“There is a sufficiency in the world for man’s need but not for man’s greed.”
– Mohandas K. Gandhi
When business giants world over are asked about the biggest strategic challenges for the 21st century it has become a norm for the conversations to drift from water-deprived villages in the developing nations to the efforts to combat global warming. The business conglomerates see helping developing nations fight poverty, water scarcity, and the effects of climate change as vital to staying competitive in the future. The importance of being green and sustainable is imperative as at least around 40% of the businesses’ sales and most of the growth now take place in developing nations.
Corporates know that there is complete overlap between their business drivers and their social and environmental interests and that is why the world sees corporates engaged in research and development to generate solar power using the roof tiles or to treat water for areas where there is shortage of clean water. The businesses across the globe are aware that their environmental practices can yield strategic advantages in an interrelated world of changing consumer allegiance and authoritarian governments.
Many experts also maintain that focusing on green and sustainability factors are good deputy of management quality as they show that companies are more tactical, lively, and better prepared to survive in the intricate, high-velocity universal environment. Though getting the balance between achieving the bottom line for the business and meeting the green and sustainable standards is not at all easy. Most of these noble efforts fail due to poor execution or because they are not in sync with business goals and objectives.
However it is important to note that many laudable efforts even if successful will not help managers meet their targets set for the coming quarter but in the present turbulent world full of challenges it will always help investors differentiate companies that will survive in the long run from those that will perish eventually.
The sudden urgency about being green and sustainable is due to the watch groups that use internet to communicate about businesses that are not using green and sustainable technology. Furthermore, new environmental regulations also make it mandatory for the corporates to be green and sustainable in their practices. For example the manufacturers of electronic items are at a serious disadvantage if their products are not free from toxic materials as Europe adopts added, strict restrictions on use of such products.
Businesses find it safe to invest in green technologies and embrace sustainability as they wish to avert costly setbacks from environmental disasters, political protests, and human rights or work place abuses. None is sure when such events will hit a business and so the companies are conscious about their responsibilities towards protecting the nature. Now it is all about growth and innovation and the present scenario has ensured that it is the only way to do business. Green and sustainable are no more the words created by the utopian idealism of Western Europe it is all about meeting present human requirements without harming future generations.
We welcome your comments on “What makes Green and Sustainability the buzz words”.