The relationship between the natural environment and business practice is deep and complex, and a multiplicity of regulatory initiatives have been employed in an attempt to manage and influence their interaction. Climate change is set to reshape the global economy and business professionals will require a deep understanding of the natural and regulatory constraints which might impact their business endeavours as entrepreneurs, managers of corporate wealth, and/or their professional advisors. This unit of study aims to provide a deeper understanding of the phenomenon of climate change, among other environmental concerns and planetary boundaries, and their intersection with business activity. It begins with an analysis of the institutional framework surrounding the interaction of business and the environment, introducing major stakeholders in the development of environmental and business regulation (including nation states, international organisations with special reference to the United Nations and its Sustainable Development Goals, and other non-state actors). It then discusses international environmental regulation and the Paris Agreement on Climate Change, before considering the Australian response. The effectiveness of different regulatory styles in this sphere is analysed, together with the argument that businesses can and should take ownership of problematic elements of their interactions with the natural environment. Different strategies developed to 'manage' a business' relationship with the environment and issues surrounding liability for environmental damage are also considered.
At the completion of this unit, you should be able to:
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