Consider the following statements with regard to the renewable Energy Certificate (REC) Mechanism launched in November 2010 by the Government of India: 1. It enables the obligated entities to meet their renewable purchase obligation. 2. It is one of the pioneering efforts in any developing country for mainstreaming the renewable energy generation through market mechanism. Which of the statements given above is/are correct?

• A. 1 only
• B. 2 only
• C. Both 1 and 2
• D. Neither 1 nor 2