A comparative analysis of accountability mechanisms for ecosystem services markets in the United States and the European Union
Glicksman RL, Kaime T (2013)
Publication Type: Journal article
Publication year: 2013
Journal
Book Volume: 2
Pages Range: 259-283
Journal Issue: 2
DOI: 10.1017/S2047102513000125
Abstract
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. Copyright © Cambridge University Press 2013.
Involved external institutions
George Washington University (GWU)
United States (USA) (US)
University of Leicester
United Kingdom (GB)
United States (USA) (US)
University of Leicester
United Kingdom (GB)
How to cite
APA:
Glicksman, R.L., & Kaime, T. (2013). A comparative analysis of accountability mechanisms for ecosystem services markets in the United States and the European Union. Transnational Environmental Law, 2(2), 259-283. https://dx.doi.org/10.1017/S2047102513000125
MLA:
Glicksman, Robert L., and Thoko Kaime. "A comparative analysis of accountability mechanisms for ecosystem services markets in the United States and the European Union." Transnational Environmental Law 2.2 (2013): 259-283.
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