Voluntary Business Regulation for Sustainability: Intends, Norms and Motivations of Building Public Trust of Corporate Managers

  • László FeketeEmail author
Part of the Ethical Economy book series (SEEP, volume 56)


Although tackling climate change and the environmental degradation are the shared responsibility of the global community for averting catastrophic consequences and the likelihood of severe welfare losses on global level, the majority of the states are not willing to give up their short-term economic interests and to pool their sovereignty to make legally binding international environmental agreements. Therefore, the implementation and enforcement of a comprehensive and coercive international regulatory regime have been stalled in the international fora for a long time. At the same time, private regulation, voluntary environmental assessment and reporting framework initiated by business, civic and professional organizations have been proliferating since the beginning of the 1990s. The question is whether these private self-regulatory initiatives of assessing and monitoring environmental performances, especially, of the large corporations are the adequate and proper substitute of mandatory multilateral environmental agreements; whether those regarding global environmental outcomes can counterbalance the unwillingness of the majority of the states to comply with a stringent international regulatory regime.


Sustainability Public and private regulatory regimes Copenhagen accord Paris climate agreement Corporate reputation 


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Authors and Affiliations

  1. 1.Business Ethics CenterCorvinus University of BudapestBudapestHungary

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