Policy Instruments and Co-Regulation for the Sustainability of Value Chains
6. Definition and Benefits of Co-Regulation
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The term “co-regulation” is used to describe legal frameworks that combine public and private policy instruments to strengthen their stand-alone capabilities towards a common policy objective. The idea of “co-regulation” is that countries legislate sustainability obligations for supply chains of certain economic sectors, and that companies are allowed to use private control mechanisms, such as certification schemes, to demonstrate compliance with those sustainability obligations. Co-regulation frameworks can take different forms depending on the policy instruments they combine.