The traditional way to protect the environment is Command-and-Control regime under which regulators like the State Pollution Control Boards in India or the Environmental Protection Agency in the United States act as watchdogs to prevent any activity having the potential to harm the environment. Although the method of environment conservation has been in vogue across the world, it is laced with several disadvantages, the primary one being that it forces environmental compliance irrespective of its costs. Canadian Economist John Dales came up with the idea of market-based-mechanisms to mitigate environmental issues. This idea has become a cornerstone of a multi billion-dollar market today with a potential of becoming the largest commodity market in times to come. The focus of the book is on understanding the basic idea of John Dales and market-based-mechanism for environmental protection. The book is divided into three sections: the first has articles highlighting Command-and-Control to market-based regime, the second discusses the business opportunities under market-based-mechanism, and the third explores the road ahead in the commerce of environment.
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