Sandor Richard L, Bettelheim Eric C, Swingland Ian R
Environmental Financial Products LLC, Suite 1404, 111 W. Jackson, Chicago, IL 60604, USA.
Philos Trans A Math Phys Eng Sci. 2002 Aug 15;360(1797):1607-20. doi: 10.1098/rsta.2002.1022.
This paper describes the convergence of environmental and financial markets, reviews the evolution of market-based environmental programmes as an example of the seven-stage evolutionary process witnessed in a variety of markets and summarizes the emergence of greenhouse-gas-mitigation markets and their potential role in advancing land stewardship, biodiversity and other environmental services. Emissions trading has been developed to meet the demand to reduce pollution while avoiding economic disruption. Consistent with the seven-stage pattern of market evolution, the US programme to reduce the damage from acid rain established a standardized environmental commodity, developed 'evidence of ownership' necessary for financial instruments and provided the infrastructure to efficiently transfer title. The success of the system in reducing pollution at low cost has provided a model for other market-based environmental protection initiatives. The demand for cost-effective action to reduce the threat of climate change has initiated the same evolutionary process for markets to reduce greenhouse-gas emissions. Many of the land- and forest-management practices that can capture and store atmospheric CO(2) can also provide other environmental benefits, such as biodiversity preservation and enhanced water quality. The presence of a carbon-trading market will introduce a clear financial value for capture and mitigation of CO(2) emissions, thus introducing a new source of funding for land stewardship and forest rehabilitation. The market is now emerging through a variety of 'bottom-up' developments being undertaken through governmental, multilateral, private-sector and non-governmental-organization initiatives. The extension of markets to other emerging environmental issues is now underway, and the linkages between environmental sustainability and capital markets are being more deeply understood. The early evidence indicates that environmental sustainability can be compatible with maximization of shareholder value.
本文描述了环境市场与金融市场的融合，回顾了基于市场的环境项目的演变，以此作为在各类市场中见证的七阶段演变过程的一个例子，并总结了温室气体减排市场的出现及其在推进土地管理、生物多样性和其他环境服务方面的潜在作用。排放交易的发展是为了满足减少污染同时避免经济混乱的需求。与市场演变的七阶段模式一致，美国减少酸雨危害的项目建立了标准化的环境商品，开发了金融工具所需的“所有权凭证”，并提供了有效转让产权的基础设施。该系统在低成本减少污染方面的成功为其他基于市场的环境保护举措提供了一个模式。对采取具有成本效益的行动以减少气候变化威胁的需求，引发了市场减少温室气体排放的同样演变过程。许多能够捕获和储存大气中二氧化碳的土地和森林管理做法，也能带来其他环境效益，如保护生物多样性和改善水质。碳交易市场的存在将为捕获和减少二氧化碳排放引入明确的金融价值，从而为土地管理和森林恢复引入新的资金来源。目前，市场正通过政府、多边、私营部门和非政府组织倡议所开展的各种“自下而上”的发展而形成。市场正在向其他新出现的环境问题扩展，环境可持续性与资本市场之间的联系也正在得到更深入的理解。早期证据表明，环境可持续性可以与股东价值最大化相兼容。
