Why is it important to have a good understanding of environmental legislation that affects your business or the industry within which you work?

Why is it important to have a good understanding of environmental legislation that affects your business or the industry within which you work?

Could this be so the business knows what they need to observe, plan and take action on. I am unsure of what else.

And

What relevant legislation could impact an organisation's operations and it environmental interaction? List the various Acts, Guidelines, standards or approaches that you could be required to know and comply with and explain the interaction between them and an organisation's operation. (Legislations relevant to Australia, SA.

I have researched and was unsure as to what legislations are relevant.