This work concerns Environmental Policy, by approaching it with an analysis which allows identification of its political and institutional structure and dynamics. The instruments entitled Studies of Environmental Impact and Environmental Licensing were highlighted, without which, as determined by Brazilian environmental legislation, potential polluting businesses will not be made viable. The approach permits a theoretical-conceptual and methodological interface and considers that the existing political-institutional design, besides the technical aspects, determines the criteria which will allow or prevent incorporation from the instruments in environmental and business administration in the country. The research is qualitative, covering document literature and analysis, having as an empirical base for study, the Brazilian company Eletrobras Termonuclear S. A. (Electronuclear), whose productive activity generates strong controversies of a political and socio-environmental flavor. There were also other subjects involved, which act in the formulation, regulation, implementation, enforcement and control of the country’s environmental policy. The results of the study reveal, on one hand, advances in the use of the instruments due to pressure from society and legal means, and on the other hand, conflicting dynamics which influence the shared use and social control of the analyzed instruments.