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Part VIII Compliance, Implementation, and Effectiveness, Ch.53 Market Mechanisms

This chapter provides an overview of market mechanisms and their contemporary role in international environmental law. It considers the conceptual foundations and theoretical rationale of market mechanisms when deployed for environmental ends, citing the main arguments levelled on different sides of the debate. As social constructs built on legal rights and obligations, moreover, markets rely on a sound regulatory framework for their efficient operation. With environmental markets, this need for legal parameters is further accentuated by the fact that the article of trade is itself a regulatory artifice. The chapter then looks at legal issues arising in the design and implementation of market mechanisms. It surveys the most important environmental markets currently in place at the international level. The chapter concludes with an outlook on the future role of market mechanisms in international environmental law.