The correct answer for this question is option 3: Both 1 and 2.

Statement 1 states that the Renewable Energy Certificate (REC) Mechanism enables obligated entities to meet their renewable purchase obligation. To understand this, we need to know that obligated entities are entities that are required by law to purchase a certain percentage of their energy from renewable sources. The REC Mechanism allows these entities to meet this obligation by purchasing Renewable Energy Certificates from renewable energy generators. These certificates represent the renewable attributes of the energy generated and can be bought and sold in the market. By purchasing these certificates, obligated entities can show their compliance with the renewable purchase requirement.

Statement 2 highlights that the REC Mechanism is one of the pioneering efforts in any developing country for mainstreaming renewable energy generation through a market mechanism. This means that the REC Mechanism is a unique initiative in a developing country to promote the growth of renewable energy generation by creating a market where renewable energy certificates can be bought and sold.

Therefore, both statements 1 and 2 are correct as they accurately describe the features and objectives of the Renewable Energy Certificate Mechanism launched by the Government of India in November 2030.