The environmental crisis now stands as a key factor determining economic growth in most industries. The main goal of internal environmental policies is to improve the perceived outcomes, driven by the pursuit of objectives of broader wellbeing and ensuring sustainable growth. However, there are still some fields in which it is perceived that stricter environmental regulation inhibits growth. As a consequence, opportunities for businesses that seek to achieve their objective by increasing the opportunity costs of pollution and environmental damage may be constrained.
There are some forms of development that are both environmentally and socially sustainable. They lead not to a trade-off but to an improved environment, along with capital growth. This way, both businesses and societies can find approaches that will move towards all three goals —environmental protection, social wellbeing and economic development— at the same time.
In order for your company’s commitments to sustainability to be fulfilled?, management needs to make sure that the company’s strategy and their sustainability efforts are aligned. Objectives can be set by describing the results the company expects to witness as an outcome. For example, one objective might be to set measurable performance targets for waste reduction at all operating locations. Afterwards, this goal would be supported by more detailed objectives that may vary for each operating location.
Furthermore, an effective external monitoring system should be implemented, in order to ensure that sustainable development policies, objectives and management systems are appropriate for the complexity of the market and industry in which their business operates. In order to assess your company and guide you towards the path of becoming more aware of sustainability as a powerful business strategy, click here.