025].

18. The European Parliament and the Council of the European Union. Directive (EU) 2018/2001 of the European Parliament and of the Council of 11 December 2018 on the promotion of the use of energy from renewable sources (recast) (Text with EEA relevance.); 2018, pp. 82-209. Available from: http://data.europa.eu/eli/dir/2018/2001/oj [Last accessed on 13 Oct 2025].

19. European Commission. Fit for 55: delivering on the proposals. Available from: https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal/delivering-european-green-deal/fit-55-delivering-proposals_en [Last accessed on 13 Oct 2025].

20. The European Parliament and the Council of the European Union. Directive (EU) 2023/2413 of the European Parliament and of the Council of 18 October 2023 amending Directive (EU) 2018/2001, Regulation (EU) 2018/1999 and Directive 98/70/EC as regards the promotion of energy from renewable sources, and repealing Council Directive (EU) 2015/652; 2023. Available from: https://data.europa.eu/eli/dir/2023/2413/oj [Last accessed on 13 Oct 2025].

21. European Commission. Implementing and delegated acts - CSRD. Available online: https://finance.ec.europa.eu/regulation-and-supervision/financial-services-legislation/implementing-and-delegated-acts/corporate-sustainability-reporting-directive_en [Last accessed on 13 Oct 2025].

22. European Union. Directive (EU) 2025/794 of the European Parliament and of the Council of 14 April 2025 amending Directives (EU) 2022/2464 and (EU) 2024/1760 as regards the dates from which Member States are to apply certain corporate sustainability reporting and due diligence requirements (Text with EEA relevance); 2025. Available from: http://data.europa.eu/eli/dir/2025/794/oj [Last accessed on 13 Oct 2025].

23. European Commission. European hydrogen bank, 16 March 2023. Available from: https://energy.ec.europa.eu/topics/eus-energy-system/hydrogen/european-hydrogen-bank_en [Last accessed on 13 Oct 2025].

24. Sustainability Impact Metrics. Guarantees of origin, renewable energy certificates, the residual mix and carbon offsetting in LCA. Available from: https://www.ecocostsvalue.com/lca/gos-and-recs-in-lca/ [Last accessed on 13 Oct 2025].

25. Greenhouse Gas Protocol. Available from: https://ghgprotocol.org/ [Last accessed on 13 Oct 2025].

26. CDP. Available from: https://www.cdp.net/zh [Last accessed on 13 Oct 2025].

27. RE100. Available from: https://www.there100.org/ [Last accessed on 13 Oct 2025].

28. European Commission. Revision of the energy taxation directive: questions and answers; 2021. Available from: https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_3662 [Last accessed on 13 Oct 2025].

29. Association of Issuing Bodies (AIB). Available from: https://www.aib-net.org/eecs/eecsr-rules [Last accessed on 13 Oct 2025].

30. The European Parliament and the Council of the European Union. Directive 2009/72/EC of the European Parliament and of the Council of 13 July 2009 concerning common rules for the internal market in electricity and repealing Directive 2003/54/EC (Text with EEA relevance); 2009, pp 55-93. Available from: http://data.europa.eu/eli/dir/2009/72/oj [Last accessed on 13 Oct 2025].

31. International Organization for Standardization (ISO). ISO 14040:2006 - Environmental management-life cycle assessment-principles and framework; Geneva: ISO; 2006. Available from: https://www.iso.org/standard/37456.html [Last accessed on 13 Oct 2025].

32. International Organization for Standardization (ISO). ISO 14044:2006 - Environmental management-life cycle assessment-requirements and guidelines; Geneva: ISO; 2006. Available from: https://www.iso.org/standard/38498.html [Last accessed on 13 Oct 2025].

33. Brandão, M.; Busch, P.; Kendall, A. Life cycle assessment, quo vadis? Supporting or deterring greenwashing? A survey of practitioners. Environ. Sci. Adv. 2024, 3, 266-73.

34. Joint Research Centre, Institute for Environment and Sustainability. International Reference Life Cycle Data System (ILCD) handbook: general guide for life cycle assessment: detailed guidance; 2010. Available from: https://data.europa.eu/doi/10.2788/38479 [Last accessed on 13 Oct 2025].

35. Greenhouse Gas Protocol. Greenhouse gas protocol: a corporate accounting and reporting standard (revised edition). Available from: https://ghgprotocol.org/corporate-standard [Last accessed on 13 Oct 2025].

36. Greenhouse Gas Protocol. Greenhouse gas protocol: product life cycle accounting and reporting standard. Available from: https://ghgprotocol.org/product-standard [Last accessed on 13 Oct 2025].

37. Greenhouse Gas Protocol. Corporate value chain (scope 3) standard. Available from: https://ghgprotocol.org/corporate-value-chain-scope-3-standard [Last accessed on 13 Oct 2025].

38. International Organization for Standardization (ISO). ISO 14067:2018 - greenhouse gases-carbon footprint of products-requirements and guidelines for quantification; Geneva: ISO; 2018. Available from: https://www.iso.org/standard/71206.html [Last accessed on 13 Oct 2025].

39. Holzapfel, P.; Bach, V.; Finkbeiner, M. Electricity accounting in life cycle assessment: the challenge of double counting. Int. J. Life. Cycle. Assess. 2023, 28, 771-87.

40. NVE-RME. Electricity disclosure 2018; 2021. Available from: https://www.nve.no/norwegian-energy-regulatory-authority/retail-market/electricity-disclosure-2018/?ref=mainmenu [Last accessed on 13 Oct 2025].

41. Boguski, T.; Cassese, B.; Conroy, A.; et al. Guidance for quantifying renewable electricity instruments in environmental product declarations (EPDs). American Center for Life Cycle Assessment; 2023. Available from: https://cdn.prod.website-files.com/6737cd6ac90eef73ce510ced/67c39e6e8286b7a4d998c477_quantifying%20renew....pdf [Last accessed on 13 Oct 2025].

42. Bjørn, A.; Lloyd, S. M.; Brander, M.; Matthews, H. D. Renewable energy certificates threaten the integrity of corporate science-based targets. Nat. Clim. Chang. 2022, 12, 539-46.

43. Brander, M.; Gillenwater, M.; Ascui, F. Creative accounting: a critical perspective on the market-based method for reporting purchased electricity (scope 2) emissions. Energy. Policy. 2018, 112, 29-33.

44. Bjørn, A.; Lloyd, S. M.; Brander, M.; Matthews, H. D. Renewable energy certificates allow companies to overstate their emission reductions. Nat. Clim. Chang. 2022, 12, 508-9.

45. International Organization for Standardization (ISO). ISO 14064-1:2018 - Greenhouse gases-part 1: specification with guidance at the organization level for quantification and reporting of greenhouse gas emissions and removals; Geneva: ISO; 2018. Available from: https://www.iso.org/standard/66453.html [Last accessed on 13 Oct 2025].

46. International Organization for Standardization (ISO). ISO 14064-2:2019 - Greenhouse gases-part 2: specification with guidance at the project level for quantification, monitoring and reporting of greenhouse gas emission reductions or removal enhancements; Geneva: ISO; 2019. Available from: https://www.iso.org/standard/66454.html [Last accessed on 13 Oct 2025].

47. European Commission. Product environmental footprint method. Available from: https://green-forum.ec.europa.eu/environmental-footprint-methods/pef-method_en [Last accessed on 13 Oct 2025].

48. The International EPD® System. Environmental product declarations. Available from: https://www.environdec.com/all-about-epds/the-epd [Last accessed on 13 Oct 2025].

49. OpenLCA. Available from: https://ask.openlca.org/5186/how-to-deal-with-renewabale-energy-certificates-in-lca [Last accessed on 13 Oct 2025]!.

50. Frischknecht, R.; Itten, R. Book, trade and claim systems in LCA: how to model certificates delinked from physical flows. In proceedings of the SETAC 6th World Congress/SETAC Europe 22nd annual meeting. Available from: https://www.researchgate.net/publication/324893874_Book_trade_and_claim_systems_in_LCA_how_to_model_certificates_delinked_from_physical_flows [Last accessed on 13 Oct 2025].

51. Dyck, M.; Davidsdottir, B.; Ögmundarson, Ó. Guarantees of origin and the need to harmonise approaches to account for electricity in life cycle assessment. 2024.

52. Barbose, G. L. U.S. state renewables portfolio & clean electricity standards: 2023 status update. Energy Technologies Area, Berkeley Lab; 2023. Available from: https://etapublications.lbl.gov/sites/default/files/lbnl_rps_ces_status_report_2023_edition.pdf [Last accessed on 13 Oct 2025].

53. Spataru, C.; Arcuri, B. Marketing renewable energy in the United Kingdom. In: Herbes C, Friege C, editors. Marketing renewable energy. Cham: Springer International Publishing; 2017. pp. 331-44.

54. Jia, H.; Liu, D.; Zhuo, G.; Feng, Y.; Han, Y. Review for global practices of renewable energy certificates. In Proceedings of the 2023 8th Asia Conference on Power and Electrical Engineering (ACPEE), 2023; pp. 642-6.

55. Bhattacharya, S.; Kammen, D. Greener is cheaper: an example from offshore wind farms. Natl. Inst. Econ. Rev. 2023, 266, 30-46.

56. Zhao, X.; Zhou, Y.; Zuo, Y.; Meng, J.; Zhang, Y. Research on optimal benchmark price of tradable green certificate based on system dynamics: a China perspective. J. Clean. Prod. 2019, 230, 241-52.

57. World Resources Institute. Science based targets initiative (SBTi). Available from: https://www.wri.org/initiatives/science-based-targets [Last accessed on 13 Oct 2025].

58. International Organization for Standardization (ISO). ISO 14025:2006 - Environmental labels and declarations-Type III environmental declarations-Principles and procedures; Geneva: ISO; 2006. Available from: https://www.iso.org/standard/38131.html [Last accessed on 13 Oct 2025].

59. British Standards Institution. Sustainability of construction works. Environmental product declarations. Core rules for the product category of construction products; London: British Standards Institution, 2019. Available from: https://knowledge.bsigroup.com/products/sustainability-of-construction-works-environmental-product-declarations-core-rules-for-the-product-category-of-construction-products-2?version=standard [Last accessed on 13 Oct 2025].

60. Greenhouse Gas Protocol. Scope 2 guidance - an amendment to the GHG protocol corporate standard. Available from: https://ghgprotocol.org/scope-2-guidance [Last accessed on 13 Oct 2025].

61. European Commission. Corporate sustainability reporting. Available from: https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en [Last accessed on 13 Oct 2025].

62. Hamburger, Á. Is guarantee of origin really an effective energy policy tool in Europe? A critical approach. Soc. Econ. 2019, 41, 487-507.

63. Brandão, M.; Ekvall, T.; Poulikidou, S.; et al. RED, PEF, and EPD: conflicting rules for determining the carbon footprint of biofuels give unclear signals to fuel producers and customers. Front. Clim. 2022, 4, 988769.

64. Boomsma, T. K.; Meade, N.; Fleten, S. Renewable energy investments under different support schemes: a real options approach. Eur. J. Oper. Res. 2012, 220, 225-37.

65. Boomsma, T. K.; Linnerud, K. Market and policy risk under different renewable electricity support schemes. Energy 2015, 89, 435-48.

66. Hustveit, M.; Frogner, J. S.; Fleten, S. Tradable green certificates for renewable support: the role of expectations and uncertainty. Energy 2017, 141, 1717-27.

67. Karakashev, D. Making renewable energy certificates efficient, trustworthy, and private. Waterloo, ON: University of Waterloo; 2020.

68. LevelTen Energy. 8 do's and dont's of marketing renewable energy investments. 2020. Available from: https://www.leveltenenergy.com/post/marketing-renewable-energy [Last accessed on 13 Oct 2025].

69. GREENPEACE. Carbon markets are a threat to the Amazon; 2023. Available from: https://www.greenpeace.org/international/story/61342/carbon-markets-are-a-threat-to-the-amazon/ [Last accessed on 13 Oct 2025].

70. Wimmers, A.; Madlener, R. The European market for guarantees of origin for green electricity: a scenario-based evaluation of trading under uncertainty. Energies 2023, 17, 104.

71. Yi, Z.; Xin-Gang, Z.; Xin, M.; Yu-Zhuo, Z. Research on tradable green certificate benchmark price and technical conversion coefficient: bargaining-based cooperative trading. Energy 2020, 208, 118376.

72. RE100. RE100 technical criteria; 2022. Available from: https://www.there100.org/our-work/news/re100-updates-its-technical-criteria-accelerate-corporate-impact [Last accessed on 13 Oct 2025].