ACCOUNTABILITY OF TRANSNATIONAL CORPORATIONS WITH RESPECT TO PROTECTION OF ENVIRONMENT: A GLOBAL PERSPECTIVE

AUTHOR – SAUMYA DWIVEDI, PG GRADUATED STUDENT FROM BENNETT UNIVERSITY GREATER NOIDA

BEST CITATION – SAUMYA DWIVEDI, ACCOUNTABILITY OF TRANSNATIONAL CORPORATIONS WITH RESPECT TO PROTECTION OF ENVIRONMENT: A GLOBAL PERSPECTIVE, INTERNATIONAL ENVIRONMENTAL LEGAL RESEARCH JOURNAL, 2 (1) OF 2024, PG. 01-09, APIS – 3920 – 0011 | ISSN – 2584-1904.

ABSTRACT

This research provides an in-depth understanding of TNC accountability for protecting the environment on a global scale. Because of their large operations, economic might and transcendental character, TNCs have a great potential to determine the environmental setting. This study involves various aspects of TNC’s impact on the environment such as deforestation, pollution, exhaustion of resources and carbon emissions among others. Environmental regulations of TNCs are based partly on legally binding international agreements. The analysis also includes CSR initiatives and voluntary standards. The paper analyses the challenges surrounding enforcement, limited liability, and regulatory capture associated with the present system. Finally, the study offers some recommendations for reforms and improvements such as; more stringent enforcement mechanisms, international regulation regime, liability clause in supply chains, and improved transparency. Improving EA of TNCs with regard to transboundary nature of present-day’s ecological risks. TNCs frequently avoid accountability for the results of their actions and put financial gain ahead of legally required protections for human rights and the environment. TNCs would be encouraged to conduct business in a less ecologically detrimental way if there were a widely recognized right to a healthy and clean environment as well as improved corporate accountability. It is commonly acknowledged that more than just national-level regulation is necessary to address global environmental challenges. Although international initiatives have made progress toward establishing international treaty regimes, their application is still patchy, and it is frequently difficult for international law to incorporate with national systems.

Keywords: Transnational Corporations, Environmental Accountability, Global Perspective, Legal Framework, Corporate Social Responsibility, Challenges