- Code LAWS8188
- Unit Value 6 units
- Offered by Law School
- ANU College ANU College of Law
- Course subject Laws
- Academic career PGRD
- Mode of delivery In Person
Over the past decade, the concept of harnessing market forces to solve environmental problems has gained unprecedented attention at the international, national and sub-national level.
This trend highlights a paradigm shift in the politics of natural resource management, since until this point market-based instruments were assumed to be of little relevance to environmental policy.
Beginning with the acid rain (NO2 and SO2 (NOX and SOX)) trading markets in the US, market-based instruments have now been applied to a range of environmental issues from emissions, to water, to biodiversity. These instruments have included, for example, environmental taxes, subsidies and tax rebates, bilateral offset programs, credit and permit trading programs, eco-labelling and certification programs, and deposit-refund and performance bond programs. Each of these instruments has the common goal of creating a price signal through regulation, rather than imposing an explicit directive on industry, in order to modify corporative behaviour.
In this way, market-based mechanisms differ from both traditional 'command-and-control' regulation and voluntary mechanisms in the environmental arena.
The overall aim of this course is to identify the key elements of environmental markets and to understand what makes an effective, functioning market.
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- 6 units
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