Conceptualizing Environmental Impact Through Objective Assessment And Reporting

Abstract

Objective: Initially, Environmental Impact Assessment (EIA) served as a regulatory tool for economic developments, but modern frameworks now integrate environmental, economic, and social sustainability elements. Traditional EIA methods rely on subjective expert judgments and qualitative assessments, limiting their ability to quantify financial outcomes. This study aims to develop a modern EIA system incorporating economic valuation, engineering standards, and legal frameworks to enhance transparency, accountability, and sustainability.

Theoretical Framework: The study applies sustainability governance theories, corporate environmental responsibility, and regulatory compliance principles. It examines how Environmental, Social, and Governance (ESG) principles enhance EIA frameworks by integrating economic sustainability measures. The role of financial risk evaluation in improving policy effectiveness and corporate accountability through ESG metrics is also explored.

Method: A comparative analysis of global EIA practices assesses variations in regulatory effectiveness, economic valuation, and corporate accountability across different regions. The study integrates quantitative economic valuation tools to measure carbon costs, biodiversity loss, and pollution impacts.

Results and Discussion: Existing economic valuation methods in EIA exhibit weaknesses in policy implementation and enforcement. Incorporating structured quantitative approaches enhances objectivity by monetizing biodiversity loss, pollution costs, and climate risks.

Research Implications: This study advances environmental governance by proposing a data-driven EIA framework integrating real-time sustainability metrics and financial valuation. Strengthening corporate environmental accountability through multidisciplinary collaboration supports Sustainable Development Goals (SDGs).