How is globalization potentially damaging to the environment?

Globalization can have a negative impact on the environment as many businesses relocate operations to nations that do not have environmental regulations like in the US or Europe. Because of this, companies are free to exploit a nation's natural resources with little oversight, wreaking havoc on the local environment. Also, without regulations, factory operations can produce a lot of waste, which rarely is disposed of properly. As a result, there exists a 'race to the bottom' as poorer nations purposefully avoid implementing environmental regulations (and economic) in order to be an attractive place for foreign companies to relocate and invest.