What are the societal expectations regarding the corporation’s duty to handle climate change?

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We must make a shift from corporate social responsibility: Justice BR Gavai

Honourable Mr. Justice BR Gavai represented the Supreme Court of India in the prestigious Commonwealth Magistrates and Judges Association Conference in the United Kingdom. Over here, the honorable Chief Justice of India had nominated Mr. Justice BR Gavai to represent the Indian judiciary in the conference hosted by the Court of England and Wales at Cardiff between 10 and 14 September.

Business entities have the power and also moral responsibility to contribute towards making favorable climatic action for fulfilling the mandate of national and international obligation. Justice has said that it is necessary to shift from corporate social responsibility to corporate legal responsibility. 

It is necessary to address a panel session on corporate legal responsibility and climate change at the Commonwealth Magistrates and Judges Association annual conference in 2023 in Cardiff. Justice Gavai thought climate change is a severe, pressing global challenge that requires a comprehensive legal framework and collective action to address its impact. He also said that CSR is a moral responsibility that corporations must pursue, and it should not be left based on self-regulation in the event of a conflict or any severe harm to the environment, people, or animals.

We must make a move from corporate social responsibility to corporate legal obligation, he said. Justice Gavai also noted that there are various judgments of the Supreme Court where they have highlighted the duty of corporations to protect the environment and make a positive contribution through the remediation of environmental damage caused by the activities of the companies. He referred to the principles that evolved the judiciary that focuses on “polluter pays,” “sustainable development,” and “precautionary principle.”

By active participation in collaborative initiatives, setting ambitious climate targets, and sharing best practices, corporations can positively contribute to the overall effort to combat climate change.

Should big business take the lead on climate change?

Individuals who are members of society play a crucial role in the expectations of whether or not companies become responsible for addressing environmental issues and whether the government should regulate these issues. From the perspective of corporate social responsibility, it is essential to assess participants and to help them understand their responsibility to create a positive impact on climate change. An assessment made it evident that free market ideology is a very significant barrier in support of corporate regulatory policy.

Corporate social responsibility is based on one assumption that at any given time, a social contract exists between an organization and society in which the organization is held not only responsible for economic and legal actions but also has philanthropic and ethical responsibilities.

What are the societal expectations regarding the corporation’s duty to handle climate change?

Every human being is responsible, and thus, the corporate sector is responsible for handling climate change. There should be a positive relationship between anthropogenic climatic change and a belief in the principles of corporate responsibility to address climate change effectively. However, if they have a robust free market ideology, the relationship will be stronger because of the synergistic effects of anthropogenic climatic change and free market ideology. In the end, you can say that the relationship between anthropogenic climate change and the perception that the corporations have will affect their contribution towards climatic change.

In my opinion, corporations must understand that the green transition is a significant investment, but it will also bring about immense economic opportunities. The corporate sector should navigate the unique new green business landscape having a clear purpose to protect the environment. They should focus on securing a green initiative through effective distribution pricing and branding. A strong value proposition will take the climate and environment into account.

#CSR #CorporateResponsibility #Sustainability #EthicalBusiness #SocialImpact #EnvironmentalStewardship  #BusinessEthics #Transparency #CorporateCitizenship #LegalCompliance

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