Question:Define and describe what is meant by the term 'Corporate Sustainability'. In your answer, address both the environmental and social dimensions.Critically discuss the issue of corporate sustainability for managers today. In your answer, evaluate some of the challenges and opportunities posed for organisations if they adopt sustainable policies, processes and practices.Investigate how organisations today are incorporating corporate sustainability within their organisations and operations. Illustrate your answer with appropriate organisational examples.
Answers:The increasing focus on sustainability within the corporate world is a phenomenon that continues to evolve and grow.
Corporate sustainability is defined in the Dow Jones Sustainability Indexes as "a business approach that creates long term shareholder value by embracing opportunities and managing risks deriving from economic, environmental and social developments. Corporate sustainability leaders achieve long term shareholders value by gearing their strategies and managements to harness the market's potential for sustainable products and services while at the same time successfully reducing and avoiding costs and risks".
Economic benefits, social responsibility and environmental protection belong together as an interdependent system. Social sustainability depends on economic sustainability and vice versa. Social and economic sustainability depend on environmental one. Of the three, environmental sustainability is the society's top priority and has a lot of coverage from both academics as well as corporate executives.
Environmental sustainability is a major global trend for the 21st century. It refers to the ability to maintain or improve the total quality of life, both now and in the future, and to reach a long-term stable situation in spite of short-term changes (Nijkamp and Soeteman, 1988). Another defines environmental sustainability as maintaining the rates of use of renewable resources so that it is sufficient for the next generation (Caldwell, 1998).
Economic sustainability refers to a system of production that generate just enough for present consumption levels...