Green Practice and Firm Sustainability Strategy – an Analysis of Recent Literature in Petrochemical Industry

Abstract

Green effort and environmental responsiveness towards society go a long way for business sustenance. Studies shows that going green has helped organizations manage risks more effectively, enter new markets, improve their product quality, enhance the processes, use resources more efficiently with the help of stimulating innovation to adopt green management practices at the workplace. Environmental strategy and green efforts are influenced by the degree of company’s commitment towards sustainability. Sustainability comprises three pillars of social, environmental, and economic aspects. Petrochemical industry has a great interrelated complex impact on social and economic development of societies and adverse impact on almost all environmental aspects and resource depletion in many countries, which make sustainability a crucial issue for petrochemical industries. This paper offers an analysis of sustainability strategy of petrochemical industry relate to green practice which include 8 research articles published consist of the country initiatives to implement green practices strategy toward sustainability between 2014 to 2018. In conclusion, sustainability considerations had started to be taken into account in petrochemical industry, due to scarcity of natural resources and importance of this industry in development in one hand and environmental damage caused by this industry on the other hand.