气候变化领域集成服务门户(CCPortal): Why don't environmental bonds fully cover reclamation costs?

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DOI	10.1016/j.enpol.2021.112187
	Why don't environmental bonds fully cover reclamation costs?
	Yang P.; Davis G.A.
发表日期	2021
ISSN	03014215
卷号	152
英文摘要	Governments often require that extractive industry firms post environmental bonds as financial assurance to cover eventual reclamation liabilities. Such bond requirements frequently do not fully cover the reclamation cost. We show that a revenue-maximizing government may reasonably require a bond amount smaller than the full reclamation cost. This is because large bonds may discourage the extractive activities, diminishing fiscal income from project rents that could more than offset the decreased reclamation liability falling on the government. The selected bonding rate largely depends on the regulator's estimation of the elasticity of exit in response to bonding. Western Australia's recent refund of mining reclamation bonds to strong balance sheet firms, the US Bureau of Land Management's (BLM) historical concern over exit of oil and gas operators on onshore federal lands in response to bonding requirements and willingness to accept for its own account reclamation risks associated with incomplete bonding, and Texas's requirement for full-cost onshore oil and gas reclamation bonding are shown to all be consistent with this calculus. © 2021 Elsevier Ltd
关键词	Incomplete bonding Mining Oil and gas Reclamation bonds
英文关键词	Calculations; Economics; Land reclamation; Balance sheets; Bonding rate; Bureau of land managements; Extractive industry; Financial assurance; Incomplete bonding; Oil and gas; Reclamation bond; Revenue maximizing; Western Australia; Reclamation; cost analysis; energy policy; environmental economics; gas industry; income; land reclamation; mining; oil industry; state role; Australia; Texas; United States; Western Australia
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205421
作者单位	School of Economics and Management, China University of Petroleum (Beijing), China; Division of Economics and Business and the Payne Institute for Public Policy, Colorado School of Mines, United States
推荐引用方式 GB/T 7714	Yang P.,Davis G.A.. Why don't environmental bonds fully cover reclamation costs?[J],2021,152.
APA	Yang P.,&Davis G.A..(2021).Why don't environmental bonds fully cover reclamation costs?.Energy Policy,152.
MLA	Yang P.,et al."Why don't environmental bonds fully cover reclamation costs?".Energy Policy 152(2021).