Discuss this statement and illustrate your answer with examples.
In the 21st century, the pressure for businesses to include environmental considerations in their company’s strategy and objectives has never been greater. As consumers become more aware of the growing list of environmental issues, the demand for eco-friendly goods in the marketplace will increase. In many parts of the world, eco-friendly practices are becoming the norm for businesses, firms who fail to go green risk becoming obsolete in the marketplace. Today, businesses are expected to be environmentally responsible and proactive in their efforts to protect the Earth. They are obliged to create a sustainable strategy or business approach that will cause the least or no harm at all to the natural environment of the planet.
As a result of shifts in consumer preferences and cultural norms, more and more companies have made the effort to become cleaner. For instance, British airways have adopted various policies in hopes of reducing carbon footprint, noise pollution, waste as well as maximizing their recycling potential. (Environmental Overview, 2007) However, there can also be a number of disadvantages for corporations to become environmentally friendly. Firstly, it can be very expensive for corporations to adopt green policies at first; for example, switching to using solar energy, which is a form of renewable energy, requires a lot of money for the initial installation of solar panels and new facilities. It may take a relatively long time before the cost reductions in energy savings by using green energy can offset the upfront initial conversion costs. Another obvious drawback for businesses to go green is the increase of the cost of production of certain goods or services. The switch to using environmentally friendly materials can often lead to pricier products for the consumers. This is generally since as a huge disincentive for business owners because it poses a serious threat to the sales of their products that will ultimately affect their profits.
Despite the disadvantages that can be caused by implementing environmental considerations in a company’s strategy, businesses can still benefit greatly from going green. The most apparent advantage of greening a business is the opportunity to exploit the blooming market for green goods and services in this day and age. Additionally, the initial costs for green investments