Examining sustainability practices in corporates in context of natural resources

Abstract

As one of the fastest-growing economies in the world, India has taken several steps to ensure a environment ‘conducive’ for growth. In the midst of improving ‘ease of doing business’, the Indian corporate ecosystem seems to be waking up, albeit slowly to the importance of sustainable practices and environmental laws. The regulatory stakeholder viz. the Government has instituted several laws that govern this aspect of the industry to ‘incentivize’ sustainability and compliance to environmental laws. The Union Ministry of Environment, Forests & Climate Change in congruence with the Pollution Control Boards administers and enforces environmental laws including. At first glance, it seems to be the case that the legislations are based on the concepts of ‘polluter pays,’ sustainable development and the precautionary principle. The National Green Tribunal Act, 2010, which has set-up 7 Green Tribunals in distinct geographical zones of the country explicitly states that this is the case.