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Author : Paul Lanoie
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4./5 ( download)
Download or read book Can Capital Markets Create Incentives for Pollution Control? written by Paul Lanoie and published by World Bank Publications. This book was released on 1997 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paul Lanoie
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.78/5 ( download)
Download or read book Can Capital Markets Create Incentives for Pollution Control? written by Paul Lanoie and published by . This book was released on 2016 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private firms reluctant to invest in pollution abatement when the penalty for noncompliance falls short of the cost of abatement may be more willing to invest in pollution abatement when enforcement is tougher or when information is released that allows capital markets to react to ranking of firms in terms of their environmental performance.After weighing the costs and benefits of pollution control, profit-maximizing firms sometimes choose not to invest in pollution abatement because the penalty they expect regulators to impose for noncompliance falls short of the cost of abatement. To improve incentives for pollution control, regulators have recently embarked on a strategy to release information to communities and markets (investors and consumers) about firms' environmental performance.Drawing on evidence from American and Canadian studies, Lanoie, Laplante, and Roy report that capital markets do react to the release of such information. The evidence suggests that heavy polluters are affected more significantly than minor polluters. And firms whose market values are hurt most by the release of this information are most likely to invest in pollution abatement.The firms' greater willingness to invest in pollution abatement seems to result from the regulators' willingness to undertake strong enforcement actions combined with the possibility of capital markets reacting to public ranking of firms in terms of their environmental performance. This paper - a product of the Environment, Infrastructure, and Agriculture Division, Policy Research Department - is part of a larger effort in the department's ongoing work on industrial pollution and also to study whether capital markets in developing countries can provide the incentives needed for pollution control. The study was funded by the Bank's Research Support Budget under the research project Incentives for Pollution Control in Developing Countries: The Role of Capital Markets (RPO 680-76).
Author : Paul Lanoie
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.64/5 ( download)
Download or read book Can Capital Markets Create Incentives for Pollution Control? written by Paul Lanoie and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : J?r?me·Foulon
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4./5 ( download)
Download or read book Incentives for Pollution Control written by J?r?me·Foulon and published by World Bank Publications. This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Both regulation and public disclosure belong in the environmental regulators' arsenal. Strong, clear standards combined with a significant, credible penalty system send the right signals to the regulated community, which responds by lowering pollution emissions. The public disclosure of environmental performance also provides strong additional incentives to pollution control"--Cover.
Author : Susmita Dasgupta
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.72/5 ( download)
Download or read book Pollution and Capital Markets in Developing Countries written by Susmita Dasgupta and published by . This book was released on 2014 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is said that firms in developing countries do not have incentives to invest in pollution control because of the weak monitoring and enforcement of the environmental regulations. This argument assumes that the regulator is the only agent that can create incentives for pollution control, and ignores that capital markets, if properly informed, may provide the appropriate financial and reputational incentives. We show that capital markets in Argentina, Chile, Mexico, and the Phillipines react positively (increase in firms' market value) to the announcement of rewards and explicit recognition of superior environmental performance, and negatively (decrease in firms' value) to citizens' complaints. An immediate policy implication from the current analysis is that environmental regulators in developing countries may explicitly harness those market forces by introducing structured programs of information release on firms' environmental performance. At the margin, less resources should be devoted to the enforcement of regulations and more to the dissemination of information which allows all stakeholders to make informed decisions.
Author : Benoît Laplante
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.77/5 ( download)
Download or read book Capital Market Responses to Environmental Performance in Developing Countries written by Benoît Laplante and published by . This book was released on 2016 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital markets do respond to information about a firm's environmental performance and if properly informed, may provide appropriate financial and reputational incentives for pollution control. Perhaps more resources should be used for disseminating firm-specific information about environmental performance to allow all stakeholders to make informed decisions.Firms in developing countries are often said to have no incentives to invest in pollution control because they typically face weak monitoring and enforcement of environmental regulations. But the inability of formal institutions to control pollution through fines and penalties may not be as serious an impediment to pollution control as is generally argued, contend Dasgupta, Laplante, and Mamingi.Capital markets may react negatively to news of adverse environmental incidents (such as spills or violations of permits) as well as positively to the announcement that a firm is using cleaner technologies.The authors assess whether capital markets in Argentina, Chile, Mexico, and the Philippines react to the announcement of firm-specific environmental news. They show that:deg; Capital markets react positively (the firms' market value increases) to the announcement of rewards and explicit recognition of superior environmental performance.deg; They react negatively (the firms' value decreases) to citizens' complaints. Environmental regulators in developing countries could (1) harness market forces by introducing structured programs to release firm-specific information about environmental performance, and (2) empower communities and stakeholders through environmental education programs.This paper - a product of the Development Research Group - is part of the group's ongoing work on industrial pollution and also to study whether capital markets in developing countries can provide incentives needed for pollution control. The study was funded by the Bank's Research Support Budget under the research project Incentives for Pollution Control: The Role of Capital Markets (RPO 680-76).
Author : Jérôme Foulon
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.21/5 ( download)
Download or read book Incentives for Pollution Control written by Jérôme Foulon and published by . This book was released on 2016 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Both regulation and public disclosure belong in the environmental regulators' arsenal. Strong, clear standards combined with a significant, credible penalty system send the right signals to the regulated community, which responds by lowering pollution emissions. The public disclosure of environmental performance also provides strong additional incentives to control pollution.An increasing number of regulators have adopted public disclosure programs to create incentives for pollution control. Previous empirical analyses of monitoring and enforcement issues have focused strictly on the impact of such traditional practices as monitoring (inspections) and enforcement (fines and penalties) on polluters' environmental performance. Other analyses have separately focused on the impact of public disclosure programs. But can these programs create incentives in addition to the normal incentives of fines and penalties?Foulon, Lanoie, and Laplante study the impact of both traditional enforcement and information strategies in the context of a single program, to gain insights into the relative impact of traditional (fines and penalties) and emerging (public disclosure) enforcement strategies. Their results suggest that the public disclosure strategy adopted by the province of British Columbia, Canada, has a greater impact on both emission levels and compliance status than do orders, fines, and penalties traditionally imposed by the courts and the Ministry of the Environment.But their results also demonstrate that adopting stricter standards and higher penalties also significantly affected emission levels. Policymakers, take note: The presence of strong, clear standards together with a significant, credible penalty system sends appropriate signals to the regulated community, which responds by lowering pollution emissions.The public disclosure of environmental performance creates strong additional incentives to control pollution.This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to understand the determinants of environmental performance.
Author : Leonardo Martinez-Diaz
Publisher : U.S. Commodity Futures Trading Commission
ISBN 13 : 057874841X
Total Pages : 196 pages
Book Rating : 4.12/5 ( download)
Download or read book Managing Climate Risk in the U.S. Financial System written by Leonardo Martinez-Diaz and published by U.S. Commodity Futures Trading Commission . This book was released on 2020-09-09 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
Author : National Academy of Engineering
Publisher : National Academies Press
ISBN 13 : 0309049377
Total Pages : 270 pages
Book Rating : 4.75/5 ( download)
Download or read book The Greening of Industrial Ecosystems written by National Academy of Engineering and published by National Academies Press. This book was released on 1994-01-01 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1970s, the first wave of environmental regulation targeted specific sources of pollutants. In the 1990s, concern is focused not on the ends of pipes or the tops of smokestacks but on sweeping regional and global issues. This landmark volume explores the new industrial ecology, an emerging framework for making environmental factors an integral part of economic and business decision making. Experts on this new frontier explore concepts and applications, including: Bringing international law up to par with many national laws to encourage industrial ecology principles. Integrating environmental costs into accounting systems. Understanding design for environment, industrial "metabolism," and sustainable development and how these concepts will affect the behavior of industrial and service firms. The volume looks at negative and positive aspects of technology and addresses treatment of waste as a raw material. This volume will be important to domestic and international policymakers, leaders in business and industry, environmental specialists, and engineers and designers.
Author : Canada. Environment Canada
Publisher : Canadian Government Publishing
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.0P/5 ( download)
Download or read book Tools of the Trade written by Canada. Environment Canada and published by Canadian Government Publishing. This book was released on 2005 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This guidebook is intended as a reference for policymakers and regulators considering cap and trade as a policy tool to control pollution. It is intended to be sufficiently generic to apply to various pollutants and environmental concerns; however, it emphasizes cap and trade to control emissions produced from stationary source combustion."--Page 1-1, Introduction.
