Sustainable Development and Sustainable Business Practices

Sustainable development and sustainable business practices have become need of the hour. The inveterate habit of consumption of goods and services with scarce regard to the sustainability of the resources has become a key driver for innovation. The technology and rapid globalization have significantly impacted consumption habit that has adversely impacted the environment, disturbing ecosystem and depletion of natural resources at a great pace. Thus, need for sustainable practice has prompted urgent need to be creative and innovate products that promote conservation and preservation of environment. The two most common example of production and consumption habit are: paper and transport (automobile) production; and food and beauty products.

The production of paper primarily uses wood that has resulted in deforestation and erratic climate change. The manufacturing of automobiles not only involves bio non degradable products but its operation also releases harmful gases/ fumes which create pollution. McGoldrick (2002) asserts that the customers' requirements have become critical elements for business activities. They are therefore increasingly innovating to meet the challenges of the evolving business compulsions. Electric cars and adopting business practices that reduce burden on natural resources have become popular with businesses that not only prefers to produce nature friendly beauty products also ensures that it purchases raw material from suppliers who use sustainable practices in their businesses.

In the current times, innovation is driven by various factors like product life cycle, environment friendly design with biodegradable aspects and recycling, waste management etc. Indeed, innovation driven strategy for product development which addresses the challenges of the environment issues have increasingly become focal points within the business strategy of the corporate world. By incorporating socio-environmental issues within the broader framework of business goals, the companies are adopting sustainable business practice and contributing positively towards environment conservation.

One can therefore conclude that indiscriminate use of natural resources in various ways like manufacturing and production of goods and services, transportation, daily consumption of energy in the form of electricity, gas etc. are factors that need to be addressed to preserve and conserve environment and balance ecosystem. The increased awareness amongst public and need for innovation by businesses for environment conservation has helped to redefine not only business practices but also consumption habits of the masses.

References

McGoldrick, P. (2002). Retail Marketing. London. McGraw Hill.

Handgraaf, Michel J. J. and W. Fred van Raaij (2005). Fear and

Loathing