Corporate Sector and Environmental protection

Corporate Sector and Environmental protection

In the era of globalization repid industrialization is taking place creating an increasing pressure on environment. Rapid industrialization and faster growth rate are required of a developing country in fact Corporate Sector is the main consumer of the resources provided by environment. At the same time they are considered as one of the main polluter. The pollution causes impairment of environment. Through environment protection this impairment can be fulfilled.

The programme concern for environment essentially mean to protect and conserve it partially through developmental programmes and in most case for the benefit of local population. There is bit effort to modify the development processto bringit in greater harmony with (i) the needs of people and (ii) the need to maintainan ecological balance, while increasing the productivity of our land , water and forest resources.

Corporate Sector and Developing Country:

Corporate Sector is te necessity of a developing country and  for the growth of the nation. Community needs Corporate Sectorfor their livelihood support: the Corporate equally needs the community for their operatio. The concept and movement of Corporate Social Responsibilty (CSR) for disaster and environmental management has been growing rapidly in the world, particularly among those corporation  located in disaster prone and biodiverse regions.

Affect of corporate Sector on Environment:

 Unplanned industrialization release huge amount of effluents, hazardous wastes and emission of chemical from the industrial units in environment are the main cause of environmental damage. These are:-

        i.            Ozone hole

      ii.            Global Warming

    iii.            Acid Rain

    iv.            Water Pollution

Annual Reports of Corporate Sector in concern of Environmental Protection:

Annual report shows that Corporate has launched a number of Environmental Management Programme in different ways to protect the environment from pollution which bhave been clearly disclosed in their Annual Reports. The corporate spend huge amount of expenditure for prevention of pollution andprotection of environment.

Lack of Annual Report:

In their annual report,it was not found its financial statement to segregate the expenditure incurred by the various environmental activities under the head “Expenditure Cost & Expenditure”.

Ways of Environmental Protection:

with the help of following ways we can protect our environment:-

(i)                 Fulfill the Lack from Corporate Social Responsibility of (CSR) activities:

CSR should fulfill the lacks of employee education. Environmental considerat ion, capacity building development of infrastructure, and trust building.

The acivities that are practiced as CSR are primarily of a short time should be response, rather than proactive( therefore, it may not have a lasting effect on the community resulting in short-lived impacts of the activities). With propernprecautionary involvement of activities in CSR , communities will be more resilient and better prepared for the future disaster and environmental hazard.

(ii)               Laws for Environmental Protection:

Most of the companies in India are not aware of environmental issues, the Government of India should introduce and enact a new place of company law for disclosing the environmental information in the Annual Report Mandatory. At the same “Award for the best presentation for disclosing environmental information in the Annual accounts may also be introduced by the confederation of Indian Industries.

The Organization of the Economic Corporation and Development (OECD) agreed to base their Environment policies on “Polluter Pays Principle” and it was recommended as an “essentially economic efficiency measure to internalize environment cost”.

Polluter Pays principle (PPP) , which was originally considered as an economic administrative measure to restrain and control the pollution problem has recently been recognized as combat environmental pollution and associated problems.

(iii)             Environmental Management:

With the help of Environmental Management we can protect environment. The toolof Environmental Management Accounting and Reporting. These tools help in the treatment of Environmental Issues.

(iv)             Biotechnology:

It involves specific applications of Biotechnology to the management of environment and related socio-economic and development issues keeping in view the concept of sustainable development.

Conclusion:

Corporate Sector , which is more responsible for Environmental Degradation ,sould be more eco-friendly. The corporate should disclose both the positive and negative impact of their activities on environment.  The corporate should take a proper environmental policy and set aside a part of their fundsfor environmental promotion. Corporate sector should abide by various laws and regulation to prevent and control the pollution of environment. Now there is an urgent need to develop a comprehensive guideline for environmental accounting and suitable format for environmental reporting as a device of environmental protection. There is the need of holistic understanding of the relationship between the environmental and the development process taking place in the country. Development at the cost of environment can take place only upto a point. Developmet without a concern for the environment can be a short term development, which in the long term can be anti-development that can go at the cost of human sufferingand oppression. Each Corporate citizen should bear the moral responsibility toward the protection of the environment from damage and pollution.