Twenty years of white certificates in Italy: Lessons from crisis, reform and recovery

Peer-reviewed paper 2-239-26

The Italian White Certificates (WhC) scheme was introduced in 2001 and became fully operational in 2005. It is characterised by broad sectoral coverage, measurement and verification of energy performance aligned with International Performance Measurement and Verification Protocol (IPMVP) option B,¹ technological neutrality, and a high degree of flexibility, including the participation of non-obliged (eligible) parties, a tradable certificate market, banking options, and adjustable targets for obliged parties.

By the end of 2024, the scheme had delivered more than 30 million tonnes of oil equivalent (toe) of cumulative energy savings, making a substantial contribution to national energy efficiency targets.

Major revisions were implemented in 2012 and 2017, affecting both targets and operational rules. These changes, together with evolving energy market conditions, progressively reduced the scheme’s ability to generate the expected volume of certificates. The resulting structural shortage led to sustained price increases, ultimately threatening both target compliance and the overall stability of the scheme.

In response, a comprehensive reform was introduced in 2021 to prevent system collapse and to relaunch the scheme in line with the National Energy and Climate Plan. The revised framework, supported by a set of accompanying actions implemented by GSE, the scheme’s managing authority, has led to a gradual but measurable recovery. To reinforce this trend, a new regulation adopted in July 2025 introduced further simplifications, particularly in measurement and verification procedures and project timelines, along with additional measures aimed at improving scheme effectiveness.

This paper reviews the evolution of the WhC scheme, focusing on the rationale behind the main regulatory changes and on the first evidence emerging one year after their introduction. Strengths and weaknesses observed over time are critically assessed, drawing on insights from the national snapshots published within the ENSMOV Plus project in 2025.