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Summary

There is a growing consensus amongst economists and policy makers that for
the environmental policy to be effective there is a need to supplement the traditional
command and control type of regulation with economic instruments. The main reasons
for this move lie in the existing evidence on the growing levels of environmental
degradation suggesting that the command and control type of regulation has not proved
to be very effective in inducing the polluters to adopt pollution prevention and control
and that the economic instruments are generally more cost-effective. Intuitively, cost
effectiveness results from lower total abatement costs through a shift of the burden of
abatement from high to low cost abaters.

Tradable permits for pollution control is one such economic instrument.
Tradable permit systems can be of two types. The first type is inter-plant trading which
allows emission trading among existing plants in a specified geographical area. The
second type is that of intra-plant trading which allows different discharge points of a
large firm to trade emissions among themselves. The latter offers the firm the option of
reducing pollution loads beyond discharge limits at one or more discharge points and
crediting it to other discharge points so that the pre-determined level of environmental
standards or pollution reduction is met at a lower cost. This study attempts to design an
intra-firm emission trading scheme for suspended particulate matter (SPM) in an
integrated steel plant in India. Specifically we examine the costs of meeting the target
emission standard for SPM for stationery sources of SPM in a steel plant, under the
current regulatory system and the system of emissions trading among the emission
sources under the common ownership, using the bubble concept.

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