Question

Provide any evidence of the company's initiative or commitment to business sustainability practices. Why are businesses concerned about sustainability? (2 marks)

Answer 1

Business in today's world is changing and with this change their comes a responsibility of business towards the society and environmental factors. Businesses are required to keep the environmental factors in mind while producing its products in the market. Also, the opinion of customers is also changing towards the products which they buy from the market. Customers now pay a special attention towards the sustainable practices taken by the company of the product which they are buying. So, in this context it becomes essential for the companies to provide an evidence of the company's initiative or commitment to business sustainability practices.

Some of these evidences can be :-

• Company specially showing the environmental costs associated with the products produced by it.
• Properly disclosing all the facts about the product.
• Producing the products according to the sustainability guidelines provided by international sustainable development authorities.

Businesses are concerned about sustainability because it provides them a lot of advantages.

These are as follows :-

• First of all sustainability helps the business to grow and cut down various energy and waste costs. Using sustainability practices business can produce more using less natural resources.
• Sustainability is also helpful for the environment and in return environment provides businesses with its natural resources.
• Any company following sustainability practices is more likely to be appreciated by the society and would attract more customers.
• Also their will be very less intervention by the government authorities to such companies which are following sustainability practices.
• Company with sustainable development builds a good market image as compared to company without sustainable practices.
• Companies with sustainable practices is also likely to attract more investors and employees in such companies are more satisfied with their jobs.