Business and Environmental Issues
While earlier earning profit was the main aim of the businessmen but today they too have realised the importance of environment and the impact which it has on their output. People understand the relationship between business and environment, hence work in tandem.
World has understood that any damage caused to the environment will in the long run affect the business plans as well.
In the past business signified just amassing wealth for the owners without taking into account the irreparable damage which might be inflicted upon the environment. But today the things have changed. No longer can businessmen ignore the effects of their business on the environment. Thanks to the awareness growing about the relationship between business and environment.
Business and Environmental issues at present go hand in hand. These days with the world uniting for environment protection the issue have become all the more significant. There is always a pressure upon the businesses to frame their rules and regulations which go in synthesis with the environmental norms.
New trends emerging in business and environment relation
Earlier the view which gathered momentum was that it ‘pays to go green’, so the companies were a bit reluctant to move forward in this direction but then various researches suggested that not only going green is beneficial but it can in the long run enhance the profits of the company by increasing productivity and quality of manufacturing if they adhere to the environmental norms. Also it will give companies a better edge over their counterparts.
There are a few factors which have changed the outlook of the world. The major factor of course was the widespread environmental damage around the world, melting of ice caps, diseases being caused by pollution, accumulation of non degradable wastes. Apart from these, the public too have become aware of the damage and thus have become more environmental conscious; most of the people today prefer to purchase environment friendly products.
Business firms too have realised the importance of environment. They have now concluded that going green has given them a new brand image and a new reputation. The customers are trusting them more than ever before and thus increasing the sales. With the lending banks too understanding environmental issues getting capital from them has become easier than before.
Corporate Social Responsibility
It is primarily a self regulating mechanism where in the businesses will see their overall performance in relation to the environment, their adherence to laws and ethical standards. It also implies that business would look at the environmental effects caused because of their policies and thereby take actions to mitigate the same.
Industries have a deep impact on the air, water and all the natural surroundings around us. This in turn has an impact on the overall quality of life of the people. An increasing awareness about such issues has led the people, businessmen as well as investors to choose those businesses which show responsibility towards the environment. So the business results are being influenced by the environmental issues.
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