Payments for Environmental Services. The need for redefinition?
As an alternative to the command-and-control approach, increasing enthusiasm for market-based instruments (MBI) in environmental management arose in the early 80s. It was hoped that MBI, including packaging taxes, effluent taxes and charges, capital or operation subsidies, tradable permits, deposit-refund schemes, performance bonds, liability instruments, and many others, would reduce the cost of achieving environmental goals and distribute resources in more efficient ways. The 1992 Rio Declaration on Environment and Development endorsed the use of MBIs as an important component of sustainable development
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