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How can emission charges encourage businesses to be innovative?

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How can emission charges encourage businesses to be innovative? Provide a specific example of this. Compare this approach with a standard regulation from a central authority.

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Solution Summary

This solution discusses whether emissions charges are sparking innovation in businesses and provides some examples to illustrate the point.

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How can emission charges encourage businesses to be innovative?
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Emission charges are per unit taxes placed on emissions of specified pollutants (Tietenberg and Draggan, 2012) . Emission fees can encourage businesses to be innovative and many have come to appreciate the vital connection between sustainability and competitiveness. The world's largest firms regularly report environmental performance as a result, highlighting their commitment to sustainability. This acts as a tool for reducing risk, increasing efficiency, driving innovation and building tangible value (Tietenberg and Draggan, 2012). Sustainability has delivered increases ...

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