This paper identifies inadequate effort to use market-based and private sector-led approaches, among others, as a main reason for limited progress in arresting continuing environmental degradation in the Asia and Pacific region. Citing examples, the paper shows that markets can be created for ecosystem protection and provision of ecosystem services under innovative regulatory mechanisms and that the use of market-based approaches can reduce the dependence on unsustainable financing for environmental management. The paper also briefly discusses the role of governments, other stakeholders, and development assistance in creating the policy and institutional framework conducive for introducing private sector-led approaches to environmental management.
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