Evolution of the Environment Sustainability Paradigm and Processes – Trends and Perspectives in Indian Business and Industry
Rao Prakash and Patil Yogesh (2011) Evolution of the environment sustainability paradigm and processes – trends and perspectives in Indian business and industry. International Journal of Academic Conference Proceedings 1(1) (ISSN: 2164-263X).
17 Pages Posted: 6 Nov 2014
Date Written: November 6, 2014
While the world has been making rapid strides in economic development since the last few decades, the impact of business related activities (products and processes) has created a significant impact on energy and environmental resources across the world. The 1980’s saw for the first emerging threats to environmental sustainability with a focus on industry operations and management practices. Rising resource consumption and changing lifestyle patterns have led to increased stress on natural resources and depleting the earth’s ability to replenish its natural capital. Global environmental challenges like climate change have also spurred businesses and industry associations to rethink and strategize actions towards sustainable use of resources. The decades of the 1990’s is perhaps the turning point in the history of governance, industry growth, sustainability and emerging business practices in India. The liberalization of the economy along with major global environmental actions and treaties saw the emergence of a new paradigm of sustainability as a broad concept from what existed earlier. While corporate philanthropy as a societal responsibility was a proven approach even several decades back, it was mostly restricted to CSR based local activities. The emergence of new global standards and models like CDP, GRI have seen a transformative change in corporate governance. The paper discusses some of the changes in Indian business and industry particularly using environmental sustainability as a key driver of corporate business action.
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