The report has the following structure. Section 1 places the energy efficiency and energy
savings discussion in the context of relevant European policies. Section 2 reviews European experience with MBIs in the energy sector and provides a description, analysis and comparison of the existing and planned TCES schemes. Section 3 presents a qualitative comparison of the TCES scheme, also known as white certificate scheme or Energy Efficiency Titles, with energy taxation and mandatory demand-side management (DSM) programs, using a set of four criteria. Section 4 analyses the possibilities for integrating existing MBIs in the energy sector to achieve better environmental and economic results. The advantages and dangers of integrating green and white certificates in emission trading and possible ways to establish such an integration are then examined.