Modern society mitigates and transfers risks in a variety of ways, which range from catastrophe prevention and insurance solutions through to injustices of a minor and inconspicuous nature. We show that the measures taken depend on the uncertainty about the risks in question and involve three...

Rapid economic development and population growth in Bangladesh have fostered significant advancements and opportunities for its citizens. Alongside these positive changes, however, there has been a notable increase in per capita plastic consumption, leading to a pressing need for effective...

This report presents the findings of a study to support the European Commission's evaluation of the Environmental Liability Directive (ELD, 2004/35/CE). The study involved a detailed review of available literature and datasets from across the EU. The study also gathered and analysed evidence and...

The article deals with economic environmental crime, i.e. those illegal attacks on the environment that are perceived as the most serious. Using the example of the Czech Republic, a post-communist state in Eastern Europe that joined the European Union, the main problems associated with its...

This study examines the effect of a pollution liability insurance mandate on corporate environmental compliance in Shenzhen, China. We employ a triple differences design, comparing electroplating and circuit board manufacturing firms, mandated to purchase insurance, to industries and a...

The aim of this paper is to map out and analyse the way in which EU environmental law applies - and the degree to which it applies - the polluter pays principle (PPP) in article 191(2) Treaty on the functioning of the European Union (TFEU) through liability for environmental damage including...

The extractive sector is positioned as one of the most polluting activities, contributing considerably to the environmental liabilities (EL) generation, especially in countries with a significant dependence on mining resources exploitation, such as Latin America. Colombia represents a good...

In this work, we ask whether tradable emissions permits, based on the cap-and-trade principle, provide better climate change and economic projections than alternative regulations for GHG emissions, such as operational permits which are commonly used to mitigate non-GHG emissions (prevention...

In the debate on international waste trade, the focus on resource efficiency and recycling has gradually begun to accompany the focus on negative environmental externalities. In this context, we examine the impact of Extended Producer Responsibility (EPR) on the export of waste batteries (WB)....

We propose changes to carbon emissions accounting standards that will improve reporting efficiency and accelerate progress toward effective climate solutions. The first section summarizes a method to account for emissions as liabilities tied to product or service outputs that pass down a supply...

In this work, we ask whether tradable emissions permits, based on the cap-and-trade principle, provide better climate change and economic projections than alternative regulations for GHG emissions, such as operational permits which are commonly used to mitigate non-GHG emissions (prevention...

This paper proposes a new model to describe the asset-liability structure of investors with intangible, strategic wealth “goals.” Goals in this case are distinguished from tangible liabilities—such as corporate bonds—which have known future values. By incorporating additional stochastic...

Many countries allow lawsuits to hold responsible parties liable for the environmental harm they cause. Such litigation remains largely untested in most biodiversity hotspots and is rarely used in response to leading drivers of biodiversity loss, including illegal wildlife trade. Yet, liability...

We endogenize location/product specification choices in a spatial Cournot duopoly on the linear market when firms' output entails an accidental harm to the environment. Under a strict liability regime, the equilibrium involves no differentiation if the expected harm is low enough. This outcome...

Since the deregulation of airlines in the 1970s and 80s the aviation industry has constantly tried to find new ways to engage with the increasingly competitive aviation market by expanding their outreach through strategic partnerships and global alliances. Over the past 10 years airlines have...

We evaluate the impact of the 2008 Apex Oil court decision that made the creditors of some corporations financially liable for the environmental damages caused by specific pollutants. Apex reduced the circumstances under which environmental liabilities were dischargeable in Chapter 11, which...

We examine the association between mandated Asset Retirement Obligations (ARO), i.e., environmental clean-up costs of normal operations estimated on the balance sheet, and the quality of voluntary ESG disclosures. We hypothesize that when firms recognize larger AROs with higher accuracy that...

This paper examines the challenges and policy imperatives involved in implementing the Polluter Pays principle (PPP) in the context of the Water Framework Directive (WFD). It presents the state of play of the Polluter Pays principle in EU Member States. It also analyses the coherence with other...

The transition to a sustainable Circular Economy (CE) requires moving away from linear production processes and the throwaway mentality. Waste needs to be prevented and the consumption of new products must decline. In particular, this involves extending product lifetime (through maintenance and...

Modern energy and natural resource development has always been, at heart, a global enterprise. Energy companies and developers, by necessity, frequently work in far-flung locations scattered among nations with vastly different legal systems and environmental regulatory systems. If one of their...

This paper investigates how the exposure of secured lenders to their debtors' environmental liability affects employment, production and pollution. Using a US federal reform as a novel natural experiment, I show that firms increase on-site pollution, cut investment in abatement technology and...

How can the global shipping industry play its part in the fight to stop climate damage? Shipping accounts for around 90% of all international trade, and for 2.5% to 4% of all global greenhouse gas emissions, which damage the Earth’s climate. The shipping industry is also heavily concentrated....

With the case of Lliuya v. RWE, climate change litigation has come to Germany. The article explores the German law of torts or delict, asking whether it has something to offer to victims of climate change. The essential elements of negligence liability, i.e. scope of protection, duty of care,...

This chapter analyses recent developments in tort law, namely in the English tort of negligence, which point towards increased liability of parent companies for damage caused by their subsidiaries. In particular, it discusses the relevance of CSR and environmental self-regulation and best...

This paper analyzes liability rules when consumers and third parties/the environment incur harm. Expected harm is convex in the level of output and modeled as a power function. We show that the social ranking of liability rules previously established for the case in which only consumers suffer...

The rule of Strict Liability laid down in Rylands vs Fletcher more than a century ago, has almost stood the test of time, with certain exceptions being introduced to it. The rule has somewhat merged into the principle of Negligence. But the Indian Supreme Court took the opportunity to lay down...

Baghjan Gas Leak Case in Assam has again showed the devastating impact of anthropogenic activities for economic development on the natural ecosystem. The case is about a leakage of an oil well under the ownership of Oil India Limited (OIL) which has subsequently led to severe damage to the...

To deal with externalities associated with electricity generation, under the Polluter Pays Principles (PPP), companies can be made to pay the compliance costs and then pass these costs incurred on to the end-users by charging a higher price per kWh of electricity used. However, there is a need...

In spite of the resolutions of Conference of Parties on Climate Change (COP7), policy practitioners in many countries are currently obligated to react to perceived domestic environmental damages. Like few other sectors, utilities, especially, coal-based electricity generation is often identified...

In the past few decades in the developed world and more recently in India, Extended Producer Responsibility (EPR) has been viewed as a promising alternative to traditional waste management policy. In most cases it is impractical and infeasible for firms to manage their own EPR operations due to...