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1 – 10 of over 1000James W. Boyd, Leonard A. Shabman and Kurt Stephenson
The paper reviews current experience with water quality trading programs and evaluates trading's potential as a future water quality management tool. The relative virtues of cap…
Abstract
The paper reviews current experience with water quality trading programs and evaluates trading's potential as a future water quality management tool. The relative virtues of cap and trade (CAT) versus regulatory offset programs are discussed, as are administrative and technical barriers to trading. Several existing trade programs are discussed in detail. The article places particular emphasis on the relationship between water quality trading and watershed-based regulatory initiatives such as the total maximum daily load program.
Joshua A. Basseches, Kaitlyn Rubinstein and Sarah M. Kulaga
At a time when the US federal government failed to act on climate change, California's success as a subnational climate policy leader has been widely celebrated. However…
Abstract
At a time when the US federal government failed to act on climate change, California's success as a subnational climate policy leader has been widely celebrated. However, California's landmark climate law drove a wedge between two segments of the state's environmental community. On one side was a coalition of “market-oriented” environmental social movement organizations (SMOs), who allied with private corporations to advance market-friendly climate policy. On the other side was a coalition of “justice-oriented” environmental SMOs, who viewed capitalist markets as the problem and sought climate policy that would mitigate the uneven distribution of environmental harms within the state. The social movement literature is not well equipped to understand this case, in which coalitional politics helped one environmental social movement succeed in its policy objectives at the expense of another. In this chapter, we draw on legislative and regulatory texts, archival material, and interviews with relevant political actors to compare the policymaking influence of each of these coalitions, and we argue that the composition of the two coalitions is the key to understanding why one was more successful than the other. At the same time, we point out the justice-oriented coalition's growing power, as market-oriented SMOs seek to preserve their legitimacy.
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Osamuyimen Enabulele, Mahdi Zahraa and Franklin N. Ngwu
This chapter examines the UK and the Nigerian approach to reducing emission of greenhouse gases (GHGs) into the environment as a result of gas flaring utilising the market-based…
Abstract
Purpose
This chapter examines the UK and the Nigerian approach to reducing emission of greenhouse gases (GHGs) into the environment as a result of gas flaring utilising the market-based regulation. Determining how different jurisdictions fare in the quest to reduce GHG emissions associated with the oil and gas industry is essential because: policy makers have realised the advantages of market-based regulation over the command-and-control regulation; and in the light of various pledges different countries have made in different forum to reduce the emission of GHGs, particularly in the wake of the recently held Paris climate change conference.
Design/methodology/approach
Library-based approach is used, providing conceptual and theoretical understanding of climate change, GHG emissions and various market-based regulatory tools utilised in the United Kingdom and Nigeria in regulating emission associated with operations in the oil and gas industry.
Findings
The study reveals the significance of environmental regulations that encourage region integration and flexibility in the implementation of environmental policies. Moreover, it finds that the Paris Agreement re-affirms the utilisation of market-based regulations and indicates a future for investment in the oil and gas industry.
Practical implications
The study revealed that there are lacunas in regulations and strategies for the implementation of environmental regulations which need to be addressed in order to achieve zero or a significant decrease in gas flaring.
Originality/value
This study provided an ample opportunity to theoretically examine market-based regulatory tools utilised in the oil and gas industry in a developed country in relation to a developing country.
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Martin Freedman, Jin Dong Park and A. J. Stagliano
In February 2010, the US Securities and Exchange Commission (SEC) issued an interpretive release clarifying the information that registrants should disclose about climate change…
Abstract
In February 2010, the US Securities and Exchange Commission (SEC) issued an interpretive release clarifying the information that registrants should disclose about climate change in their annual filings. Based on the industries the European Union targeted for its cap-and-trade carbon trading mechanism, this study investigates climate change disclosures for Fortune 500 firms operating in these same sectors. Using an equal-weighting scheme for content analysis of Form 10-Ks from 136 firms, we completed a comparative analysis on the extensiveness of climate change disclosures for the pre- and post-periods surrounding the SEC pronouncement. We observed a statistically significant increase in the disclosure of information related to climate change in 2010 compared to 2008, but no similar effect when comparing 2010–2009 reporting. There was a significant disclosure increase in 2009 compared to 2008. We conclude – based on a hypothesized anticipation of the SEC actually mandating climate change information in filings – that firms augmented their disclosures during 2009 in advance of the official guidance being published. This is a rather significant outcome given the historical lack of environmental disclosure subsequent to previous SEC mandates.
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Purpose – Emissions trading is often heralded as an efficient approach to environmental regulation. In the mid-90s Communities for a Better Environment (CBE), a Los Angeles-based…
Abstract
Purpose – Emissions trading is often heralded as an efficient approach to environmental regulation. In the mid-90s Communities for a Better Environment (CBE), a Los Angeles-based advocacy organization, raised concerns that emissions trading in the South Coast Air Basin, the most polluted region in Southern California, would result in environmental injustice. The organizations concerns received mixed responses from regulators. Historical analysis is used to assess the clash between emissions trading and environmental justice (EJ).
Methodology/approach – Emissions trading and EJ arose side by side between the 1960s and the 1990s, yet they disagree on how to clean the air. Historical analysis of legal documents, presidential addresses, letters, working papers, reports, and the like offers a better understanding of the development of emissions trading and EJ, and their intersection in environmental policy.
Findings – Emissions trading was grafted onto Clean Air Act policies not inherently designed for their incorporation. As a result, emissions trading came into direct philosophical opposition with EJ as political pressures calling for both economically efficient antiregulatory-ism and environmental equity forced their intersection. Formally, regional and national government accepted EJ as part of law. However, in principle, emissions trading undermined this acceptance. As a result, CBE could not easily win or explicitly lose its battle against emissions trading.
Originality/value of paper – Previous work on the relationship between emissions trading and EJ tend to focus on legal analysis and normative implications of emissions trading. Putting emissions trading and environment justice into historical perspective helps to illuminate larger questions about EJ activism and policy. Also, as California, the United States, and Europe turn to emissions trading to combat not only air pollution but also climate change, important lessons can be learned from the histories and collision of emissions trading and EJ.
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Joey Biasi and Sujit Chakravorti
In this chapter, the authors study how cryptotoken issuance, also referred to as initial coin offerings and security token offerings, may disrupt funding markets such as venture…
Abstract
In this chapter, the authors study how cryptotoken issuance, also referred to as initial coin offerings and security token offerings, may disrupt funding markets such as venture capital, crowdfunding, and private equity. The authors discuss the necessary infrastructure to support this new asset class. The authors analyze the market evolution in terms of volatility, global reach, news events, and types of industries that are issuing or considering to issue tokens. The authors discuss some specific token offerings to highlight lessons learned. the authors summarize the regulatory landscape and challenges going forward. This market crashed in terms of market capitalization at the end of 2018. However, this new asset class along with the underlying technology holds great promise to disrupt various types of intermediaries if adequate financial and regulatory infrastructures are developed.
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We develop an interactive framework to model speculation (over regulation) and regulation (of speculation) in a greenhouse gas (GHG) permits market. In our proposed model, big…
Abstract
We develop an interactive framework to model speculation (over regulation) and regulation (of speculation) in a greenhouse gas (GHG) permits market. In our proposed model, big traders engage in speculation by strategically withholding and releasing permits to influence the temporal path of permit prices in order to maximize their profits. The national government/regulator has an incentive to stabilize permit prices by suitably manipulating stocks of permits. Thus, the GHG permits market can typically be characterized by circular interdependence in which big traders will be “gaming” the regulator to generate profits: the state of the market affects speculative behavior of traders that in turn impacts on government's behavior, which in turn impacts on the state of the market. The interactive framework explores the gaming between speculators and a regulator, or government, to shed crucial insights on the nature of equilibrium in possible global emissions trading schemes (GETS). By so doing, we are able to unravel potential pitfalls of any global trading system in pollution permits for arresting global warming. Once policy makers are aware of these pitfalls, for example, a “culture of speculation” as opposed to a culture of safety, they can devise a suitable mechanism to bypass these potential pitfalls.
Viviana Pilato and Ari Van Assche
Carbon leakage – where multinational enterprises (MNEs) transfer carbon-intensive production activities to countries with laxer emissions constraints for cost purposes – is one of…
Abstract
Carbon leakage – where multinational enterprises (MNEs) transfer carbon-intensive production activities to countries with laxer emissions constraints for cost purposes – is one of the main mechanisms through which international business (IB) contributes to climate change. This chapter discusses a new policy initiative called the Carbon Border Adjustment Mechanism (CBAM) that the European Union (EU) introduced in May 2023 to fight carbon leakage. The authors analyze the logic of CBAM and discuss how it will likely influence IB both in industries that are directly targeted by CBAM and related industries that will face spillover effects.
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