Author: Jose Arturo Garza-Reyes
, Vikas Kumar
, Ming K. Lim
, Jiju Antony
& Manoj Kumar Tiwari
Summary:
During the past few years, some of the more far-sighted corporations have been adopting a proactive stance on the environment by voluntarily exceeding existing legislative requirements for environmental protection. This move beyond compliance provides Australian business with both its greatest opportunity and its most serious challenge. This article argues that, while the rewards from grasping the challenge are substantial, the consequences of failing to grasp it, in the long term at least, will be profound.
The developing trend towards proactive environmental management also poses an important challenge for regulators. This article explores strategies to design government regulation that encourages rather than discourages a proactive business response to the environment. It also confronts the issue: what should governments do when business does not have an enlightened self-interest in cleaning up its act; and how can we achieve flexible, responsive and effective environmental law?
