Lenz's law states that when an emf is generated by a change in magnetic
flux according to Faraday's Law, the polarity of the induced emf is
such, that it produces an current that's magnetic field opposes the
change which produces it.
The negative sign used in Faraday's law of
electromagnetic induction, indicates that the induced emf (ϵ)
and the change in magnetic flux ( δϕB ) have opposite
signs.
ϵ−NdϕBdt
B is the magnetic field, N is number of turns in coil.
Lenz's
law obeys the law of conservation of energy and if the direction of the
magnetic field that creates the current and the magnetic field of the
current in a conductor are in same , then these two magnetic fields
would add up and produce the current of twice the magnitude creating
more magnetic field. This will cause more current and leads to
violation of the law of conservation of energy.