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A comparative analysis of accountability mechanisms for ecosystem services markets in the United States and the European Union

Title data

Glicksman, Robert L. ; Kaime, Thokozani:
A comparative analysis of accountability mechanisms for ecosystem services markets in the United States and the European Union.
In: Transnational Environmental Law. Vol. 2 (2013) Issue 2 . - pp. 259-283.
ISSN 2047-1033
DOI: https://doi.org/10.1017/S2047102513000125

Abstract in another language

Markets in ecosystem services have the potential to provide financial incentives to protect the environment either in lieu of or in addition to more traditional regulatory programmes. If these markets function properly, they can provide enhanced levels of environmental quality or more efficient mechanisms for protecting natural resources that provide vital services to humans. The theoretical benefits of ecosystem services markets may be undercut, however, if care is not taken in creating the legal infrastructure that supports trading to ensure that trades actually provide the promised environmental benefits. This article identifies five essential pillars of an ecosystem services market regime that are necessary to provide operational accountability safeguards. These include financial safeguards, verifiable performance standards, transparency and public participation standards, regulatory oversight mechanisms, and rule of law safeguards. The article assesses whether the laws of the United States (US) and European Union (EU) are well designed to provide such accountability. It concludes that despite recognition of the risk of market manipulation and outright fraud, regulators in the US and the EU to date have responded to these risks largely in an ad hoc and incomplete fashion, rather than embedding the mechanisms for operational accountability discussed in this article into the regulatory framework that governs ecosystem services trading markets.

Further data

Item Type: Article in a journal
Refereed: Yes
Keywords: Markets for Ecosystems Services; Accountability; Safeguards; Legitimacy; Payments for Ecosystems Services
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Law > Chair African Legal Studies > Chair African Legal Studies - Univ.-Prof. Dr. Thokozani Kaime
Faculties
Faculties > Faculty of Law, Business and Economics
Faculties > Faculty of Law, Business and Economics > Department of Law
Faculties > Faculty of Law, Business and Economics > Department of Law > Chair African Legal Studies
Result of work at the UBT: No
DDC Subjects: 300 Social sciences > 340 Law
Date Deposited: 23 Jul 2020 08:51
Last Modified: 24 Jul 2020 07:01
URI: https://eref.uni-bayreuth.de/id/eprint/56078