According to Sphera, “Corporate sustainability is about more than just protecting the environment, although that is core to this approach. A sustainable business is one that works in step with societal and environmental goals, rather than at odds with them.”
In other words, corporate sustainability is a business strategy that respects the environment while helping a company with long-term growth. By implementing a corporate sustainability strategy in your organization, you can ensure that your business is committed to using natural resources well and that people in your organization are also treated fairly. This idea is also related to sustainable development, the idea of growth that meets the needs of today while also ensuring we have natural resources for the future. By implementing sustainable development in a company, we get corporate sustainability.
The Three Pillars of Corporate Sustainability
Corporate sustainability is usually divided into three main pillars: environmental, social, and economic.
Environmental
The environmental pillar includes strategies to eliminate greenhouse gas emissions, use green energy and reduce the carbon footprint. Examples of how companies can do this include reducing their carbon footprint, reducing water usage, and making their packaging eco-friendly. Sometimes these can also result in more financial gains because fewer resources are used. But sometimes a business is not able to become any more sustainable, which is a problem.
Social
The social pillar includes practices that help promote the safety, well-being, and health of the employees, the community, and the customers. Examples of how companies do this include having the support and approval of its employees and the surrounding community. They can provide benefits for employees as well as support for any difficulty they may be having working. They can also conduct volunteering efforts in the community as well as donate to nonprofits that help fix problems that may be in a community. A business should also be aware of how its products are being made. They should be manufactured in a fair way, and workers should be paid fairly as well. They need to ensure there is no child labor, deprivation, and other things.
Economic
The economic pillar ensures that these all go together to make money for the organization and make a significant positive impact. Examples of how companies can do this are risk management and governance. This means that investors know that the company uses transparent accounting practices and methods so that they can feel confident in putting their money into the organization. This pillar is the most important for investors because this makes the environmental and social pillars possible. Without confidence that the company has enough internal resources, the investors will not help the company complete “external” tasks, like the social and environmental pillars.
Conclusion
Overall, many executives in a company always question whether sustainability is the best route for a company to go, especially when considering it from the financial standpoint. However, sustainability helps a company do its part toward a larger purpose while also helping sustainable development in the organization. This also provides many social benefits like support from the community and more ordinary investors as well as goodwill. Corporate sustainability can benefit all areas of an organization, from suppliers to retailers to consumers. It reduces costs, increases community goodwill, and helps a company be more friendly to the environment. Now, the only thing that remains to be seen is if this will actually be followed or if it will remain a concept.
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