What are some of the steps the world business community can take to reduce ecological damage and promote sustainable development.
Businesses have an important responsibility to ensure that their operations do not disturb the environment and promote sustainable development. There are many ways in which this can be done and it differs for each industry.
Some common steps could include a reduction in the consumption of energy. Any business needs to use energy in some form for its operations. By adopting more efficient technology, not only is the ecological impact decreased, the business' cost of operations decreases and there is a change in the way consumers feel about the business. Many large companies have started using energy that is produced by them for their own use from renewable sources like wind and solar energy.
Businesses can also reduce ecological damage by sourcing as much of their raw material locally and improving their supply chain management.
To benefit from lower production costs in other countries a majority of businesses have started to shift their production units and outsource operations. Here, it becomes essential for them to ensure that there is as little environmental damage caused due to their foreign units as possible. This is especially relevant as the laws governing these aspects are not very strict in most low cost producing nations and are poorly implemented.