Market mechanisms

Mehling, Michael A.; Rajamani, Lavanya and Peel, Jacqueline, eds. (2021) Market mechanisms. In: The Oxford Handbook of International Environmental Law. Oxford University Press, Oxford, pp. 920-936. ISBN 9780198849155

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Abstract

Market mechanisms have emerged as an instrument of environmental policy in recent decades, tracing an unparalleled trajectory from theoretical prescription to practised legal reality. Conceptually, these mechanisms reflect a departure from the conventional toolbox of environmental law, which has traditionally relied on instruments such as liability rules and sanctions to control environmental degradation and overuse.