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This table generalizes the different dimensions between traditional regulatory tools and innovative incentive based tools.
|Traditional Regulatory Tools||Innovative Incentive-based Tools|
|Characteristic||Rules-based - imposes uniform, prescriptive and mandatory requirements as minimum standards and requires a high level of government assurance||Performance-based - promotes environmental performance with greater flexibility for parties to meet defined environmental objectives and requires lower level government assurance|
|Types||"Command and control" tools such as product bans, emission limits, technology specifications, design-based standards||Market based instruments and fiscal mechanisms, cooperative management agreements, information disclosure, and voluntary stewardship and corporate environmental responsibility|
|Goal||Compliance with the law||Encourage beyond compliance and continuous improvement in performance|
|Driving Mechanism||Regulatory deterrence||Financial incentives and disincentives, regulatory deterrence and voluntary stewardship|
|Performance Measure||High rates of compliance against minimum standards||Improved environment - cleaner air and water, more productive land and sustainable resources|
|Ethic||Respect for the law to avoid prosecution||Integrate environmental, social and economic perspectives into decision making processes|
|Industry Tools||Pollution control, best practical technology, monitoring, reporting, abatement, remediation||Pollution prevention planning, environmental management systems, best management practices, community liaison, voluntary environmental audits, innovative technologies|
|Credibility and Acceptance||Proven record, general acceptance and understanding by industry, government and other stakeholders||Emerging acceptance, although gaining in popularity as alternatives to traditional forms of governance|
|Key Strength||Provides a high level of assurance that minimum standards will be achieved, across all geographic regions||Potential for greater environmental returns, improved cost effectiveness, and promotion of innovative technology for environmental controls|
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