The combination of trading schemes for green certificates and for carbon, as they are implemented and planned in the Netherlands, imply a complete separation of green certificates and CO2 markets. This means that the costs of CO2 reduction will be reflected in the spot price of electricity and that the price of green certificates only reflects the additional cost of RE development. However, since the green certificate scheme is already implemented, while the carbon trading scheme is not, it is unclear if currently the green certificate value includes the CO2 reduction value of RE production. It is important that buyers and sellers in the market for green certificates agree on what they are trading, therefore this issue should be clarified.