Business and industry led humanity to progress, but not without negative impacts on the environment. Global warming and damage to natural resources now risk the future of our environment. How can industry and business reduce negative impacts and turn to sustainable development? Awareness and efforts to deal with their impact focus on trying to move to a lifestyle centered on activities that meet the needs of the present without compromising the ability of future generations to meet their needs. Pairing environmental and social interests with economic interests may lead the way to positive consequences.
Many countries in the global village have adopted laws and regulations that support sustainability and a sustainable development strategy. However, countries do not have the enormous economic means and capabilities that business corporations have. In addition to addressing social and environmental needs, business strategy models point to a relative advantage for corporations focused on sustainable development.
A strategic plan for sustainable development aims to improve the differentiation of the organization and its competitive advantage. Meeting these goals may be achievable by creating mutual value between the economic interests of the organization and the social – environmental interest of the community. In this process, stakeholder dialogue initiated by the corporation may enable a focus on the selection of mutual values. This process should be done in accordance with legal requirements and regulations. Measuring the plans against benchmarks and assessing their consequences contribute to their success. Employing the principles of Global Reporting Initiative standards GRI may offer tools to communicate the relevant information to stakeholders. It enables transparency in this process which in turn may cultivate trust and improve the corporation’s reputation.
The development of a green supplier chain and organization can be conducted in the context of developing a sustainable development strategy or separately from it.
Comparative examination of laws and regulations relevant to the activities of the organization.
Developing a supply chain that meets the requirements of the sustainable development plan.