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Assurance bonds: A tool for managing environmental costs in aquaculture
Authors:Mitchell L Mathis  Pamela B Baker
Institution:1. Senior Research Associate, George and Cynthia Mitchell Center for Sustainable Development , Houston Advanced Research Center , Research Forest Drive, The Woodlands, TX., 4800, USA Phone: +281 364 4023 Fax: +281 364 4023 E-mail: mmathis@harc.edu;2. Fisheries Biologist, Environmental Defense , USA
Abstract:Abstract

The environmental costs associated with coastal aquaculture, though poorly understood, can in some cases be quite large. The presence of risk, uncertainty and insufficient monitoring can greatly reduce the power of traditional economic instruments such as environmental taxes and tradable permit systems to internalize these costs. Using the Texas shrimp farming industry as a specific example, this article explores the potential of environmental assurance bonds (EABs) as an alternative economic instrument to internalize environmental costs of aquaculture production under such conditions. Drawing from previous literature, an explicit distinction is made between two mechanisms simultaneously incorporated in the EAB: a deposit‐refund incentive and social insurance. The article discusses the role of each of these mechanisms in shifting the environmental costs of production back to firm. Practical application of EABs in the Texas coastal shrimp farming industry is then examined.
Keywords:Environmental assurance bonds  economic instruments  efficiency  pollution  coastal aquaculture  shrimp farming
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