Environment

Forests are one of the crucial ecosystems in the world covering about 31% of the global terrestrial area (FAO 2020). More than 1.6 billion people worldwide are dependent on various forest resources and about 350 million people rely directly on them for their livelihoods, also contributing greatly to strengthen the overall gross domestic product (GDP) of nations (World Bank 2002; Li et al 2019). This has led to a decrease in forests globally due to the conversion to other land use and unsustainable extraction of timber and non-timber forest products (NTFPs) to meet the demands of the growing population (FAO 2020). Owing to the numerous benefits that forests provide, a comprehensive framework focusing on a multidimensional aspect is necessary for sustainable management and effective utilisation.

With rapid industrialisation and urbanisation, the problem of water pollution in India has escalated dramatically over the last few decades. The regulatory apparatus, has, however, lagged behind. Major gaps in standard setting, including lack of standards for ambient water quality, poor monitoring and weak enforcement by the pollution control boards are the major proximate causes. Controlling water pollution will require a concerted effort to address these regulatory failures.

Given India’s continued dependence on coal to supply power for industrial and residential consumers at affordable prices, the country needs a unified coal mines environment authority staffed with multidisciplinary expertise to assess and minimise the adverse environmental impacts of coal mines with an integrated approach to ensure more efficient, effective, and transparent environmental governance. This authority must be created by enacting a sustainable coal mining bill before private sector commercial coal mines commence operations.

The response of firms towards the corporate social responsibility guidelines and its impact on the funding of Sustainable Development Goals is investigated.

Does the present income accounting system represent the real value of the wealth of the economy? If not, how do we evaluate the performance economy? How can the present evaluation method accommodate different aspects of the economy, society, and the environment? If these aspects are not considered in the evaluation process, can it be justified socially or environmentally? In this paper, we discuss the limitations of conventional income accounting, recent developments in environmental accounting at the international level, the progress and challenges of environmental accounting in India, and the way forward.