International Environmental Law and Policy Séries. Eco-Finance. The Légal Design and Régulation of Market-Based Environmental Instruments
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1 International Environmental Law and Policy Séries Eco-Finance The Légal Design and Régulation of Market-Based Environmental Instruments PAUL A.U. ALI & KANAKO YANO KLUWERLAW INTERNATIONAL
2 TABLE OF CONTENTS Préface Table of Abbreviations ix xi Chapter 1. Introduction 1 Chapter 2. Tradable Pollution Instruments and Biodiversity Finance 7 1. Introduction 7 2. Pollutant Trading Tradable Pollution Allowances and Crédits Key Markets and Récent Developments Attributes of Emissions Markets Cap-and-Trade Emissions Markets US Sulphur Dioxide Allowance Program US NO X Emissions Trading Southern Californian RECLAIM and Chicago ERMS Markets Texas Mass Emissions Cap and Trade Program and New Hampshire Multiple Pollutant Annual Budget Trading and Banking Program HCFC Emissions Trading Open Emissions Markets Hybrid Emissions Markets Emissions Derivatives Nutrient Trading Salinity Trading 25
3 vi Table of Contents 3. Market-Based Stratégies for Promoting Biodiversity Financing Biodiversity Conservation Mitigation Banking ofwetland and Endangered Species Tradable Native Végétation Obligations Environmental Funds and Biodiversity Enterprise Funds Debt-for-Environment Swaps Forestry Securitisations 35 Chapter 3. Carbon Finance Introduction Greenhouse G as Trading Kyoto Protocol - Tradable Greenhouse Gas Allowances and Crédits Flexibility Mechanisms Kyoto-Carbon Instruments European Union and Domestic Greenhouse Gas Emissions Markets European Union GHG Emissions Market Australian GHG Emissions Markets Danish and UK GHG Emissions Markets Other GHG Emissions Markets GHG Emissions Derivatives Financing Carbon Crédits Carbon Funds Carbon Swaps Tradable Green Certificates AttributesofTGC Markets Australian TGC Markets US TGC Markets European TGC Markets 71 Chapter 4. Weather Derivatives Introduction Managing Climatic Risks Weather Derivatives Catastrophic Risk Swaps Key Regulatory Issues Weather Derivatives and Insurance Weather Derivatives and the Duty to Hedge Climatic and Other Risks 92
4 Table of Contents vii Chapter 5. Nature-Linked Securities Introduction Securitisation of Natural Disaster and Climatic Risks Background Structure of Nature-Linked Securities Catastrophe and Weather Bonds Synthetic Securitisations Catastrophe Bonds Weather Bonds Contingent Surplus Notes Key Regulatory Issues Insurance Business Catastrophe and Weather B onds Contingent Surplus Notes Protected Cell Companies Fiduciary Purchasers of Nature-Linked Securities 114 Chapter 6. Environmental Investment Funds Introduction Environmental Investment Funds Background Environmentally-Oriented Investing Implementing Environmentally-Oriented Investment Stratégies Assessing Environmentally-Oriented Investments: The Prudent Investor Rule Authorised Investments Prudent Investor Rule - Traditional Formulation Prudent Investor Rule - the Influence of Modem Portfolio Theory Prudent Investor Rule - United Kingdom Prudent Investor Rule - Australia Prudent Investor Rule - United States Prudent Investor Rule - Canada Prudent Investor Rule - Implications for Environmentally-Oriented Investing Performance of Environmentally-Oriented Investment Funds Hedge Funds and Environmental Investments Attributes of Environmental Hedge Funds 144
5 viii Table of Contents Investment Strategy of Environmental Hedge Funds Environmental Hedge Funds and the Prudent Investor Rule Environmental Investments and Index-Tracking Background Ethical Security Indices Calvert Social Index Citizens Index Dow Jones Sustainability Group indices FTSE4GOOD indices Domini 400 Social Index Passive Environmentally-Oriented Investing Assessing Passive Environmentally-Oriented Investments: The Anti-Delegation Rule Délégation of Investment Powers - United Kingdom Délégation of Investment Powers - Australia Délégation of Investment Powers - United States Délégation of Investment Powers - Canada Assessing Passive Environmentally-Oriented Investments: The Prudent Investor Rule 162 Bibliography 165 Index 193
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