ABSTRACT
EXECUTIVE SUMMARY
LIST OF ACRONYMS
1. INTRODUCTION
1.1. Background
1.2. Objectives
1.3. Approach
2. FINANCIAL SECURITY AND THE ENVIRONMENTAL LIABILITY DIRECTIVE
2.1. History of financial security in the ELD
2.2. Polluter pays principle
2.3. Financial security provisions in the ELD
2.4. European Commission report on financial security
2.5. Post-2004 views on insurability and mandatory financial security
3. VOLUNTARY AND MANDATORY FINANCIAL SECURITY FOR ENVIRONMENTAL LIABILITIES
3.1. Types of environmental liabilities and responsibilities to which financial security can apply
3.2. Comparison of voluntary and mandatory financial security
3.3. Voluntary financial security instruments and mechanisms
3.4. Reinsurance
3.5. Mandatory financial security instruments and mechanisms
4. ELD AND US LEGISLATION THAT IMPOSES SIMILAR LIABILITIES
4.1. Environmental Liability Directive
4.2. US federal environmental liability legislation
4.3. Comprehensive Environmental Response, Compensation, and Liability Act
4.4. Comparison and analysis
5. US AND EU MANDATORY FINANCIAL SECURITY REQUIREMENTS
5.1. US mandatory financial security requirements
5.2. EU mandatory financial security requirements
5.3. EU legislation that implies or recommends financial security
5.4. Comparison and analysis of EU and US mandatory financial security requirements
6. FINANCIAL SECURITY UNDER THE ELD
6.1. Mandatory financial security systems for ELD liabilities
6.2. Mandatory financial security provisions for ELD liabilities
6.3. Mandatory financial security for ex post environmental damage
6.4. Comparison and analysis of ex post financial security
7. FINANCIAL SECURITY REQUIREMENTS UNDER EU LEGISLATION
7.1. Financial security for national liabilities and responsibilities
7.2. Comparison and analysis
8. FINANCIAL SECURITY REQUIREMENTS UNDER NATIONAL LAW
8.1. Member State legislation
8.2. Comparison and analysis
9. US AND EU ENVIRONMENTAL INSURANCE MARKETS
9.1. US environmental insurance market
9.2. EU environmental insurance markets
9.3. Comparison between the US and EU environmental insurance markets
10. ENVIRONMENTAL INSURANCE MARKETS IN MEMBER STATES
10.1. Availability and demand for environmental insurance in Member States
10.2. Comparison and analysis
11. PUBLIC FUNDING FOR PREVENTING AND REMEDIATING ENVIRONMENTAL DAMAGE IN MEMBER STATES
11.1. Funds and risk-sharing facilities
11.2. Study on a potential fund or risk-sharing facility
11.3. Views on an EU fund for ELD liabilities
11.4. European Parliament Resolution
11.5. Problems encountered by Member States
11.6. Industrial disasters
11.7. Problems in other States
11.8. Member State funds and funding mechanisms
12. CORPORATE LAW FINANCIAL SECURITY MECHANISMS
12.1. Australia
12.2. Canada
12.3. Corporate law financial security mechanisms in Member States
13. MEASURES BY MEMBER STATES TO IMPROVE FINANCIAL SECURITY FOR ELD LIABILITIES
13.1. Measures taken by Member States
14. APPROACHES TO IMPROVE FINANCIAL SECURITY FOR ELD LIABILITIES
14.1. Financial viability of operators
14.2. Obligations to carry out risk assessments
14.3. Gradual phasing in of mandatory financial security for ELD liabilities
14.4. Factors to consider in introducing mandatory financial security for ELD liabilities
15. MEASURES TO IMPROVE FUNDING IN THE ABSENCE OF ADEQUATE FUNDING BY OPERATORS
15.1. EU wide fund for ELD liabilities
15.2. Risk-sharing facility as a financial security mechanism
16. RECOMMENDATIONS FOR THE IMPROVEMENT OF FINANCIAL SECURITY AT MEMBER STATE AND EU LEVEL
16.1. Recommendations at an EU level
16.2. Recommendations at Member State level
16.3. Specific recommendations
17. RECOMMENDATIONS FOR FURTHER WORK
17.1. Facilitate enforcement of the ELD by competent authorities
17.2. Encourage operators to comply with the ELD and attain financial security for environmental risks
17.3. Protecting the environment and the public purse
GLOSSARY
BIBLIOGRAPHY
ACKNOWLEDGEMENTS