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EU Legal and Regulatory Framework for Measuring Risks of Damage to Biodiversity of the Marine Environment

The study will review frameworks within which it is possible to estimate the financial risks and costs placed upon offshore industry by European environmental legislation. The ultimate aim is to pursue developing the underlying models that could be used to build and insurance market. However, there is high uncertainty surrounding the extent to which offshore industries will be challenged by standards established within current environmental legislation. By establishing a methodology for assessing the risks, we aim to influence the process in a manner that will produce workable scenarios for offshore industries. The chapter defines tasks that will (1) establish the types of hazards likely to result in regulators placing restrictions upon offshore industries; (2) the likelihood of exposure of sensitive species to these hazards; (3) the potential toxicity of these hazards towards sensitive species; (4) an overall probability that hazards will lead to biologically significant effects upon sensitive species; (5) an estimate of the probability that these effects will exceed legal thresholds; and (6) a cost function for infringement of legal thresholds or for mitigation associated with up-front regulation as a precaution against infringement of thresholds. The underlying analysis defines the overall economic costs associated with environmental compliance in the offshore environment and will offer a structure within which different scenarios can be modelled for their economic viability, and also within which new data can be assimilated as it becomes available. This research effort is also a step towards providing a robust economic valuation of natural resource conservation within the marine offshore environment.