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A new market instrument for sustainable economic and environmental development
Roger I C Hansell1, Timothy M Hansell, Adam Fenech
1Institute for Environmental Studies, University of Toronto, Toronto, Ontario, Canada. roger.hansell@utoronto.ca
Environmental Monitoring and Assessment
|July 16, 2003
Abstract:
The regenerative capacity of ecosystems provides a regulatory basis for sustainable economic growth and development. A natural valuation of an ecosystem's services will arise in a market for developmental rights in the ecosystem using a unit of tradable 'right': E-Scrip. The amount of e-scrip needed for a development may be set by Environmental Assessment. The capacity of the ecosystem to regenerate with developmental pressure may be represented by an independent trader or Factor Proxy for the Environment who provides e-scrip to the market.