The Critical Role Of The State Among The Extractive Industry And The Sustainable Development. An Alternative Approach For The Greek Regulatory Framework.

The increasing social interest for the environmental issues, forces the authorities to enact more rigorous regulations. The mining industry is one of the sectors that concentrate vigorous remonstrance. It is an absolutely justified reaction, as a result of the numerous contaminated and polluted sites that have been inherited by previous operations and they remain unremedied. The lack of a consolidated global legislation, transfers the burden of decisions to the national level. This paper consists of two parts. At the first part, it discusses the critical role of the state to form an effective environmental policy, feasible for the context of the national economy. Afterwards it analyses two of the main points, which must be considered by the regulator for the excavation activity, the abandoned sites and the duration of the mining investment. The aims are to defuse, in the short-term, the public pressure, protecting the economic growth and, at the same time, to form a basic structure for the development of the corporate social responsibility. The second part presents an alternative financial instrument for the Greek regulatory framework, conformed to the characteristics of the Greek Economy, and analyses the expected benefits both for the business and the social welfare.