As Earth Day draws closer, billions of people are preparing for the day with primary programs such as Sustainable Fashion and the Global Earth Challenge.
It is a hallmark of an important movement that encourages companies across different industries to adopt more sustainable, environmentally-friendly production methods to ensure a sustainable future.
While there is no denying that it will be many years before we attain a sustainable future (though we are making progress on this front). It does not detract from the fact that Earth Day has inspired regulations that have proven to be a net benefit to society.
Read on to explore how Earth Day inspired regulations and what this means for compliance and regulation.
What will happen during Earth Day 2022?
A significant component of Earth Day 2022 will be a combination of ambitious programs, such as The Great Global Cleanup, along with spearheading changes in certain industries, such as fashion, where current operations contribute significantly towards emissions.
The Great Global Cleanup is a worldwide campaign to remove billions of pieces of trash from neighbourhoods, rivers, lakes, parks, and beaches—to reduce waste and plastic pollution, prevent harm to wildlife, and improve habitats.
These programs are adopting the dual approach of repairing damage to the environment while also inspiring industries to make meaningful changes to industries that rely on production methods that are harmful to the environment.
Coincidentally, energy regulation aims to accomplish a similar goal of repairing damage to the environment while also encouraging industries to adopt more sustainable approaches to production.
Perhaps it is not surprising to see that Earth Day and regulation have complemented each other.
What regulations has Earth Day inspired?
Earth Day and environmental regulations have always gone hand-in-hand. In 1970, after the first Earth Day, the United States created Environmental Protection Agency and passed several environmental laws, such as the Clean Air Act, National Environmental Education Act, Occupational Safety and Health Act, and even the Clean Water Act.
The following year, the US Congress passed the Endangered Species Act, Federal Insecticide, Fungicide, and Rodenticide Act.
These laws implemented substantial environmental protections that protected millions and placed protections that kept surroundings safe and clean.
In Europe, the Paris Agreement, the most significant climate accord to date, was signed on Earth Day, which also inspired several governments to adopt new ambitious plans to change energy production and consumption.
You would be hardpressed to find a better example than in the UK, where the government launched a 10-point plan for a green revolution to turn the country into a carbon-neutral by 2050 to minimise contribution toward climate change and create 250,000 jobs.
The regulations inspired by Earth Day have generated tremendous benefits over the years. For example, the Clean Air Act generated over $22.2 trillion in benefits for public health and the economy.
While Earth Day has not inspired as many regulatory developments in subsequent decades, the movement has only grown to become a global secular movement involving over 193 countries, engaging more than a billion people every year.
Engaging citizens raises awareness of climate change, encouraging public institutions to be more stringent on energy regulation. This inspires ambitious regulatory laws that affect different energy entities.
What does this mean for regulation in the future?
As Earth Day continues to grow, we can expect this event to significantly influence energy regulation trends.
This is because Earth Day continues to raise awareness about climate change, which galvanises national governments to pay more attention to growing climate concerns.
For example, the Leaders Summit on Climate, taking place on April 22 and 23rd (coinciding with Earth Day), sees 40 leaders convening to discuss several critical issues, such as using the finance sector to drive the net-zero transition and spurring transformational technologies to reduce emissions.
The discussions made at the summit will lead to ambitious regulatory updates. With ambitious regulatory changes on the horizon, organisations in the energy industry should take special steps to turn their regulatory lifecycle management into a cost-efficient and agile process.
This is where RegTech solutions can help you. These solutions leverage AI and NLP to turn regulatory management into a more efficient process by eliminating repetitive and redundant processes and cutting the cost of regulation.