Protection of environmental water within a market-based framework: an examination of legal approaches in Colorado, Alberta and Australia

It is uncertain whether market-based water allocation regimes can be successfully deployed to deliver water for environmental needs, with uneven results demonstrated across jurisdictions that have experimented with markets as a regulatory tool. The Paper will compare and evaluate the regulatory and institutional tools adopted in Australia, Colorado and Alberta for environmental water requirements. It will then outline four key lessons that have emerged from the comparative analysis that can inform the design and implementation of market-based water allocation regimes to promote environmental objectives.