Journal
JOURNAL OF CLEANER PRODUCTION
Volume 166, Issue -, Pages 299-311Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.jclepro.2017.08.021
Keywords
Oil pollution damage; Civil Liability and compensation for oil; pollution damage; Social cost; New institutional economics; Institutional performance; Institutional change
Categories
Funding
- European Regional Development Fund
- Xunta de Galicia [GRC 2014/022, AGRU2015/08]
- Spain's Ministry of Economy and Competitiveness ECO [2014-52412-R]
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The oil industry is nowadays of vital importance for industrialized and developing countries. However, oil transportation continues to be a highly risky activity, both for the actors involved in its production and exchange and for the rest of society, producing enormous negative externalities. This article delves into the international system of liability and compensation for oil pollution damage (1992 CLC/CF) from the perspective of New Institutional Economics, evaluates its operation in practice across countries and its evolution over time. It reveals substantial heterogeneity in terms of performance across nations and the main drivers and obstacles to its transformation. (C) 2017 Elsevier Ltd. All rights reserved.
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