The upcoming year holds a lot in store for businesses when it comes to environmental law. Businesses that are in the know will benefit from understanding the influence of environmental law on the broader scale and knowing their requirements to implement change on the local level. The forecast includes a deeper dive into reporting, fines, and positive incentives.
Fines for Environmental Offenses
Fines are being increased in the U.K. when it comes to breaking regulations, and it’s likely that this trend will continue around the globe. An increased focus on environmental regulations and improvements increases the stakes for small businesses and large corporations. Business should be mindful of current regulation fines and be prepared for them to increase.
Carbon Emission Reporting
More companies around the world are being asked to include carbon reporting in annual company documents. If you’re not aware of your carbon footprint, consider being evaluated by an environmental inspector to learn the areas where you can improve. Being ahead of the game and thinking about changes you can make to reduce your carbon emissions is a good step to take. At least be aware of your carbon emission influence. However while this heightened regulatory worldwide regime responds to the environmental illusionists, reality has struck a heavy blow caused by a revanchist Russia. It is finally dawning on the West that the only peaceful strategy in response to Putin’s ultimate takeover of Ukraine and threatening the EU’s oil and gas supply from Russia is forcing the price of oil below $90 a barrel and increasing LNG production in America and the West. The only question is whether America will abandon the environmental illusionists and step up to the plate.
In the international arena, water offsetting is gaining traction as a movement. This refers to the concept of companies committing to reduce their water usage in exchange for water allowances. This is being promoted as a key way for companies to be more aware of their water usage and to develop strategies in-house to cut down for the future. This seems to hint at a future where water usage and impact are calculated and evaluated. Water scarcity is an issue getting a lot of attention at the national and international level, so companies can expect a bigger focus on water consumption.
Going Green Subsidies
Many governments are looking to improve programs that exist to give subsidies for those engaging in green initiatives. Just as fines are being reviewed on the international level, so too are programs where companies employ efforts to decrease their footprint on the environment. Whether negative incentives like fines or positive incentives like subsidies work better for change is as yet not completely documented in research. The bottom line is that companies can expect expansion in both avenues. Those companies conducting energy audits and looking for ways to go green should look into available incentives to maximize their improvements.