Outline

Overview

Environmental markets, also known as market-based instruments (MBIs), are now central to the governance of climate change, biodiversity loss, water scarcity and natural resource management. This unit adopts a global and comparative perspective to critically examine how MBIs are designed, implemented, and contested across diverse ecological, legal and institutional contexts. These are not free markets, but legally constructed systems that integrate economic incentives with regulatory oversight to influence environmental behaviour. Examples include emissions trading schemes, biodiversity offsets, water entitlements and tradable pollution permits. Focussing on international frameworks (such as Article 6 of the Paris Agreement), regional systems (including the EU Emissions Trading Scheme), and national case studies (such as New Zealand’s fisheries quota regime and biodiversity MBIs in Australia), the unit investigates how MBIs operate in real-world settings and what challenges they face. While often promoted as efficient solutions, MBIs raise complex questions about ecological effectiveness, distributive fairness and legal design. Students will engage critically with legal and economic theory, analyse applied case studies and develop the research and communication skills required to navigate and evaluate environmental markets in a globally interconnected world. Refer to the Sydney Law School timetable - https://canvas.sydney.edu.au/courses/4533/pages/postgraduate-lecture-timetable

Unit details and rules

Academic unit	Law
Credit points	6
Prerequisites ?	None
Corequisites ?	None
Prohibitions ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	No

Teaching staff

Coordinator	Katherine Owens, kate.owens@sydney.edu.au

Assessment

The census date for this unit availability is 1 May 2026

Details
Criteria

Type	Description	Weight	Due	Length	Use of AI
Out-of-class quiz	Early Feedback Task (0%) Multi-choice quiz	0%	Week 02 Due date: 28 Apr 2026 at 23:59	8 questions/30 minutes	AI allowed
Outcomes assessed:
Written test	In-semester Test (30%) Open-book written test (1 hr writing time + 15 mins reading time)	30%	Week 06 Due date: 27 May 2026 at 12:30	1 hour	AI prohibited
Outcomes assessed:
Written work	Environmental Market Reform and Redesign (70%) Evaluate an existing environmental market / market-based instrument and develop a reform proposal.	70%	Week 10 Due date: 15 Jun 2026 at 23:59 Closing date: 22 Jun 2026	6,000 words / 8 weeks	AI allowed
Outcomes assessed:
= early feedback task ?

Assessment summary

1. Early Feedback Task (0%):

This unit includes an Early Feedback Task that is designed to provide students with timely insights into their understanding and engagement with the unit content. The Early Feedback Task in this unit is a multi-choice quiz involving eight questions. The task will be available on Canvas from 24 April and will be due by 11.59pm on 28 April 2026 (Sydney, Australia time). It will be tailored to reflect key concepts from early seminars. Students will be provided with immediate automated feedback upon completion of the task.

2. In-semester test (30%)

This assessment evaluates students’ ability to synthesise theoretical, legal and comparative perspectives developed across the unit. The test will be held under supervised conditions during the final teaching session on 27 May 2026 at 12.30pm (Sydney, Australia time).

The test is open-book: students may bring printed or handwritten notes and readings. The use of electronic devices or AI tools is not permitted. Responses must be handwritten.

Students will complete a short essay from a list of options requiring critical analysis of key concepts, legal design features, or governance challenges associated with market-based instruments. Emphasis will be placed on depth of analysis, coherence of argument and engagement with unit themes. The test duration is 60 minutes (plus 15 minutes reading time).

3. Environmental Market Reform and Redesign (70%)

This assessment requires students to critically evaluate an existing environmental market or market-based instrument and develop a legally grounded reform proposal addressing its structural weaknesses.

Students must:

Analyse the legal and institutional architecture of a selected environmental market

Identify and critically assess at least two structural weaknesses

Articulate a clear normative framework guiding reform

Develop a feasible and legally operational reform model

Engage in comparative analysis with at least one other jurisdiction or transnational framework

Include a short drafting component (500–800 words) that operationalises a key aspect of the proposed reform

The task is designed to assess advanced research capability, structural and comparative analysis, normative reasoning, and regulatory design skills.

Length: 6,000 words (±10%)
Due: 11.59pm, 15 June 2026 (Sydney, Australia time)

Further guidance on topic selection and expectations regarding comparative analysis and drafting will be provided at the beginning of the course. A detailed marking rubric will be made available on Canvas.

Word limit penalty: A piece of assessment which exceeds the prescribed word limit will attract a penalty of 10% of the total marks available for the piece of assessment for every 100 words, or part thereof. The total word count for essay and other written assessments will exclude all footnotes and any bibliography (if required), and exclude acknowledgements of assistance from editors, automated writing tools or generative AI (where use is permitted).

Referencing: The Sydney Law School expects you to use the Australian Guide to Legal Citation (4th edition, 2018) for your footnoting style, although you should confirm this with your lecturer. A link to the library website where this is set out comprehensively is available at Referencing and Citation Styles: AGLC4.

Special consideration: Successful grants of Special Consideration may involve alternative tasks, as appropriate.

Assessment requirements to pass a unit of study: A student must make a genuine attempt at all assessment tasks set out in this Unit of Study in order to obtain a Pass mark and grade (or above); otherwise an Absent Fail grade will be recorded as the student’s result for this Unit of Study. As the EFT is an early diagnostic tool, this task is not included in the final grade for the unit.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2021 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100	• Completely answers the question. • Contains striking originality of approach or analysis. • Demonstrates exhaustive or innovative research (where independent research required). • Exceptionally well written, structured and expressed. • Is otherwise exceptional in some way.
Distinction	75 - 84	• Completely answers the question. • Achieves a critical and evaluative approach to the issues. • Content and structure is well organised in support of the argument. • Demonstrates extensive research and analysis to support a well-documented argument. • Generally well expressed and free from errors. • Has a clear structure and is well articulated.
Credit	65 - 74	• Covers main issues fairly well in answering the question. • Contains no significant errors • Demonstrates an attempted critical approach to the issues. • Demonstrates reasonably sound research and analysis in addressing the key issues. • Has a clear structure and reasonably clear expression.
Pass	50 - 64	• Identifies the key issues, but does not follow through with a reasoned argument. • Contains some significant errors. • Displays satisfactory engagement with the key issues. • Offers descriptive summary of material relevant to the question. • Superficial use of material, and may display a tendency to paraphrase. • Demonstrates little evidence of in-depth research or analysis. • Adequate expression. • Overall, demonstrates the minimum level of competence in the assessment and satisfies the requirements to proceed to higher-level studies in the degree or subject area.
Fail	0 - 49	• Does not answer the question. • Contains significant or numerous errors. • Few or no identifiable arguments. • Content that is inappropriate or irrelevant. • Lack of research or analysis. • Difficult or impossible to understand through poor grammar, expression or structure. • Overall, does not demonstrate the minimum level of competence in the assessment.

For more information see Guide to Grades.

For more information see guide to grades.

Use of generative artificial intelligence (AI)

You can use generative AI tools for open assessments. Restrictions on AI use apply to secure, supervised assessments used to confirm if students have met specific learning outcomes.

Refer to the assessment table above to see if AI is allowed, for assessments in this unit and check Canvas for full instructions on assessment tasks and AI use.

If you use AI, you must always acknowledge it. Misusing AI may lead to a breach of the Academic Integrity Policy.

Visit the Current Students website for more information on AI in assessments, including details on how to acknowledge its use.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

The late submission of a piece of assessment, without an approved extension, will attract a penalty of 10% of the total marks available for the piece of assessment per 24 hours or part thereof, after the due time on the due date. Penalties for late submission will be applied strictly, subject to a 5 minute grace period. Late penalties do not apply to exams and tests.

Academic integrity

The University expects students to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

Our website provides information on academic integrity and the resources available to all students. This includes advice on how to avoid common breaches of academic integrity. Ensure that you have completed the Academic Honesty Education Module (AHEM) which is mandatory for all commencing coursework students

Penalties for serious breaches can significantly impact your studies and your career after graduation. It is important that you speak with your unit coordinator if you need help with completing assessments.

Visit the Current Students website for more information on AI in assessments, including details on how to acknowledge its use.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Support for students

The Support for Students Policy reflects the University’s commitment to supporting students in their academic journey and making the University safe for students. It is important that you read and understand this policy so that you are familiar with the range of support services available to you and understand how to engage with them.

The University uses email as its primary source of communication with students who need support under the Support for Students Policy. Make sure you check your University email regularly and respond to any communications received from the University.

Learning resources and detailed information about weekly assessment and learning activities can be accessed via Canvas. It is essential that you visit your unit of study Canvas site to ensure you are up to date with all of your tasks.

If you are having difficulties completing your studies, or are feeling unsure about your progress, we are here to help. You can access the support services offered by the University at any time:

Support and Services (including health and wellbeing services, financial support and learning support)
Course planning and administration
Meet with an Academic Adviser

Weekly schedule

WK	Topic	Learning activity
Week 01	Law, Markets, and the Environment: Foundations of environmental markets; economic and legal rationales; commodification and its critiques.	Seminar (5.5 hr)
Week 02	Design and Governance of MBIs: Legal design, monitoring, and enforcement; trading schemes and offsets in Australia, New Zealand, and the EU.	Seminar (5.5 hr)
Week 03	Design and governance continued; Markets Across Contexts: Comparative case studies from the Global South: China, India, Indonesia, and the Pacific; implementation challenges and justice implications.	Seminar (5 hr)
Week 04	Law, Justice, and Indigenous Perspectives: Indigenous rights and customary tenure; Equity and participation in biodiversity and carbon markets; Contestation and reform.	Seminar (5.5 hr)
Week 06	Critical Synthesis and Reflection (Morning): Student-led discussions on reforming environmental markets; integrating cross-regional insights; Completion of the student feedback survey for this unit of study; Legal analysis of short unseen essay questions.	Seminar (4.5 hr)

Attendance and class requirements

Attendance: All students are required to attend 70% of classes to satisfy the pass requirements for this unit. Failure to meet this requirement will result in an Absent Fail grade being recorded as the student’s result for this unit (see The University of Sydney Law School Resolutions: Coursework Awards cl 11).

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

All readings for this unit can be available on Canvas.

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. Critically analyse how environmental issues are regulated through MBIs, identifying their assumptions and limitations.
LO2. Describe to an advanced level the regulatory characteristics of environmental markets and the underpinning considerations for their design ensuring effectiveness and compliance.
LO3. Compare and assess how MBIs operate across jurisdictions in the Global North and South, and evaluate environmental markets in terms of justice, legitimacy, and ecological integrity.
LO4. Examine and differentiate the roles of governments, communities, Indigenous peoples and private actors in shaping and contesting market mechanisms.
LO5. Communicate and defend personal perspectives on environmental markets, MBIs, and environmental regulation by employing sound and logically structured legal argument and be prepared to share these with diverse audiences

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

Changes to assessment regime.

Disclaimer

Important: the University of Sydney regularly reviews units of study and reserves the right to change the units of study available annually. To stay up to date on available study options, including unit of study details and availability, refer to the relevant handbook.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Use of generative artificial intelligence (AI)

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

LAWS6342: Environmental Markets in Global Context

Intensive April - May, 2026 [Block mode] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Use of generative artificial intelligence (AI)

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links