Paul Bohn, Esq.
Back in July 2015, I wrote a blog
discussing a joint effort between Great Lakes states and Canadian provinces to
address the dangerous levels phosphorous and nitrogen runoff that are causing
massive algae blooms in Lake Erie. While the Great
Lakes Commission (GLC) pledged a 40% reduction of algae blooms in Lake Erie
by 2025, they did not discuss how they would achieve this.
Well, good news. The GLC has
developed a plan to achieve their algae bloom reduction goal. The initiative
will provide what’s called a water quality trading system. It is a market-based
approach to pollution reduction, in which the government sets an overall water
pollution reduction requirement and then provides water quality credits that
can be earned by entities for reducing pollution.
If properly implemented, a supply
and demand for these credits will be created. Industries that are engaging in
pollution reduction will stock-pile the credits, and then sell them to those
who have high pollution reduction costs.
The proposed trading system will
include most pollution sources contributing to runoff into Lake Erie. This
includes farmers, sewage treatment plants, power plants, and factories. It is a
great alternative to traditional pollution reduction methods that force each
pollution source to install expensive new technology to reduce their own
emissions.
Now, pollution sources will be
able to determine if they are best served by becoming a buyer or seller of
credits, based on their ability to adhere to the new regulatory requirements.
The GLC believes this innovative approach will significantly reduce pollution
runoff and thereby improve water quality in Lake Erie, what do you think?
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