Conservation of energy:
The truth of Lenz’s law can be established on the basis of the law of conservation of energy. According to Lenz’s law, when a magnet is moved either towards or away from a coil, the induced current produced opposes its motion. As a result, there will always be a resisting force on the moving magnet.
Work has to be done by some external agency to move the magnet against this resisting force. Here the mechanical energy of the moving magnet is converted into the electrical energy which in turn, gets converted into Joule heat in the coil i.e., energy is converted from one form to another.
