The reduction of CO2 emissions is the central plank in the strategy for diminishing the build-up of greenhouse gases in the atmosphere, in the hope of averting climate change.Two simple steps must be met if this outcome is to be achieved-first, there must be a reduction in the use of fossil fuels for energy generation;and second, there must be an increase in the development and deployment of renewable energy sources.Achieving the first step involves the use of mechanisms for pricing carbon and the dismantling of fossil fuel subsidies.The drive towards achieving the second step involves the use of an extensive range of incentives-(subsidies)-which have been implemented through fiscal and regulatory instruments.The case for using subsidies to foster the development and deployment of renewable energy has been driven by the view that it will accelerate investments in the sector.The focus of this paper will be on the second step-namely-accelerating the harnessing and deployment of renewable energy.The REN2011 report reveals that investment in clean energy sources surpassed that of fossil fuels in 2011.REN21-Renewables 2011-Global Status Report This notwithstanding, the journey in fostering the development and deployment with renewable energy has been saddled by plunging costs, policy swings, the challenges of picking which technology will last for the long term, and a host of other threats and weaknesses that have plagued the sector.This paper critically evaluates the role that fiscal and regulatory instruments play in providing a robust framework for the development and deployment of markets in renewable energy.Drawing upon lessons, insights, and experiences of selected jurisdictions, the paper highlights strategies that policy makers need to take into account in formulating robust fiscal and regulatory frameworks in the development of renewable energy markets.