BUGEN5930 Business Society and the Planet & Sustainable Development
How did we (humans) mess it up so badly, that I can no longer sleep peacefully at night, knowing that the only life I know, will wither away on average at least four Earths (Ecological Footprint, WWF), just to maintain the creature comforts to which our Western culture have become accustomed. How can we bestow this legacy on our future generations, let alone consider the role of business and Corporate Social Responsibility (CSR) in this hopelessly imbalanced equation? The first two lectures of this course have demonstrated that to truly develop an understanding of ethical, socially responsible and sustainable business practices, we must first look at ourselves.
This knowledge makes me wonder where does CSR start and end. Our small businesses grow into big businesses, our local businesses grow into our regional businesses; and our regional businesses grow into our national and international corporations. What comes first, the chicken or the egg? The small business or the corporation?
At what point do the theories and practice of CSR apply to business?
Do they have to be a corporation before ethics and CSR thinking and practice is embedded? I have learned that it starts from the very beginning, in the finest detail of business planning and must be entwined into our everyday business practices if we aim to grow all five forms of capital. Small businesses typically differ in their attention and approach based on lack of time and resources, compared to large corporations.
From little things, big things grow. I am certain that the seeds of sustainability for business, society and the planet start with individuals. We are never too young, too old, too inexperienced, too small, to learn and to make a difference. This knowledge is power, however “one size fits all” is not the solution.
Answer:
With the growing development of business and global economy, the demand for consumer products are increasing at tremendous in all parts of the world. In the given context it is highly essential to maintain sustainability in the environment and ecosystem, which is necessary to preserve all forms of natural resources for future generation. The current study will therefore aim to provide a reflection report that is necessary in order to maintain sustainability in the global economy and environment. Reflection will be provided based upon the newly developed economic strategies that are being integrated in the Global scale.
With higher rate of Business expansion in the modern day, I do believe it is highly essential for all business form to follow the strategy of Corporate Social Responsibility that is required for maintaining sustainability within the society. As per mentioned by Holden et al., (2017), I do agree with the fact that sustainability in business is essential to implement smart policies. This can also help in improving upon the brand reputation of an organisation. The most notable advantage of sustainable business development is I believe to increase upon the revenue and reduce the amount of waste. It is also possible to make proper use of human resources. This is model is I believe one of the effective plan that can be implemented my business organisation to maintain sustainability. For large-scale multinational organisation, it is highly essential to improve upon the cultural diversity and explore new opportunity that can help them to improve upon the sustainability policies.
One of the important factors that are associated with stability is I believe due to the fact that it can help to reduce the amount of energy consumption. The sustainability practices encourages the use of eco-friendly and recycled products, which according to me is the best policy to improve upon the chance factors for resource wastage. The issue of environmental degradation can also be addressed by implementation of proper sustainability models in business (Imran et al., 2014).
I would like to highlight upon the case of China, which can help us to better understand the importance of maintaining sustainability practice. It is important to mention that in the recent past decades, China is considered to be the biggest emerging global nations in the scenario of the global environment. This is mainly due to the Rapid expansion of manufacturing and consumer sector (Day, 2016). The nation has also been able to attract huge amount of Investments from all developed Nations, which has helped in the development of employment sector. Nevertheless, I think it is also important to focus upon the environmental degradation that took place and the environment of China. In the recent years the food supply sufficiency is highly compromised as the nation is not being able to produce proper healthy food products. There is also rising concern about elevated levels of air pollution in all major cities across China. The nation is also considered to be one of the top contributors in annual emission of carbon footprint. I do believe it should be one of the top most priority for the government officials in China to implement the policies of sustainability, which is required to control the rate of environmental degradation and pollution. This is required in the context of improving the health status of the population (Uddin et al., 2015).
The sustainability practice also helps to improve upon the social relations between different stakeholder groups. For example in a business firm, the sustainability practice promote improved coordination between different departments. I do also agree upon the fact that proper utilisation of capital investment is also necessary in order to transform the social values and improve upon resource utilisation. Hence, with the policies of sustainable development it is possible to improve upon the techniques that are implemented for resource utilisation. From the example of China I believe it is clear that it is highly essential to develop up on the principle of sustainability that is required for environmental protection.
I do strongly believe the primary aim for sustainable development is to focus upon the needs of future generation that is achieved by proper usage of natural resources without any form of wastages. I also do believe upon the fact that effective sustainable strategies should combined financial, economic and environmental goals, which are believed to be the primary responsibility of all business organisations. It is also important to estimate the cost that is required for proper utilisation of sustainability strategies. In the context of the modern day business environment I would highly like to suggest that all business organisation need to develop upon the sustainability practice depending upon the external business environment. Initially I think it is important to develop up on the stages of corporate sustainability which is achieved through the help of conceptual framework. The efficiency of the sustainability model depends upon active participation of every group of stakeholders within an organisation. I would also like to highlight up on the phase model, which is believed to establish effective relationship between human and ecological factors that can contribute in sustainable development work. This model is Highly Effective in linear trajectory development. It is also important to consider the effectiveness of Sustainable strategies, which will help to ensure that economic development of a nation is not compromised due to ecological factors. Business organisation also need to address the ethical issues, which is also one of the important factors that can compromise up on implementation of sustainable development practice.
Overall, it can be said that in order to maintain effective growth rate for future generation, it is highly essential to implement sustainable development practice in each stages of business. This is also highly crucial in the context of proper resource utilisation. Sustainable development practice can also help to deal with the issue of environmental degradation and global warming. This is therefore help to maintain the ecological balance without compromising upon the rate of economic development.
References
Day, K.A., (2016). China's environment and the challenge of sustainable development. Routledge.
Holden, E., Linnerud, K. & Banister, D., (2017). The imperatives of sustainable development. Sustainable Development, 25(3), pp.213-226.
Imran, S., Alam, K. & Beaumont, N., (2014). Reinterpreting the definition of sustainable development for a more ecocentric reorientation. Sustainable Development, 22(2), pp.134-144.
Uddin, N., Blommerde, M., Taplin, R. & Laurence, D., (2015). Sustainable development outcomes of coal mine methane clean development mechanism Projects in China. Renewable and Sustainable Energy Reviews, 45, pp.1-9.
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