The environmental liability corresponds to the sum of damages to the environment caused by companies and, consequently, the obligation to repair them.
As we know, some types of companies carry out their activities using natural resources in some way. The result of this action can cause some kind of change in the environment.
Thus, the environmental liability is any type of impact caused to the environment by a given enterprise and that has not been repaired during its activities.
Examples
In Brazil there are several examples of environmental liabilities caused by companies. Some of them are:
- Trash discarded incorrectly
- Emission of polluting gases
- The different types of pollution
- Release of chemical products in aquatic environments
- Soil or groundwater contamination
An example of environmental liability was the spill of 1,292 thousand liters of oil in the Guanabara Bay in January 2000, under the responsibility of the company Petrobras.
This accident caused several environmental impacts both to aquatic life and to the human population.
At the time, 103.7 million reais were spent on oil containment, recovery of affected areas and compensation. In addition, fines were also paid to the federal and state governments.
Environmental assets and liabilities
As we have seen, the environmental liability refers to the costs to be paid to recover the damage caused to nature.
The environmental asset represents all investments made with the objective of controlling or mitigating the impacts caused to the environment.
Examples of environmental assets are equipment, machinery, research and investments in technology designed to reduce or prevent pollution and other environmental problems.
Know more:
- Environment
- Environmental impacts
- Natural resources
Environmental accounting in companies
The environmental liability for a company represents all its financial obligations in relation to third parties. It corresponds to the amounts referring to costs with recovery, payment of fines, fees, taxes or indemnities.
Companies that are potentially polluting have a reduction in their equity, as the value of environmental liabilities is deducted from their market value.
It is even recommending that a company's environmental liability be investigated or declared at the time of an eventual sale. This is because the new owners also acquire the environmental liability.
One of the ways to identify a company's environmental liability is through the analysis of the Environmental Impact Study (EIA) and Environmental Impact Report (RIMA). These documents are required for opening and licensing businesses.
Conama (National Environmental Council) is responsible for deciding on the carrying out of complementary studies to analyze the environmental consequences of public and private undertakings.
It also decides on the maintenance or cancellation of benefits for projects that do not comply with the legislation.
Currently, companies that have environmentally correct attitudes are more accepted by consumers and well regarded by the financial market.
This happened because the environmental issue became a major concern for different sectors of society.
Legislation
Environmental liabilities are increasingly gaining economic, social and legal dimensions.
An example is Law 6,938 of August 31, 1988, which provides for the National Environmental Policy, its purposes and formulation and application mechanisms.
In 1998, Law No. 9,605, which provides for criminal and administrative sanctions arising from conduct and activities that are harmful to the environment. Among other determinations, it establishes that when acquiring land or an industry that presents environmental liabilities, those responsible are subject to criminal sanctions under the law.
Do you want to know other environmental topics? Read too:
- Sustainability
- World environment day
- Conservation units
- Environmental education
