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Sustainable Development Fund

Gouriéroux, Christian (2007), Sustainable Development Fund. https://basepub.dauphine.fr/handle/123456789/2265

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Cahier_Chaire_4.pdf (144.3Kb)
Type
Document de travail / Working paper
Date
2007
Publisher
Université Paris-Dauphine
Series title
Cahiers de la Chaire Finance et Développement Durable
Series number
4
Published in
Paris
Pages
20
Metadata
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Author(s)
Gouriéroux, Christian
Abstract (EN)
The cleaning up costs after closure of chemical or nuclear plants are large. They have to be taken into account in the production costs and in the pricing of the corporate, owner of such plants. Moreover, it is necessary to create a reserve account to cover these future large and long term risks. The aim of this paper is to explain how the management of these financing plans can be delegated to appropriate funds, called sustainable development funds (s.d.funds). These funds would be authorized to invest on risky financial assets, but would be submitted to appropriate management restrictions and to industrial and financial risk control in order to ensure that the cleaning up is completely financed at the date of closure of the plant. We discuss the various management restrictions which can be introduced, but also the ownership transfer, when the plant is sold, the future of the fund when there is a failure of the corporate owner of the plant, or the respective roles of industrial and financial regulators.
Subjects / Keywords
Fund; Sustainable development; Regulation; Pollution
JEL
Q56 - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
G3 - Corporate Finance and Governance

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