Theories ofsustainability attempt to prioritize and integrate social responses toenvironmental and cultural problems. Most of the companies are interested inusing those sustainable practices for their day today business activities. Whenit comes to the sustainability, there are three core areas that contribute tothe philosophy and social science of sustainable development. Sustainabledevelopment means development that meets the needs of the present withoutcompromising the ability of future generations to meet their own needs. Thatmeans: It have to be considered the future when we take decisions in thepresent.
Followings are three main core areas of sustainable development. 1. Economic Development2. Social Development3. Environmental sustainability Out of those three coreareas, Environmental sustainability is really important. Because people won’t be survived without theenvironment. So it should be have relevant policies for companies to protectthe environment. Humanity has entered a new era, called the Anthropcene, inwhich human activity has become the dominant influence on climate and theenvironment.
Because of the population growth, world income inequality andrapid industrialization of many developing nations, world community is unableto maintain a sustainable development. In case of that world has to face lot ofdangerous global issues. Some of them are climate change, Ozone depletion,Resource scarcity, decline of biodiversity and threats to marine ecosystems.These issues has been considered as very critical and dangerous issues for thefuture of the world. So for a better future,companies and governments have to concentrate on a sustainable development.
Inmany nations government regulates business activity in order to protect theenvironment. They do it by setting common standards, taking the cost ofpollution control out of competition, providing economic incentives and offersystems for resolving disputes. Air pollution, land pollution and waterpollution are the major areas of environmental regulation. Government has totake care of those three major areas. In the same time, there are cost andbenefits of environmental regulations. Some of the benefits are drop down theemissions of pollutants, improvement in air and water quality, people lovelonger and healthier in less polluted environments.As well asorganizations also can contribute to the sustainability. So this report willexplain how the organization can contribute to the sustainability specially inenvironmental sustainability.
There are few concepts and theories which can beused to evaluate the management of companies’ environmental sustainabilitypractices. So this report will explain the how the Commercial bank has used those environmental practices. Having seta benchmark in banking in Sri Lanka commercial bank have set standards, createdan identity and forged an unsurpassable trend. Recognized as a trend setter, ithas maintained cultural identity while providing a range of products andservices. Powered by state-of-the-art technology and driven by a team of highlymotivated, dynamic individuals commercial bank has become the leader in privatebanking in Sri Lanka. Furthermore, this report will explain commercial bank’scurrent sustainability practices and recommendations with respect to the commercialbank’s global practices.
. 2.Environmental Sustainability theoretical review So when it comes to theenvironmental sustainability, We all know what weneed to do to protect the environment, whether that is recycling, reducing ourpower consumption by switching electronic devices off rather than usingstandby, by walking short journeys instead of taking the bus. Businesses areregulated to prevent pollution and to keep their own carbon emissions low. Inthe same time there are incentives to installing renewable power sources in ourhomes and businesses. (1994, Basiago, A.
D.) Out of the three pillars insustainability environmental protection is most important factor for the future.It helps us to understand how we should study and protect ecosystems, airquality, integrity and sustainability of our resources and focusing on theelements that place stress on the environment.
Company should have responsible interaction with theenvironment to avoid depletion or degradation of natural resources and allowfor long-term environmental quality. When it comes to the managing thesustainability, environmental regulations establish minimum standards for environmentalperformance. Many firms are now voluntarily moving beyond compliance.It is really amazing, becausewe look at the natural environment, we see that it has a rather remarkableability to rejuvenate itself and sustain its viability. For example, when atree falls, it decomposes, adding nutrients to the soil. Those factors willhelp sustain suitable conditions so future saplings can grow.
(1996, Basiago,A. D.)Environmentalsustainability can be explained using from some theories. Voluntary businessinitiatives, environmental auditing, environmental partnerships, circulareconomy, hierarchy of waste are some theories can be used to explain theenvironmental sustainability.1.Voluntary business InitiativesWhen it comes to the Voluntaryenvironmental initiatives, which are private or public efforts to improvecorporate environmental performance beyond existing legal requirements.
It hasbecome an important element in the mix of public policies and corporatestrategies for managing industrial impacts on the environment. There are some voluntarybusiness initiatives which executed by the companies. – life cycle analysis- Industrial ecology- Extended product responsibility-Carbon neutrality – Technology cooperationWhen it comes to thevoluntary business initiatives on of the best approach is carbon neutrality. Anorganization or individual produces net zero emission of greenhouse gases; thisis usually accomplished by a combination of energy efficiencies and carboneffects.
Lalan Group is a diversified conglomerate with expertise in over 12sectors and has been in operation since 1940 with branch offices in UK and USA.Lalan has an extensive global network encompassing panindustry interests inrubber, tea and other plantation crops ranging from cardamom, cinnamon, coffeeand stevia. Lalan group has beenrecognized as the first glove manufacturer to offer zero carbon gloves byoffsetting carbon emissions per glove with carbon credit earned. (Source,http://www.
lalangroup.com/) 2.Hierarchy of wasteThe waste hierarchy,typically displayed as an inverted triangle offers a hierarchical approach toshowing most preferred versus least preferred approaches to solid wastegeneration and management. When it comes to the actual categories may vary in specific nameand number, depending upon the particular group using this model, but theessential thought process is that the avoidance of consumption and sourcereduction, along with reuse, are preferable to recycling, which in turn ispreferred to waste-to-energy and ultimately to placement in landfills. (ENISO 14004, 2010) Source Reduction andReuseSource reduction can berecognized as waste prevention, means reducing waste at the source, and is themost environmentally preferred strategy. That includes reusing or donatingitems, buying in bulk, reducing packaging, redesigning products, and reducingtoxicity.
Source reduction can: Save natural resources, Reduce pollution, Reduce the toxicity of our waste, and Conserve energy Recycling andCompostingRecycling is aprocess of activities that includes collecting used, reused, or unused itemsthat would otherwise be considered waste which is proceed in to recyclable products into raw materials; andremanufacturing the recycled raw materials into new products. When it comes tothe recycling, it assists to prevent the emission of many greenhouse gases andwater pollutants, Supply valuable raw materials to industry, save energy,Create more jobs, Stimulate the development of greener technologies and to conserveresources for our children’s future. As well as composting is also very good initiativeto protect the environment. That makes environment prosperous.
Treatment and DisposalPrior to disposal,treatment can help reduce the volume and toxicity of waste. Because of thattreatments can be physical, chemical, and biological. Landfills arethe most common form of waste disposal and are an important component of anintegrated waste management system.So in this era, most ofthe companies used to execute those hierarchy of waste approach to maintain a sustainabledevelopment. It will directly affect to the environmental sustainability. In realworld this approach used very effectively.
Commercialbank has been able to The implements a garbage disposal system to ensure thatwaste is sorted to facilitate recycling of paper, polythene and organic waste.In case of that, company employees are required to segregate waste material as’Paper’, ‘Polythene’ and ‘Bio- degradable Waste’ and store these materials inseparate, colour-coded garbage disposal bins. This process has been monitoredby a separate department and that helps them a lot.