There has been a steep increase among corporates committing to the concept of Corporate Sustainability. Adopting zero-carbon goals, moving to cleaner and greener working areas, diversifying businesses along the lines of renewable energy are some of the front images of this move. The interest in sustainability is going to rock the world and corporates across the world, maneuvering to sustainable ways of delivering food and goods.
Giants like Amazon, Apple, Tata, Reliance, and many others are moving their businesses to sustainability. Soon we are going to see that corporate sustainability is going to become the essence of all business operations.
The World Commission on Environment and Development coined the word “Corporate Sustainability” in the year 1987 and defined it as, “Operations meeting the present supply and demand without compromising that of future while not harming the natural environment.” By creating wealth and job opportunities for the people, it is one of the foremost duties of businesses to meet social-economic, and environmental goals under the umbrella of sustainable goals.
Businesses should implement socially responsible investing (SRI) and sustainable practices that can help create wealth whilst reducing poverty. This will ensure they reduce their environmental footprints and benefit society at large.
The concept of corporate sustainability is viewed as a new paradigm shift as it is directing them to a more profitable business growth model. It helps to pursue to achieve societal goals such as social justice and equity, environmental protection goals, equity among the genders, etc.
We have seen how sustainability benefits the community and the environment but incorporating sustainable practices is proving quite advantageous to businesses in the long run. Implementing policies for the benefit of the stakeholders of the company will gather more goodwill and customer loyalty. Generating immediate profits is one of the most important goals of the functioning of a business. Sustainable practices motivate them to invest in technologies and people development to gain profits for the long term.
Governments of many nations are pushing sustainability and expect the organizations to capitalize on sustainability for the welfare of their communities. Nations are now expecting FDIs to invest in companies that have higher Environmental, Social, and Governance (ESG) ratings.
A gradual change to sustainability is what is required right now. Increasing business operation step by step helps in early embracing sustainable practices.
The organizations look for changes in decision making, people management, culture, and other areas to start by. Corporates partner with other businesses that can share best practices and help grow sustainably. This helps in creating a collective effort towards sustainable development goals and bigger issues like climate change, poverty, pollution can be managed alongside governments and citizens.
Corporate sustainability is a necessary step and embracing it with full capacity helps create a circular economy and experience greater profits in the long run.
Sustainability is a vision that should compulsorily be on the corporate goals list. Regulations that focus on innovating cleaner products, greener reforms will support sustainable collaborations. It will help create powerful businesses that will not only just focus on making money but also a better and healthier world.
Creating a world where everyone can flourish and is rich in biodiversity is what thrives Corporate sustainability. However, not many organizations subscribe to this concept but the other side is much brighter as a significant number of businesses have openly committed to the idea of sustainable development. The numbers can grow more if the regulations help organizations with rewards that work on the essence of sustainability.
It’s high time for us to make this shift to corporate sustainability for it’s critical to our future. Sustainable economic growth is not just imperative for business but also to societies too. The impending global threats like climate change, water crises, and fast-spreading infections can lead to some disastrous effects on our society if sustainable goals are not welcomed by one and all.
Hurry up! The time is running fast and we just cannot take the climate and other risks too easily. The world is our home and we must safeguard it from impacts that can be much harsher than the Covid-19 pandemic.
Let’s take a leap of faith and create a Sustainable economy
The 3 Pillars of Corporate Sustainability
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