The Role Of Organization For Economic Co- Operation And Development In International Environmental Governance
- IJLLR Journal
- 6 minutes ago
- 1 min read
Vanshika Jain, LLM, Faculty of Law, University of Delhi
ABSTRACT
The Organization for Economic Co-operation and Development initially set up to provide economic cooperation to its member nations, but has now expanded its role with the changing circumstances. It has now evolved to be a leader in issues relating to global environmental governance and sustainable development. This paper explores the transformation of the organization from an economic organization to a key player in environmental governance through corporate responsibility and green finance. The recent 2023 update of the OECD Guidelines focuses on integrating scientific targets, innovative financial mechanisms and effective policy tools in order to ensure visible improvements in environmental quality in its member nations. This paper also highlights major accomplishments achieved by OECD efforts in environmental governance such as reduction in green house gas emissions and significant improvement in air quality across some member nations. These positive environmental impacts have also helped in achieving economic objectives by creating job opportunities in the green sector. The paper also critically examines the challenges faced by the OECD in enforcement of policies among member nations which creates loopholes that further results in regulatory avoidance and inequities in access to climate finance. These challenges require strategic efforts in order to strengthen the influence and effectiveness of OECD’s policy. Some measures can be adopted for the same such as strengthening the regulatory framework, active participation of the shareholders and promoting green finance. By strengthening its role, the OECD has the potential of becoming a major player in addressing international environmental challenges and promoting global agenda for sustainable development.
Keywords: Economic cooperation, global environmental governance, sustainable development, corporate responsibility, green finance
