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What is sustainability
Impacts of environmental sustainability
What is sustainability
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Introduction on Sustainability:
Sustainability is defined as the development that encounters the needs of the present without compromising the ability of future generations to fulfill their own demands. The role of sustainability in any organization according to Derk L. (2013) and Katinka W. (2013) is to create a fundamental shift in the organization with economic and cultural advantages through environmental responsibilities. Sustainability also includes the liabilities that an organization holds against the stakeholders and the investors of the company that it shall reap benefits for them in the long term. As mentioned in the article, payback is on the different time frame and although it is different for business leaders to expect a positive
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The article suggests in finding a particular momentum to the designated field of possibilities when it comes to achieving a particular goal, according to Karin (2014). It further states that sometimes the governmental priorities trigger the momentum a company needs to recognize to achieve maximum sustainability. Also when it comes to future orientation, the studies have shown that the top management plays a decisive role in driving sustainable achievement levels to the highest with minimum resources.
The article highlights the fact that when a number of organizations come together, it makes a distinct difference when they embark upon a particular project which is in focus and where energy is already in motion. Also as said by Rakic (2015), when public policies cultivate a set of institutions, process creativity, communicate and maintain the sustainable lifestyle, momentum’s extra benefits are easy to
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Sustainability requires companies to make decisions that will be beneficial in the long run for both current and future stakeholders. Businesses should therefore go beyond borders whether geographical or institutional when coordinating strategies and considering the returns of investments. (Danciu 2013)
Most payback of sustainability projects are intangible unlike traditional financial models. Therefore these projects should be evaluated using a different criteria considering how favorable it is in terms of risk mitigation, community enhancement and environmental benefit. True sustainability has been described as development that meets “the triple bottom line” where all three systems interact on an equal basis. (Danciu 2013) Investors should be made aware the importance of these outcomes in promoting responsible
With forward movement in society, it is important to consider not just what will propel most toward success, but also what will help to sustain the environment along the way. What may have been considered appropriate decades ago, may no longer be socially acceptable due to the changes observed in both the business world and the environment (Fiske, 2010). Therefore, it is important for organizations thriving in today?s economy to consider how they may capitalize most effectively from their product or service of choice while minimizing or eliminating any damages along the way (Knoke, 2012).
Sustainability is one of the most controversial topics throughout the history, and as our society develop, we realize that being able to be sustainable is essential to survival of our race. The book Taking Sides: Clashing Views in Sustainability is a collection of articles on different side of various issues related to sustainability. In the book, Issue 8 discusses the ability of technology to deliver sustainability, and issue 16 and 17 discusses the sustainability of food and energy. While issue 16 and 17 are well-presented, the arguments in issue 8 are not very strong.
Wheelen, T. L., & Hunger, J. D. (2012). ‘Strategic management and business policy: toward global sustainability” (13th ed.). Upper Saddle River, N.J.: Pearson Prentice Hall.
This paper critically analyzes Nike company sustainability strategy. Every investor or a group of investors wishes to see the business profitable at the current time as well as having good prospects for future (Werbach, 2009). For this reason, business sustainability strategy is very important. A strategy is a plan that guides the company or a business firm towards a certain direction or set goals. Thus, sustainability strategy is an action plan that a company set in order to maintain the plan toward the achievement of company’s goals in future. Sustainability strategy puts into consideration aspects such as the source of raw materials, competition, human resource development, and sustainability, and the general business environment. Thus, in evaluating a business’ sustainability, it is important to consider the business planning in this direction (Heslin and Ochoa 2008)
Sustainability requires the interplay of other disciplines from the fields of science, economy, and social studies. The disciplines must function all together at a go, not in isolation. Once that is archived, sustainable development is also due to be archived. Philosophy is needed to be in practice in order to have an efficient way to approach sustainability. Mostly environmental sustainability is the one that is seen to be important, which includes the following aspects; water, energy, oil and other resources which are finite. The balance between the social, economic and environmental sectors yields sustainable development (Giddings et al., 2002). Sustainable development is classically defined as meeting the needs of the present generation without, in any way compromising the needs of future generations (IISD., 2003). Pragmatism requires us to predict, take actions and to be innovative in problem solving which is done through scientific research, this philosophy teaches us to be practical (Christopher., 2013).
The industry maturity scale shows 2019 predictions, that five companies will be excelling in rewards, either monetary or non- monetary, which will be the biggest contributions to sustainability performance. In terms of fiscal implications, the study is predicating sustainable companies will have positive fiscal implications, where they will gain more money from their sustainable performance, due to the right decision making for their company (Retail Sustainability Management Report 2017
First and foremost, is the factor of co-creation. For sustainability to be achieved companies must ditch the top-down approach and apply the opposite. Business executives must involve other stakeholders, both internal and external, to ascertain what needs to be done and how to do it. This is co-creation. For instance, the co-designing of products is a co-creation approach, where customers are involved in the product development process ensuring the end product satisfies the triple bottom line. Moreover, businesses should make sure they practice co-creative planning. All stakeholders should be involved in the planning process, and this would make certain that the company’s initiatives have an impact on the society.
Sustainability is an issue that everyone should be concerned about. If the planet Earth is going to exist, as we know it, everyone should wake up and do their part to help achieve a greater level of sustainability. In my English 101 class we learned about the issue of sustainability. Many different topics were discussed and researched throughout the course of the semester. Overall, I think that the sustainability project has been a learning and enlightening experience for everyone in this class. Many more things can be done next semester, since the groundwork has been laid to continue this project for time to come.
Stuart Hart, in a business article, discusses the tough task for companies to make a sustainable global ec...
Without doubt the XXI century has changed our priorities, especially when it comes to the way we do business. Popular sustainable business models, as advertised in the media, have evolved into much more than a moral obligation or an external requirement to generate money. Essentially, are forcing companies to reinvent the systems and approaches with which they generate value and profitability to the company.
Scandals at Enron, WorldCom and elsewhere undermined trust in big business and led to heavy-handed government regulation. And because of these examples of irresponsible behavior companies have to watch their every step. Investors too, are starting to show more interest. For example, $1 out of every $9 under professional management in America now involves an element of “socially responsible investment”, according to Geoffrey Heal of Columbia Business School. Some of the big banks, including Goldman Sachs and UBS, have started to integrate environmental, social and governance issues in some of their equity research. True, the finance industry sends mixed signals: it demands good financial results above all else, and in parts of the financial world—notably the private-equity part. But private equity itself has to respond to public pressure about being green, or they might see a large slide in support, which translates to loss of capital gains. We know that investors, when they look at a company and decide whether to invest, they look at financial data, metrics like sales growth, cash flow, market share, valuation, and just the same, nowadays they need to consider E.S.G. I am talking about the environment, social, and governance. The environment includes: energy consumption, water availability, and waste/pollution. Social
Environmental sustainability is making decisions and taking actions in the interest of protecting the natural world, preserving the capability of the environment to support human life and ensuring that humans use the environment in a way that does not harm the environment. It also questions how economic development affects our environment vice versa.
‘Development that meets the needs of the present with the ability for the future generation to meet their own needs.’ (World Commission on Environment and Development, 1987) Sustainable development requires three key components: economy, society and environment, sustainable development can be success through striking balance in those factors. These three components are indispensible, they compel to depend on each other. On the other words, we can only gain a decent and energetic environment and society if the economy is strong with a healthy a stable growth rate.
Sustainable development means that the present generations should be able to make use of resources to live better lives in such a manner that it doesn’t compromise the ability of future generations to survive and make better lives for themselves as well. For sustainable development to occur, there needs to be sustainable economic, ecological and community development. Society needs to be educated about ways in which they can use resources, especially natural, in such a manner that it doesn’t cause harm to the environment and put future generations lives at risk.
The sustainability of the ecosystems on which the global economy depends must be guaranteed. And the economic partners must be satisfied that the basis of exchange is equitable” (World). This quote demonstrates the complexities of sustainability. Another thing corporations should focus on when trying to be sustainable is their environmental impact.