CORPORATE SOCIAL RESPONSIBILITY
AND ENVIRONMENTAL
SUSTAINABILITY
Wasif Ali (Student of management sciences from university and
college of Zhob BUITEMS)
, Asim Ullah(Studies at UCOZ BUITEMS
, Amir Muhammad(Studies at UCOZ BUITEMS).
Key words:
Corporate Social Responsibility, environmental sustainability and green
innovation.
Abstract:
As we discussed about the relationship between CSR and environmental
sustainability. Nowadays the sustainable development is increasing and the
firms are taking initiatives in CSR activities to protect environment and
satisfy stakeholder’s expectations. The study further explains the sustainable
environmental practices for the advancement of green innovation. The firms
are also shifting towards renewable energy sources to minimize their cost and
to provide an ecofriendly environment. The ISO has also set some guidelines
called ISO 26,000 for the firms to help them make a Socially responsible
company.
Introduction:
According to stern Review. on the economics of climate change (stern, 2006),
The Economist (2008), and philosopher Joseph Des Jardin (2007), ecological
sustainability could become the central social responsibility for businesses.
The CSR in the corporate sector plays many responsibilities in managing eco-
Friendly and economic sustainability. The ecologists have achieved benefits by
praising industries for incorporating CSR activities and green philosophy in
their works (Raimi, 2017). In the recent days, the global climatic changes are
Forcing some of the countries to take precautions for saving the environment.
Accordingly, the Pakistan is also taking some initiatives for social and
environmental sustainability in Overall economic growth ( Bakhtiar 2019) the
most accurate way to reduce the environmental damages, cost of production
and wastage is by applying CSR activities (wang et al., 2016). Accordingly,
beyond the economic performances of firms, many organizations across the
globe -axe gradually paying attention to their environmental and social
performance by adopting -socially responsible behaviors, embracing prudent
innovations taking up green supply chain arrangements and leading a change
from unsustainable environment in consumption patterns (Allen et al., 2021);
(Seuring and Muller, 2008)
The Social investment (2014) For forum (SIF) instance posted in 2014 that
more than four trillion dollars has been spent on CSR- related initiatives by
over 8000 firms across 160 Countries although no attention has been given to
Stakeholder Centered CSR Content Within the environment.
In the context of the oil and gas industry, the CSR is particularly significant
due to the sector's substantial environmental and social impacts.
The investment in renewable energy is another key CSR strategy that
supports environmental sustainability. It is essential to transfer toward
cleaner energy wind sources, such as Solar and reliance hydrogen to reduce on
Fossil fuels consumption and decrease overall greenhouse gas emissions (Ezeh,
et al., 2004, jambol, et al., 2014, segun - Falade, et al.,30
Literature Review:
The resource-based-view (RBV) theory highlights firms resources and
capabilities analyze competitive advantages (Barney, 1991)
The natural RBV theory is explained version of RBV theory which tells that
organization can attain sustained competitive advantage by solving natural
environment (Hart, 1995).
The increasing - interest in CSR activities among the industry and academia
may be attributed to the direct and indirect returns it brings to the businesses
and its stakeholders (Carroll, 2016; Ruggiero et al., 2018).
It is a firm's responsibility towards protecting the physical environment and
its climatic conditions to reduce waste, decreasing environmental pollution,
cutting down the excessive consumption of natural resources and minimizing
emissions (Farooq et al., 2014; Shahzad et al., 2020).
The increasing acceptance of environmental responsibility practices are not in
doubt (Babiak & Trend affilova 2011), These initiatives have been provided
valuable benefits to the firms such as , organizational competitiveness, saves
cost, customer loyalty, employee satisfaction and environmental sustainability
(Al-Abdin et al., 2018; Shahzadet al., 2020; Tran & Nguyen, 2020).
The International organization for standardization (ISO) has launched the
development of standardized guidelines for social responsibility (ISO 26000).
The ISO also claims that the need for organizations in both public and private
sectors is to behave in a socially responsible way in becoming a compulsive
requirement of society ([Link], 2009) In recent years, the environment
sustainability is one of the greatest factors of interest in terms of the market's
attitude toward CSR (Bird et al., 2007; Wahba, 2008).
conclusion:
After studying the relationship between the CSR and environmental
sustainability. it is the firm's responsibility to protect the environment
alongside their economic objectives of profit maximization.
The firms should also manufacture products in an environment Friendly way
and the products should also be ecofriendly.
The corporations should shift toward renewable energy such as Solar, wind or
water instead of consuming coal, gas or petrol in their day-to-day industrial
operations.
The future researchers are welcoming to see the effect of the model on the
CSR to the consumer on green marketing practices and environmental
suitability.
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