In the course of the liberalisation of electricity markets in the EU Member States, the question as to the suitable regulatory framework for environmental policy needs to be asked anew. Therefore, this research project aims at drawing up a practical proposal for the EU-wide and national organisation of regulatory frameworks for renewable energies, which enable politically defined climate and environmental goals to be achieved efficiently and without distorting competition. Initial analyses have revealed that the EU-wide standardisation of "green" certificates (i.e. certificates documenting environmentally-friendly electricity production) and cross-border trading in these certificates represent a promising basic mechanism. During the process of organising the markets for certificates further, developments in the financial sector, that is to say banking, futures and options for certificates, can be taken into account. Moreover, it is possible to draw on experiences different countries, economic sectors and companies have gained so far in trading emission permits. By making suggestions for transitional arrangements, we will take into account the historically grown differences in the national structures of industries and in energy and environmental policy regulations.