Rethinking Corporate Social Responsibility in the Arena of Climate Change: A Study in Socio-Legal Aspect

Abstract

Climate change is an environmental challenge confronting all countries across the globe in varying degrees of intensity. It, directly and indirectly, interferes with the enjoyment of all human beings including – the right to life, housing, water and sanitation, food, health, development, security of persons and an adequate standard of living. Industry and business play a crucial role with regard to climate change, accounting for approximately one-third of the world’s energy consumption and 36 per cent of carbon dioxide emissions. Therefore, industry and the global business community have a responsibility to join national and international efforts to lower their greenhouse gas emissions. Across Asia, Europe, Africa, and North and South America, the adverse effects of climate change have manifested over the years as ozone layer depletion, continental global warming, a shower of acid rain, extended fires, melting ice, rise in sea level and other extreme events which call for urgent action at national and international levels. A self-regulating approach that makes manufacturing organisations socially responsible and responsive to environmental issues in their operating countries can be pragmatic in climate-change mitigation, and strengthen existing governmental policies on climate change. A number of affirmative actions and recommendations has been formulated at national and international levels to regulate climate change including eco-vigilance, adoption of green, conservation of the flora and fauna, zero-tolerance of gas flaring, socially responsible investment, carbon emission reporting and disclosures and adoption of environment-friendly manufacturing techniques. Therefore, the present study not only focusses on the theoretical aspect but also on the socio-legal aspect filling the gap in both theory and practice related to the impact of Corporate Social Responsibility on society.