How to improve energy efficiency has become an important global issue. To enhance energy efficiency, European countries launched a Tradable White Certificate (TWC) system. The governmental authority sets the energy savings target and allocates those target quotas (obligations) to enterprises or individuals (obligators). Enterprises or individuals who have conducted energy saving behavior, through a trustworthy measurement and verification (M&V), would receive a TWC, which can be traded through a market mechanism. This TWC system is conformable with the Coase Theorem. The thrust of this paper aims to explore the tradable white certificate policy of United Kingdom, France and Italy. The implementation of tradable white certificates system, market structure and regulatory scheme are examined. United Kingdom’s obligators are mostly large-scale energy suppliers. French obligators include all sizes and types of energy suppliers, and the trading of TWCs are over the internet. Italian obligators are electric transmission and distribution industries, the TWCs are traded in the same platform that the green electricity certificate (i.e., renewable energy) have been traded. How to improve energy efficiency has become an important global issue. To enhance energy efficiency, European countries launched a Tradable White Certificate (TWC) system. The governmental authority sets the energy savings target and allocates those target quotas (obligations) to enterprises or individuals (obligators). Enterprises or individuals who have conducted energy saving behavior, through a trustworthy measurement and verification (M&V), would receive a TWC, which can be traded through a market mechanism. This TWC system is conformable with the Coase Theorem. The thrust of this paper aims to explore the tradable white certificate policy of United Kingdom, France and Italy. The implementation of tradable white certificates system, market structure and regulatory scheme are examined. United Kingdom’s obligators are mostly large-scale energy suppliers. French obligators include all sizes and types of energy suppliers, and the trading of TWCs are over the internet. Italian obligators are electric transmission and distribution industries, the TWCs are traded in the same platform that the green electricity certificate (i.e., renewable energy) have been traded. Then, the paper conducted a TWC feasibility analysis from technical, legal, operational and economic perspectives for Taiwan. Furthermore, three strategies were suggested as below: (1) The government related agencies should clarify the concept of TWC and advocate its policy implications; (2) The government related agencies should promote education, training and collaboration for ESCO professional certification personnel; (3) The government related agencies should establish a framework for the TWC market. Finally, this paper also provided the short-term and the long-term planning directions. In the short-term, Taiwan could follow UK experience which focuses on fulfilling obligation in the beginning stage, and gradually expand the number and scope of obligator; in the long-term, the government should promote energy services industry upgrading, and establish a sound market for implementing the TWC system.