Climate Change and Corporate Regulation in Angola: Reforming the Regulatory Framework for Climate Change Mitigation

Abstract

Angola, like many African countries, continuously suffers the deleterious impacts of climate change despite its minimal global carbon contributions. Despite this, it has not taken active steps to institute a climate change regulatory framework or established any strong regulatory regime to aid the regulation of corporate activities and participation in mitigation projects in the country. This article examines the regulatory landscape of climate change and corporations in Angola and assesses the country’s ability to tackle the challenges posed by climate change. It examines the country's position in the international climate change arena and scrutinizes the contribution of corporations to Angola's carbon emissions. The absence of legislation on climate change in Angola creates a void which allows corporations in the country to avoid any responsibility for mitigation projects and activities. This article, therefore, analyses the strengths and weaknesses of the alternative regulatory frameworks such as judicial, market, and surrogate regulation that can operate to fill this void and the extent to which they curtail corporate excesses in climate change and incentivise participation in mitigation activities. In scrutinising the deficiencies of Angola’s climate change regulatory framework, the article adopts the dilute interventionism model which employs both prescriptive and facilitative measures to regulate corporations and mitigate the impact of climate change. It highlights the structure of the legislative framework, regulator, and technical expertise necessary for the successful implementation of the said model. Additionally, the article argues in favour of adopting a veto firewall protection to maintain the independence of the proposed sole independent regulator to be responsible for regulating the climate change activities of corporations in Angola.