Global Environmental Law - Essay Example

Introduction “Land belongs to the people who lived on it and are dead, the few living on it today and a countless host yet unborn” (Lobley and Winter, 2012 p295). This was the basis of a popular ruling in a West African court case where the natives refused to give out their traditional land to the British Crown in the days of colonialism. The statement comes with some significant pointers. First of all, these natives believed that land was a resource which was enjoyed on a generational basis. Secondly, they believed that every generation had a duty of holding on to land and transferring it to the next generation. Thirdly, they believed that land and other natural resources had to be transferred to the next generation without issues or any cogent matters. Based on this, they took affirmative action to stand against the vesting of their lands into the British Crown. In recent times, many environmental activists have arisen and requested for affirmative action to be taken to preserve the natural environment. This has led to the formation of global organisations meant These requirements are steeped in the need to use natural resources in a way and manner that would enhance it and prevent it from being abused or destroyed. This has led to a growing trend in the proliferation of environmental laws. Global environmental law involves a set of national, international and transnational environmental regulation systems to protect the environment and manage natural resources (Kotze, 2013 p286). These laws are adopted and recognized by sovereign nations like Australia and these laws bind individuals, organisations and corporate entities operating in the country (Kotze, 2013 p286). Internationalisation is the best way of protecting the environment and climate because these resources transcend national boundaries and an international framework compels specific nations to adopt laws that would help them to manage these resources within their own scope (Yang and Percival, 2009 p646). Hence, the Australian government runs a lot of laws that must be adhered to on an extraterritorial level, in other words, Australian entities that operate outside Australia need to adhere to Australian environmental standards in their foreign operations (Schwabach, 2011 p61). Corporate entities are bound by the laws of the nation that relate to the protection of the environment and they must adhere to it once it is approved by the authority of the nation (Sands, 2003 p73). Corporate entities are primarily formed by shareholders who pool their resources to create an entity that must bring them optimum returns, in economic terms. It is therefore logical that the adherence to these regulations relating to environmental protection is likely to limit the scope of their operations and this can lead to loss of profits and opportunities to maximise returns. However, the Greens and Democrats in Australian political landscape insist on Australian corporations adhering to high environmental laws and standards even if they are overseas (Schwabach, 2011). This shows clearly that Australian entities are at a competitive disadvantage, especially in relation to their fellow competitors from other countries who are not required to adhere to such rigid standards. This paper examines the effects of the introduction of environmental legislation on the corporate sector of Australia. The paper examines the position of environmental law in the long-term and sustainable transaction of business and the importance of regulations in keeping the longer term interest of all stakeholders. This paper examines the actual position of environmental matters on the corporate accounting landscape. It examines the effects of environmental legislations and its related social issues on the financial and reporting position of a corporate entity. The paper focuses on the Australian context. Corporate Governance and Stakeholder Positions & Accounting/Reporting Climate Change Sustainability Australian Government’s Position Carbon Tax Nation Pollutant Inventory National Greenhouse Energy Free-Market View Pro-Regulatory View Stakeholders & Impacts Financial Implications Social Implications Government’s Position Legal Implications References Kotze, L. J. (2013) Global Environmental Governance Surrey: Edward Elgar Lobley, M. and Winter, M. (2012) What is Land For? “The Food, Fuel and Climate Change Debate” New York: Earthscan. Sands, P. (2003) Principles of International Environmental Law Cambridge: Cambridge University Press. Schwanbach, A. (2011) International Environmental Disputes: A Reference Handbook Santa Barbera: ABC-CLIO Yang, T. And Percival, R. V. (2009) “The Emergence of Global Environmental Law” Ecological Law Quarterly 36 pp615 – 664 Due Date: FRIDAY 18st December 2012 BEFORE 11.59pm Marks: 40 Marks The assignment is based on the application of materials covered in the unit. You will also need to do some extended personal research and self-directed learning in order to complete the assignment. The assignment may be completed either INDIVIDUALLY or in a group of TWO. If completed as an individual assignment, the length is 3,000 words. If completed as a group assignment, the length is 4,500 words. Assignment task: There has been an increasing level of legislation that has been introduced by the Australian Government, particularly in relation to the environment and climate change (for example, The National Pollutant Inventory (NPI) the National Greenhouse Energy Reporting act (NGER) and the Carbon Tax). Evaluate the potential effects of the introduction of the environmental legislation using the free-market and pro-regulatory approach to regulation and provide a conclusion as to whether you support or oppose the introduction of such regulation. Please notice that you must write in accounting side effect whether you believe that the introduction of environmental Legislation is justified or not. You will need to provide justifying evidence based on different stakeholder groups (i.e. perspectives of Society, Corporations and Government). Your arguments MUST be substantially supported by academic literature. You are required, and must, read and incorporate academic journal articles and other relevant materials to justify your viewpoint. Further Instructions: CONTRACT CHEATING (OUTSOURCING TO OTHERS TO DO YOUR ASSIGNMENT) OR ANY SIMILAR FORM OF COPYING, NOT REFERECING OR CHEATING IS PLAGIARISM. IT WILL BE DEALT IN THE MOST SEVERE MANNER. THERE ARE PROCESSES AND PROCEDURES IN PLACE TO DETECT THIS. THE UNIT CHAIR RETAINS THE RIGHT TO REQUEST FOR A PRESENTATION OF THE WORK AND A FURTHE ORAL QUESTIONING OF THE ASSIGNMENT, WHERE HE/SHE FEEL IT IS REQUIRED. YOU WILL ONLY BE REQUIRED TO SUBMIT AN ELECTRONIC COPY. ASSIGNMENTS WILL BE MARKED ONLINE AND FEEDBACK WILL BE PROVIDED THROUGH YOUR CLOUDDEAKIN MAA310 HOME PAGE. GROUPS MUST ONLY SUBMIT ONE SOFTCOPY ON DSO WITHIN THE GROUP SUBMISSION DROP BOX. YOU MUST CLEARLY NOTE ALL MEMBERS OF THE GROUP ON THE FIRST PAGE OF THE ASSIGNMENT. ASSIGNMENTS SUBMITTED LATE WITHOUT APPROVAL FROM THE UNIT CHAIR WILL NOT BE MARKED. THEY WILL BE HELD AND ONLY BE TAKEN INTO CONSIDERATION WHEN DETERMINING THE FINAL MARK. THE MAXIMIMUM ALLOWABLE MARK FOR LATE ASSIGNMENTS IS 20/40 (50% OF THE MARK YOU SCORE). Read More