ACCOUNTABLE TO THE ENVIRONMENT

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ACCOUNTABLE TO THE ENVIRONMENT

A joint study by the Chinese Academy for Environmental Planning (CAEP) and The Energy and Resources Institute (TERI), India, highlighted another important statistic.

The annual cost of economic losses and environmental damage in China in 2010 exceeded 1.2 trillion Yuan ($180 billion). In India, the estimated economic cost of environmental damage ranges from 3.5 per cent to 7.5 per cent of the country’s economic output. While considering the damage to the environment, it is important to note that both countries are home to 37 per cent of the global population, and account for 20 per cent of the world’s energy consumption. According to Rajendra K. Pachauri, Director General of TERI, air pollution, water Contamination and solid wastes, as well as deforestation account for much of the environ­ment damage in India. Laws such as the Environment (Protection) Act, 1986 and related enactments such as the Water (Prevention and Control of Pollution) Cess Act, 1977; The Air (Prevention and Control of Pollution) Act, 1981; and The Forest (Conservation) Act, 1930 have had little or no effect. Globally, the issue of accounting for carbon footprint has gained importance What about ‘waste footprint’ and ‘water footprint’? There isn’t enough work in the area of accounting and disclosure for these

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