Environmental degradation is often caused by various forms of market failure. At the same time, it is recognised that market-based instruments (MBIs) can function as legitimate and effective legal tools for environmental protection. MBIs are instruments or regulations that encourage behaviour through market signals, rather than through direct regulation alone, and are applied broadly at both the international and national level to improve environmental quality and resource conservation. Markets are not, however, a panacea for the environmental issues we face, and MBIs can undermine environmental objectives if those instruments are not well designed and implemented. This unit will study the role of markets and financial incentives in addressing environmental and natural resource issues, and analyse the conceptual foundation for their use. It will then survey a range of MBIs, including marketable permits, offset programs and load-based licensing, across a diverse range of environmental issue areas, including climate change, renewable energy, fisheries, water and biodiversity. The Unit will examine the key contributions MBIs can make to environmental regulation, as well as the relevant 'watchpoints' as these instruments develop in terms of environmental protection. Students will also examine how 'impact investors' are harnessing private capital in order to drive market-based solutions to environmental problems.
Mar 15, 16 and 22, 23 (9-5)
class participation (10%) and 8000wd essay (90%)
Academic Profile https://sydney.edu.au/law/about/our-people.html. The unit is also available on a Continuing Professional Development basis https://sydney.edu.au/law/cpd/