Climate Change Mitigation

Are carbon markets the “silver bullet” solution?

Authored by: Scott J. Niblock , Jennifer L. Harrison

Routledge Handbook of Social and Sustainable Finance

Print publication date:  June  2016
Online publication date:  June  2016

Print ISBN: 9781138777545
eBook ISBN: 9781315772578
Adobe ISBN: 9781317678830

10.4324/9781315772578.ch37

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Abstract

Global warming is considered to be one of the greatest market failures of all time. In particular, organizations have consistently failed to consider the full environmental and social costs of their production processes, simply passing the costs of their pollution on to society without penalty (Garner, 2006). Andrew (2008) states that:

The environment is a “public good” in that it is not the exclusive property of any one person or group; thus, a large number of people enjoy the benefit of it even if they have not paid for it. Many people consume it without any need to compete with one another for the benefit and at nil or little cost to any of them. Because there is no cost and an apparent abundance of natural resources to consume there has been massive over consumption of the environment.

(p. 396)

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