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It refers to a competitive situation where a company, state, or nation attempts to undercut the competitions prices by sacrificing quality standards or workers safety or reducing labor costs.

A jurisdiction may relax regulation or cut taxes and compromise the public goods in an attempt to attract investment.

Basically, low-income countries can compete for jobs by reducing their environmental standards to attracts business to their countries leading to a competitive reduction in regulation, which would lead to greater environmental damage. Pollution management being the cost for business, which is tiny relative to other cost, like labor and adequate infrastructure. It is also become costly for many low-income countries to locate their firms far away from their customers.