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Sustainable development and social responsibility of businesses or corporations have increasingly become an issue of concern since the early 1990s. This is because the basic human activity trade is not always about making money through profit has been associated with it.
Businesses with their products and consequence are essentially more social than economic. Social and environmental concerns are related to business through the marketplace and governmental regulation. Society and business depend on each other, and business must fully account for societal expectations.
Sustainable business looks at how a business can adapt to global social and environmental trends, such as future regulation on carbon output, water shortages, and changing demographics.
Social, Economic and environmental are the three pillars or dimensions of Sustainable development. Sustainability is a conscious choice continuously. To move towards more sustainability, all of us need to change our consumption and production patterns.
Principles of Sustainable Development and CSR have close links. Sustainable businesses create the future by creating stronger, richer markets for business. Every business strives to earn maximum profit. However, companies have to shoulder certain responsibilities as corporate citizens.
A corporation needs to regularly review and consider new or modified business practices that will improve the quality of life of all stakeholders. Both society and business used to believe that taking care of other social and environmental concerns are the duty of the state or government. However, companies have become the main players in creating ecological and social problems; therefore, change must begin with companies that can lead a transition.
CSR matters as it mirrors society's core values and has been instrumental in bringing about Sustainable development. CSR has a complex relationship between business and society and plays an important part in the business environment. Business organizations are accountable to that society for their actions as they are part of the larger society
Responsible leaders are concerned with reconciling and aligning the key stakeholders' demands, needs, interests, and values. CSR expects accountability from all stakeholders. Good Stakeholder relationships can lead to a competitive advantage.
The relationship between Sustainable Development and CSR was not explicit as these concepts progressed separately for a long time. In recent years these two concepts of CSR and sustainable development has strengthened with their interactions. A dynamic and well-functioning business sector can be the driving force of sustainable development.
CSR is multifunctional in nature. Hence, integral and broad sustainable CSR must be undertaken. This will help in the quest to develop transformational and sustainable CSR practices.
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