Whereas ethics, morality, and norms permeate CSR, sustainability only obliges businesses to make intertemporal trade-offs to safeguard intergenerational equity.
For example, setting salaries, implementing new technologies, and retiring old plants all have an impact on the firm's stakeholders and the natural environment.
[12] Green business has been seen as a possible mediator of economic-environmental relations and, if proliferated, could diversify the economy, even if it has a negligible effect on lowering atmospheric CO2 levels.
Still, it is generally agreed that these jobs, the result of green business, should be linked to "clean energy" and contribute to reducing greenhouse gases.
[13] A major initiative of sustainable businesses is to eliminate or decrease the environmental harm caused by the production and consumption of their goods.
[16] One of the most common examples of a "green" business practice is the act of "going paperless" or sending electronic correspondence in instead of paper when possible.
[17] On a higher level, examples of sustainable business practices include: refurbishing used products (e.g., tuning up lightly used commercial fitness equipment for resale); revising production processes to eliminate waste (such as using a more accurate template to cut out designs), and choosing nontoxic raw materials and processes.
[19] The many possibilities for adopting green practices have led to considerable pressure being put upon companies from consumers, employees, government regulators, and other stakeholders.
[20] Some companies have resorted to "greenwashing" instead of making meaningful changes, merely marketing their products in ways that suggest green practices.
Ford executives recently appointed the company’s first senior vice president of sustainability, environment, and safety engineering.
This position is responsible for establishing a long-range sustainability strategy and environmental policy, developing the products and processes necessary to satisfy customers and society as a whole while working toward energy independence.
[26] Smaller companies such as Nature's Path, an organic cereal and snack-making business, have also made sustainability gains in the 21st century.
CEO Arran Stephens and his associates have ensured that the quickly growing company's products are produced without toxic farm chemicals.
[35] Additionally, the retail jewelry industry is now trying to be more sustainable, with companies using green energy providers and recycling more,[36] as well as preventing the use of mined-so called 'virgin gold' by applying re-finishing methods on pieces and re-selling them.
[37] Furthermore, the customer may opt for Fairtrade Gold,[38] which gives a better deal to small-scale and artisanal miners, and is an element of sustainable business.
[43] Organizations that give back to the community, whether through employees volunteering their time or through charitable donations, are often considered socially sustainable.
Sustainability and social justice are directly connected to one another, and seeing these as separate unrelated issues can lead to more problems for the environment and potentially businesses.
[46] Because ecological awareness can be treated as a choice of personal taste rather than a necessity, it can be a method to try to increase capital from a marketing standpoint.
With sustainability becoming more prevalent in the last decade, businesses need to be aware of laws and norms surrounding claims and the potential legal implications.
In the United States, the Federal Trade Commission (FTC) Green guides are one rulebook for businesses on how to avoid potentially deceiving consumers with false advertising.
Sustainable businesses often invest in experienced legal practitioners who can understand and can provide counsel on the FTC Guides and other such frameworks.
[51] Corporate sustainability strategies can aim to take advantage of sustainable revenue opportunities, while protecting the value of business against increasing energy costs, the costs of meeting regulatory requirements, changes in the way customers perceive brands and products, the volatile price of resources.
Noteworthy examples of sustainable business practices that are often part of corporate sustainability strategies can include: transitioning to renewable energy sources, implementing effective recycling programs, minimizing waste generation in industrial processes, developing eco-friendly product designs, prioritizing the adoption of sustainable packaging materials, fostering an ethical and responsible supply chain, partnering with charities, encouraging volunteerism, upholding equitable treatment of employees, and prioritizing their overall welfare, among numerous other initiatives.
[56][57][58] Enormous economic and population growth worldwide in the second half of the twentieth century aggravated the factors that threaten health and the environment — including ozone depletion, climate change, resource depletion, fouling of natural resources, and extensive loss of biodiversity and habitat.
In the past, the standard approaches to environmental problems generated by business and industry have been regulatory-driven "end-of-the-pipe" remediation efforts.
In the 1990s, efforts by governments, NGOs, corporations, and investors began to grow to develop awareness and plans for voluntary standards and investment in sustainability by business.
[60] Since businesses are able to reach groups of people, the role they play in the advancement of sustainable practices and environmental protection is significant.
[61] Writing about and communicating clean initiatives and successful ways to reduce emissions could inspire other businesses and increase the rate of adoption of these practices.
[61] It has been suggested that businesses “take up the rhetorics and literacies necessary to communicate, analyze, organize, and mitigate environmental crises such as climate change”.
[62] This task is difficult due to climate change’s innate scientific complexity, abstract nature, and politically polarized character.