자본시장과 환경정보규제의 법리

Sustainability is receiving increasing attention from investors, consumers, and regulators. This would promote a sustainable economy by empowering consumers and investors to send a strong signal to industries. Since 1970, the predominant regulatory model has been ‘command-and-control.’ This model is credited with significant successes in achieving environmental protection gains. This model is an outdated tool of past environmental agendas. Informational regulation emerged during this same era as a potential success story. Informational regulation operates as a substitute. These social institutions bring to bear post-disclosure pressures creating market incentives. Market forces create incentives for self-regulation not provided by traditional regulatory approaches. Indeed, such self-regulatory behavior occurs notwithstanding the absence of traditional regulatory controls. Sustainable investing has rapidly moved from the fringes of the investment world to the mainstream. Environmental information regulation could significantly facilitate this broader realignment of capital markets with sustainability principles. Standard models of environmental information regulation are ill-equipped to address the information needs of today's investment community. Therefore a new design of environmental information regulation capable of harnessing mainstream investor interest in sustainability is needed, in doing so, creating a new vector of leverage in support of a sustainable future.