Paper on International Energy and Climate Change Law

Added on - 19 Sep 2019

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INTERNATIONAL ENERGYAND CLIMATE CHANGELAW
1Table of ContentsIntroduction......................................................................................................................................2Globalization has changed the world we live in..............................................................................2Issues in global energy sector..........................................................................................................3Environmental Impacts of multinational companies through the activities undertaken by them inenergy sector....................................................................................................................................3Need for strict laws at national and international levels..................................................................4The Organization of the Petroleum Exporting Countries................................................................5Enactment of International laws......................................................................................................5Environmental protection- the major concern.................................................................................6Environmental Impact Assessment (EIA).......................................................................................7Various international laws for the protection of environment from adverse impacts of energygeneration........................................................................................................................................7International organizations working for the protection of environment and people.......................8Various agreements for the protection of environment from the adverse impacts of energygeneration........................................................................................................................................9International environmental treaties for the protection of environment and climate change fromthe impacts of the energy generation by multi-national companies..............................................10Taxation laws for the multi-nationals engaged in energy sector...................................................11Court decision................................................................................................................................12Conclusion.....................................................................................................................................13References......................................................................................................................................14
2IntroductionIn this present paper, we will discuss the protection provide by international law and redressmechanisms for local communities which are affected by the adverse environmental and otheractivities of multinational companies in energy sector. The energy industry is considered to bevery complicated especially due to the reasons like its international scope, due to the magnitudeof the sources of energy, the transactions that form a part of energy industry and due to its everevolving nature. Earlier the sources of energy like oil, coal, gas, and nuclear power were thereand were known as the traditional sources of energy. But recently some complementary sourcesof energy have added on and thus have expanded the scope of energy industry and theseadditional resources include solar, geothermal, wind, biomass, hydropower and hydrogen.Generally the transactions which for a part of energy sector includes activities likebiddingarrangements to exploration, drilling, exploitation, transportation, marketing and many more.There are various harmful gases which are exhausted by the energy sector that impacts on the lifeof human in the local communities so the international law helps to protect the localcommunities through providing various rights to the local community and it also provide somelimits to the energy sector in order to maintain the ecological balance of the universe.Globalization has changed the world we live inThe globalization is mainly defined as the integration of an economy with the rest of the worldwhich enable to generate large market opportunities for the companies in order to generate highrevenue within the specific period of time but in the oil and gas sector after the globalization theemission of harmful gases has been tremendously increased which impacts on the localcommunities adversely. The globalization allows trading in other countries which has increasedcompetition in the market due to which environment is harming very badly.Earlier the oil industry was dominated by the “seven sisters” who were considered as the majoroil companies around the globe. But now, many multi-national oil companies which workindependently have become strong players in the oil industry. There are many state oilcompanies also which have been dominating the industry today in terms of reserves.These economic players (mainly the Multi-national companies) generally operate theirbusinesses across the borders and have slowly achieved some power through which it is able toexert a worldwide influence (Bang, 2010).
3It has been observed that these multi-national companies have a great impact on the lives ofpeople and the communities where they are operating. Sometimes, there is a positive impact bythe operations of these multi-national companies, but sometimes, there is an adverse effect ofthese operations on people and community. If we talk about the positive impact, then it can bemeasured in terms of creation of jobs in in the areas where these companies do their operations,the lives of the people is improved with the use of new technology and finally the investment inthe community also provides for various benefits for the people living there. On the other hand,if we talk about the adverse impacts of the operations of these multi-national companies then ithas been observed that with the increase in number of operations by these companies, there hasbeen a negative impact on the environment, the climate of the area where they carry out theiroperations and which in turn impacts he health of the people and the overall community livingnearby those areas. A number of legislations have been made at the domestic level in order toprotect people, community and the environment as against the negative impacts of theseoperations by these multi-national companies engaged in the energy sector. But unfortunately, allthese domestic legislations have found to be weak and poorly enforced and it has been observedthat there has been an increased exploitation of this weak and poorly enforced domesticregulation which has caused a devastating impact on people and communities.Issues in global energy sectorIf we talk about the global electricity sector, then it has been observed that there are mainly threemajor issues in it, which are namely; matching the supply with the increased demand, fightingagainst the change in climate, and the phase of massive urbanization.The demand in the global energy sector has been tremendously increases so the company needsto produce more in order to supply as per the demand that leads to emit huge harmful gaseswhich disturbs the whole ecological balance of the universe so the global energy multinationalcompanies needs to take various initiatives in order to protect the environment from harmfulgases.The emission of harmful gases by the multinational company’s impact on the environment sp thecompanies need to fight against the change in climate. Another major problem is massive
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