By: Martin Olszynski
PDF Version: New Report Provides a Framework for Thinking about Environmental Risk in the Regulatory Context
Report Commented On: Responsible Risk: How putting a price on environmental risk makes disasters less likely
Anyone following the public debate with respect to carbon taxes in Canada will likely have heard of the Ecofiscal Commission – a policy shop operating at McGill University that for the past couple of years has been championing the use of carbon pricing as the most efficient way to tackle climate change. The Commission is not, however, a one-trick pony; it has also published reports on municipal water pricing, urban congestion, and biofuel subsidies, to name but a few.
In its most recent report, “Responsible Risk: How putting a price on environmental risk makes disasters less likely” (“Responsible Risk”), the Commission has set its sights on the environmental risks that inevitably accompany economic growth and development in Canada. In the report, the Commission makes the case for a more widespread use of “financial assurance” tools (e.g., bonds, insurance, industry funds) in order to more effectively and efficiently manage these risks.
As someone who researches and writes about environmental law and policy and who spent nearly half a dozen years working for a regulator, it is clear to me that this report should be mandatory reading for regulators, regulatory lawyers, and law students interested in environmental and natural resources law.