Evaluate the potential effects of the introduction of the environmental legislation using the free-market and pro-regulatory approach to regulation and provide a conclusion as to whether you support or oppose the introduction of such regulation.
The Importance of environment and need of its preservation is one of the most important topics discussed in society in present. All Responsible organizations including worldwide governments like Australian government have been realizing that human activities should be controlled which are the cause of degradation of environment. Australian Government authorities have been proactive in setting up Environment Conservations Law Frameworks so as to conserve the natural environment and reduce its exploitation in Australia and dependent areas. This started in 1960s in United States of America to set up laws which can conserve environment. This resulted in Set up of laws like NEPA (The National Environmental Policy Act, 1969), ESA (The Endangered Species Act, 1973), CWA (The Clean Water Act, 1972) and CAA (The Clean Air Act, 1970) for improving environmental conditions and spread the same message across the world (CSIRO (Commonwealth Scientific and Industrial Research Organisation), BTRE (Bureau of Transport and Regional Economics) and ABARE (Australian Bureau of Agricultural and Resource Economics) 2003).
Those have been taken as benchmarked by other countries so that by combined effort, world environment can be benefited. This has been realized by most countries passing the boundaries of developed or developing nations. Australian Government has also introduced laws like EEOA (The Energy Efficiency Opportunities Act), CERS (The Carbon Emission reduction act) and several others (ABARES (Australian Bureau of Agricultural and Resource Economics and Sciences), 2011).