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:
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).
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:
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.
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.
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).
Download or read book Market based Incentive Instruments for Pollution Control written by Glenn P. Jenkins and published by . This book was released on 1992 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical foundations for idealized pollution-control market-based incentives (MBI). It then focuses on the way in which environmental taxes, deposit refund systems, and tradeable pollution permits may be more suitable instruments for inducing pollution-abatement behaviour. A number of international examples of the implementation of such policies are reviewed.
Download or read book Do Stock Markets Penalise Environment Unfriendly Behaviour Evidence from India written by Shreekant Gupta and published by . This book was released on 2003 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing body of research points to the fact that capital markets react to environmental news and thus create incentives for pollution control in both developed and emerging market economies. In this paper we conduct an event study to examine the impact of environmental rating of large pulp and paper, automobile and chlor alkali firms in India on their stock prices. We find that the market generally penalizes environmentally unfriendly behaviour in that announcement of weak environmental performance by firms leads to negative abnormal returns of up to 43 percent. A positive correlation is found between abnormal returns to a firm's stock and the level of its environmental performance. These findings should be viewed as further evidence of the important role that capital markets could play in environmental management, particularly in developing countries where environmental monitoring and enforcement are weak.
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.
Download or read book Pollution Control Investments and Tax Incentives written by Benjamin Yuk-Kwong Tai and published by . This book was released on 1981 with total page 638 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Adapting to Climate Change written by Matthew Kahn and published by Yale University Press. This book was released on 2021-03-30 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: A revelatory study of how climate change will affect individual economic decisions, and the broad impact of those choicesSelected by Publishers Weekly as one of its Top Ten books in Business and Economics for Spring 2021 It is all but certain that the next century will be hotter than any we’ve experienced before. Even if we get serious about fighting climate change, it’s clear that we will need to adapt to the changes already underway in our environment. This book considers how individual economic choices in response to climate change will transform the larger economy. Using the tools of microeconomics, Matthew E. Kahn explores how decisions about where we live, how our food is grown, and where new business ventures choose to locate are impacted by climate change. Kahn suggests new ways that big data can be deployed to ease energy or water shortages to aid agricultural operations and proposes informed policy changes related to public infrastructure, disaster relief, and real estate to nudge land use, transportation options, and business development in the right direction.
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.
Download or read book Public Policies for Environmental Protection written by Paul R. Portney and published by Resources for the Future. This book was released on 2000 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: A supplemental text for courses in environmental economics, environmental science, and environmental politics. Writing style is nontechnical and accessible. This second edition is revised to account for changes in the institutional, legal, and regulatory framework of environmental policy, with updated chapters on EPA and federal regulation, air and water pollution policy, and hazardous and toxic substances. There are new chapters on market-based environmental policies, global climate change, and solid waste. Portney is president and senior fellow of Resources for the Future. Stavins is professor of business and government and faculty chair of the Environment and Natural Resources Program at Harvard University. Annotation copyrighted by Book News, Inc., Portland, OR
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.
Download or read book A Guide to the World Bank written by World Bank and published by World Bank Publications. This book was released on 2007-06-27 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World Bank Group is a vital source of financial and technical assistance to developing countries around the world. Its focus is on helping the poorest people in the poorest countries by using its financial resources, staff, and extensive experience to aid countries in reducing poverty, increasing economic growth, and improving quality of life. In partnership with more than 100 developing countries, the Bank Group is striving to improve health and education, fight corruption, boost agricultural support, build roadsand ports, and protect the environment. Other projects are aimed at rebuilding war-torn countries or regions, providing basic services such as access to clean water, and encouraging investments that create jobs. In addition to this critical groundwork around the world, various parts of the World Bank Group are involved in activities ranging from conducting economic research and analysis to providing financial and advisory services to governments and private enterprises. This completely revised and updated second edition provides an accessible and straightforward overview of the World Bank Group's history, organization, mission, and purpose. Additionally, for those wishing to delve further into subjects of particular interest, the book guides readers to sources containing more detailed information, including annual reports, Web sites, publications, and e-mail addresses for various departments. It also provides information on how to work for or do business with the World Bank. A good introduction for anyone interested in understanding what the World Bank Group does and how it does it, this book shows readers who want to learn more where to begin.
Download or read book Informal Regulation of Industrial Pollution in Developing Countries written by Sheoli Pargal and published by World Bank Publications. This book was released on 1995 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Technological Change and the Environment written by Arnulf Grübler and published by Routledge. This book was released on 2010-09-30 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much is written in the popular literature about the current pace of technological change. But do we have enough scientific knowledge about the sources and management of innovation to properly inform policymaking in technology dependent domains such as energy and the environment? While it is agreed that technological change does not 'fall from heaven like autumn leaves,' the theory, data, and models are deficient. The specific mechanisms that govern the rate and direction of inventive activity, the drivers and scope for incremental improvements that occur during technology diffusion, and the spillover effects that cross-fertilize technological innovations remain poorly understood. In a work that will interest serious readers of history, policy, and economics, the editors and their distinguished contributors offer a unique, single volume overview of the theoretical and empirical work on technological change. Beginning with a survey of existing research, they provide analysis and case studies in contexts such as medicine, agriculture, and power generation, paying particular attention to what technological change means for efficiency, productivity, and reduced environmental impacts. The book includes a historical analysis of technological change, an examination of the overall direction of technological change, and general theories about the sources of change. The contributors empirically test hypotheses of induced innovation and theories of institutional innovation. They propose ways to model induced technological change and evaluate its impact, and they consider issues such as uncertainty in technology returns, technology crossover effects, and clustering. A copublication o Resources for the Future (RFF) and the International Institute for Applied Systems Analysis (IIASA).
