globalchange  > 气候变化与战略
DOI: 10.1016/j.enpol.2021.112187
论文题名:
Why don't environmental bonds fully cover reclamation costs?
作者: Yang P.; Davis G.A.
刊名: Energy Policy
ISSN: 03014215
出版年: 2021
卷: 152
语种: 英语
中文关键词: 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
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
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资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/168098
Appears in Collections:气候变化与战略

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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

Recommended Citation:
Yang P.,Davis G.A.. Why don't environmental bonds fully cover reclamation costs?[J]. Energy Policy,2021-01-01,152
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