Despite global economic slowdown and subsequent policy changes, renewable energies and particularly wind managed to attract substantial funds. Through the year there was hectic activity in the financial circles as new projects attracted funds, loans were given out to finish those in the pipeline and financial support was forwarded to Merger and Acquisition activity.

Renewable energy is a sunrise industry, offering huge potential for employment generation, besides promising energy security for a developing country like India. However, the Union Budget 2012 has failed to provide for it the much needed impetus.

India is abundantyl gifted with a variety of renewable energy sources; however not all states are endowed with same level of renewable energy sources. The enactment of the Electricity Act 2003 (EA 2003) stimulated the development of RE-based power generation by mandating State Electricity Regulatory Commissions (SERC) with the responsibility to promote RE generation within the state.

Renewable Energy Certificates (RECs) are a market-based instrument to promote RE power. The REC is a policy instrument which provides evidence that an electricity generator has produced a certain quantum of power from a renewable energy source such has wind, solar, biomass, waste to energy etc.

On 14th January, 2010 the Central Electricity Regulatory Commission (CERC) notified the CERC (Terms and Conditions for recognition and issuance of Renewable Energy Generation) Regulations, 2010.

The Ministry of New and Renewable Energy (MNRE), Govt. of India has come out with the Jawaharlal Nehru National Solar Mission (JNNSM) with the objective of establishing India as a global leader in solar energy by creating policy conditions for its diffusion across the country as soon as possible.

At his inaugural remarks in January 2009, US President, Mr. Barack Obama proclaimed: "Our time of standing pat, of protecting national interest and putting off unpleasant decisions-that time has surely passed." The meager result in Copenhagen unfortunately confirms that unpleasant decisions are indeed still being put off. World leaders continued talking in Copenhagen rather than acting.

Even the most enthusiastic climate advocate would have been disappointed with the outcome of the climate change conference held in Copenhagen. To have expected something like a new, detailed, legal treaty would have been naive; the Conference was always about long-term signals and overall market sentiment and not about short-term strategies affecting carbon prices.

The 15th Conference of the Parties (CoP 15) of the United Nations Framework Convention on Climate Change (UNFCCC) was held in Copenhagen from the 7th to the 18th of December, 2009. At this CoP, agreements were to be finalised in two sets of parallel negotiations.

The Clean Development Mechanism (CDM), devised by the United Nations Framework Convention for Climate Change (UNFCCC) under the Kyoto regime, has practically taken the climate change market by storm. This article is an attempt to shed light on the recent trends in CDM that have affected the wind power projects considerably.