Sustainability


 Art Exhibition: Best from waste 


The concepts of Sustainability and sustainable development have acquired greater importance over time, as society as a whole has become more aware of its impact on the environmental scenario. Globalization, climate change, effective and efficient management of available resources, as well as their depletion, or the aging of the population, among others, invite society to change the direction of quantitative economic growth towards a more qualitative and responsible dimension.

 “Sustainability is defined as meeting the needs of the present without compromising the ability of future generations to meet their needs”. In the broadest term, sustainability refers to the ability to sustain resources that are irreplaceable over time. In business and policy contexts, limits to sustainability are determined by physical and natural resources, environmental degradation, and social resources. The concept often corresponds to the way the planet is running, it will suffer irreparable degradation.

 The world as a whole is moving towards a cleaner sustainable source of energy where corporations can either sit back and pretend that it’s not happening or can get in the game and try to make some difference. Individuals, organizations, and governments alike are all increasingly prioritizing sustainability. The United Nations (UN) has demonstrated its commitment to Sustainability through Agenda, the Millennium Development Goals (UN, 2000), and more recently, the Sustainable Development Goals (UN, 2015), which offers a catalog of goals and instruments that define the human rights-based approach to Corporate Social Responsibility (CSR). CSR is defined as “a concept through which companies integrate social and environmental concerns in their commercial operations and their interaction with their stakeholders voluntarily”. The concept of sustainability has three major pillars: - “Economic”, “Environmental” & "Social. 

           

                                      

                                   

  • The concept of “Economic Sustainability” is about risk management. It lies in the meaning of how a company is making a profit while maintaining ethics. It adds greater emphasis on the “life support systems” such as atmosphere or soil, that must be maintained for economic production and human life. In contrast, social sustainability focuses on the human effect of an economic system. Overall, corporate policies should not be self-defeating nor dangerous to their long-term growth and reputation. The economic pillar essentially makes it possible for corporations to continue making sustainability changes at a gradual and financially stable rate.

  •  The social pillar is all having the support of employees, stakeholders, and the community. Treating employees fairly and having a respectful supply chain process leads to increased productivity and creativity, as well as strong retention and engagement. Overall, practicing sustainable social strategies in the long run results in a workforce with greater skills and more motivation. Creating a strong, community-oriented culture encourages employees to be innovative -- who can improve upon existing products, processes, and business models. On a global scale, the social pillar means knowing where and how your supply chain is being filled -- sustainable labor, a safe work environment, fair wages, and respect to the community.

  •  The environmental pillar is arguably the most important out of all three. Sustainable corporations are often the most innovative because they are constantly reviewing existing processes to find better, greener alternatives. By reducing their carbon footprint and packaging waste, corporations are also able to see a positive impact on their public reputation and financial returns. Some common goals that help corporations both save money and reduce their environmental impact are implementing transportation management systems, reducing carbon emissions, and improving packaging. As awareness around environmental issues increases, it is important to have a mission of green sustainability to build a reputation with consumers as eco-friendly.



 Importance of Sustainability in Corporate.

 An environmentally aware business considers more than just profits- it considers its impact on society and the environment. A sustainable business adheres to ‘Triple bottom line’ a term coined in 1994 by John Elkington the founder of a British consultancy. Three components of the triple bottom line are profits, people, and the planet. The “Great Pacific Garbage Patch” is illustrative of why a business needs to prioritize sustainability. According to the scientific journal Environmental Sustainability, an island of plastic is floating in the Pacific Ocean. This plastic would not exist if it weren’t for corporate companies that use it to create and package products.

If businesses don’t act responsibly as members of the Global Community, the majority of many species will not survive past the 21st century. A study found that 100 companies are responsible for 71% of global emissions. It is high time for corporates to become part of the solution, cut down on emissions & waste, and contribute to cultivating a liveable planet.

Research shows that sustainability has real business benefits when conscientiously integrated into the business operation. Corporate sustainability- economic, social& environmental works together to help organizations strive for more sustainable practices. Business needs to move from an overrated sense of fast profit of the environment to more mutual independence and eco-importance i.e., moving towards Socially Responsible Investment (SRI). SRI considers social and environmental factors within the context of traditional quantitative securities and investment analysis. Six major benefits of becoming a sustainable business are: -


  • Improve brand image and competitive advantages- Reputation management in business is about establishing a good image by aligning messages with actions. Among the most reputable companies for corporate social responsibility, Lego comes in at No. 3 because it decides to make Legos from plant-based sources. After it made the announcement, Lego immediately followed through with products produced from leaves and sugarcane. The Danish toy company plans to use sustainable materials for all of its core products and packaging by 2030. As a result, the company’s reputation has skyrocketed.

 

 

  • Increase productivity and reduce costs- Detractors of sustainability claim that sustainable business practices eat into corporate profit. The development of sustainable business practices lends itself to an efficient operation that streamlines effort and conserves resources, which enhances employee productivity and cost. Reducing cost also encompasses energy conservation strategies that can be as simple as turning off unnecessary lights.

  • Increase business ability to comply with the regulation.

  • Attract employees and investors.

  • Reduce waste

  • Make shareholders happy.



Comments

Post a Comment

Popular posts from this blog

‘The Second Coming' W. B Yeats's Vision

Image
The second coming is a poem written by William Butler Yeats in 1919 in the aftermath of the First World War, and was published in the American magazine “The Dial” in November 1920. Later on, it was included in the volume entitled ‘Michael Roberts and The Dance’ in 1921. It was written when Yeats was puzzled by violence, displaying events like the Easter rebellions of 1916, the Irish war of 1914 to 1918. And in terms of his philosophy a new age in the world’s history was going to begin. He believed that the full circle of the wheel i.e. the moon corresponds in the time to approximately 2000 years. At the beginning of each such year period a new dispensation is announced. This pattern could be seen in the history of the world from about the year 2000 BC. in that year “The Egg of Leda” is supposed to be hatched out. In Greek mythology Leda is the mother of Helen, Castor, Pollux and Clytemnestra. These were her children by her union with the great God’s Zeus who appeared to her and made lo
Read more

Motherhood

Image
Artist: Prerna Anand (Idea-Original)  There is that small streak of steel within each child. That thing that says "I am," and forms the core of personality. In the second year, the bone hardens and the child stands upright, skull wide and solid, a helmet protecting the softness within. And "I am" grows, too. Looking at them, you can almost see it, sturdy as heartwood, glowing through the translucent flesh. The bones of the face emerge at six, and the soul within is fixed at seven. The process of encapsulation goes on, to reach its peak in the glossy shell of adolescence, when all softness then is hidden under the nacreous layers of the multiple new personalities that teenagers try on to guard themselves. In the next years, the hardening spreads from the center, as one finds and fixes the facets of the soul, until "I am" is set, delicate and detailed as an insect in amber.” ―  Diana Gabaldon,  Dragonfly in Amber  
Read more