Although markets are widely promoted as an efficient tool for managing water, little critical attention has been directed to the legal and governance issues of water markets, including matters such as compliance and enforcement, water accounting, and the overall effectiveness of water trading. In response to these gaps, the chapter critically evaluates Australia’s cap and trade instrument, drawing on a review of the literature and survey and interview data collected from government and non-government stakeholders. The findings reveal achievements, including flexible responses to past and future droughts; efficiencies that contribute to economic and environmental benefits; and increasing trade and market functionality.
|Title of host publication||Reforming water law and governance|
|Subtitle of host publication||From stagnation to innovation in Australia|
|Editors||Cameron Holley, Darren Sinclair|
|Place of Publication||Singapore, Singapore|
|Number of pages||28|
|Publication status||Published - 2018|
|Name||Reforming Water Law and Governance|