The Role Of The Business Sector In Promoting A Greener Future

Abstract

The problem with environmental degradation has been one of the main issues both social and political in recent times. Major reasons for the environmental pollution that companies produce are mainly contributed to the market inefficiency which calls for an immediate action in this field. Nowadays the environmental revolution is gaining a greater intensity and there has been a significant change in how companies do business. And, as the demands placed upon industry to improve its environmental performance are likely to grow even further, not only is it ethical for a company to improve its environmental performance rather, it is sound business practice. Entrepreneurs and administrators are increasingly putting efforts in the incorporation of the environmental variable in their strategic planning, aiming at the more rational use of natural resources. As ecologically responsive organisations, companies are increasingly adopting a set of corporate initiatives aimed at mitigating a firm's impact on the natural environment, the initiatives that reduce the firm's “ecological footprints”. The initiatives could include changes to the firm's products, processes, and policies, such as reducing energy consumption and waste generation, using ecologically sustainable resources, and implementing an environmental management system. Overall, an environmental management system which embeds the concept of sustainable development into the processes of production and supply of goods and services is efficiently and effectively implemented and functioning if there are different mechanisms that efficiently and effectively combine the technological process, economic and business growth and sustainability. Such a system that is integrated into the organisation’s global management system, strongly contributes to its competitiveness and corporate and brand image.