Business: Key to a Sustainable Global Economy - Essay Sample

Introduction

The economy of the world is one of the important aspects that need to be given to critical attention. When the economy of the world goes down, the cost of living will likely go up. Therefore, a lot of measures have been put in place by various countries to ensure that the economy does not drop. One of the elements that is important to the economy is business. A lot of revenue that is collected from taking part in various types of business has played an important role in economic development. In this case, various businesses have been developed in the form of companies, industries, or organizations and have played an important role in the economy. However, when a business has been established, it cannot operate at its own will. Various guidelines have been developed which provide a direction on how various types of businesses should be conducted. Most of these guidelines are meant to ensure that the business is done in the right manner. Some of the guidelines that have been developed are the environmental policy as well as business ethics. Therefore, this paper will investigate various environmental policies as well as business ethics that should be followed to ensure the right actions are undertaken.

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Environmental Policy

According to Albrizio, Kozluk, and Zipperer (2017), environmental policies are a set of guidelines that have been developed to protect the environment. The environment should be protected at all cost since it also commanded in the Bible. According to the book of Genesis 2:15, " The Lord God took man and put him in the garden of Eden to work it and keep it. Most of the business, while being carried out, may pose a great danger to the environment, especially through pollution. Therefore, environmental policies have been developed to make sure that many businesses, such as industries, have been controlled to prevent the degradation of the environment.

Pollution Prevention Practices

The first environmental policy is pollution prevention practice. The main aim of these practices is to prevent these businesses from polluting the environment (Preventif, 2018). Most businesses and industries take part in various processes to produce their products. Some of these processes may involve the use of heavy chemicals. These chemicals are then released into the environment in the form of waste, and this poses considerable danger. These chemicals can be released into the water bodies, where they may destroy the breeding grounds for sea animals leading to their depletion.

Also, when these chemicals are released into the environment, they may chock the plants, causing some of them not to grow while others may have stunted growth. Therefore, the environmental policy requires that various industries should take part in pollution prevention measures such as treating waster before releasing them (Herbes et al., 2017).

Moreover, a business can phase out the use of chlorofluorocarbons, which are the main chemicals that are responsible for depleting the environment (Albrizio, Kozluk & Zipperer, 2017). This approach will ensure that the waste released into the environment is not harmful; thus, it will not kill various living organisms.

Afforestation and Re-Afforestation

Afforestation and re-afforestation is the second environmental policy that should be adopted when conducting any form of business. Most businesses as they grow, they tend to clear the trees to have a wide area for expansion (Schuitema & Bergstad, 2018). Cutting down trees has a devastating effect on the environment. For example, when trees are cleared, the amount of carbon dioxide will increase in the atmosphere as well as other greenhouse gases leading to the destruction of the Ozone layer. When the Ozone layer is destroyed, there will be global warming that will result in climate change.

Also, when the trees are cleared, the land is exposed, and there is a risk of erosion. Therefore, businesses are expected to comply with environmental policy and ensure that they conserve trees (Jose & Lee, 2007). In this case, most businesses should take measures and plant trees in various areas, including whether they have been cleared previously.

Recycling Programs

Most companies use different resources for the efficient production of their goods and products. After the products have been used, most of the resources are disposed of. The disposal of these materials to the environment may cause huge environmental degradation (Gadenne, Kenned,& McKeiver, 2009). For instance, the disposal of plastic water may cause land pollution preventing plants from growing properly. Also, every company uses water to ensure the efficient production of its products.

Moreover, water is frequently used in the company by the staff for various purposes, such as cleaning. In most cases, a huge amount of this water is usually released into the environment. It would be an essential activity to ensure that companies can practice recycling of the wastewater (Portney, 2016). This approach will ensure that water flowing through the water is utilized effectively.

Also, there are several companies which depend entirely on the water for all its operation to be accomplished effective such as the Coca Cola Company. Some of the operating units of the company are based in a place where water is scarce. The company is then forced to search for alternative sources of water, and the most common way is the extraction of groundwater. As the company continues with its operations, more water is extracted from the grounds, and this leads to depletion. This activity will cause the groundwater level to reduce, and this is an issue of environmental concern. Therefore, for the company to avoid this environmental issue, more focus should be directed toward recycling wastewater and looking for an alternative source of water, such as harvesting rainwater during the rainy season.

Minimizing Transport

The movement of cars is one of the ways that contribute to environmental degradation. As a car moves from one place to another, the combustion of fuel takes place, and this released the poisonous carbon monoxide to the environment. Therefore, the more the number of cars on the road, there high the rate of fuel combustion, which leads to environmental pollution (Jo, Kim & Park, 2015).

Employees and staff of various businesses and companies commute to work daily, and most of them have cars, and this increases the rate of environmental pollution (Fullerton, 2017). In a way to curb the increasing emission of poisonous gasses, companies should advise most of the workers to teleport or use public transport when going to work (Dahlmann, HYPERLINK "https://scholar.google.com/citations?user=X5Zl0H4AAAAJ&hl=en&oi=sra" Branicki, and Brammer, 2019). This approach reduces the number of vehicles on the road, which in turn reduces the rate of environmental pollution.

Business Ethics

Apart from the environmental policies that most businesses are required to comply with, there are also certain business ethics that have to be observed. According to Trevino & Nelson (2016), business ethics refers to the business policies and practices that govern the conduct of people as well as organizations. In most cases, business ethics is concerned with the ethical practices which ensure that all activities are done in the right manner (Trevino & Nelson 2016). Therefore, there are various business ethics that have been developed, and they are as follows;

Corporate Social Responsibilities

Corporate Social Responsibility is an aspect of business ethics, whereby companies become socially accountable. According to Trevino & Nelson (2016), companies have to return their favor to the community where it is situated. In this case, companies can take part in various activities within the society. For example, a company can offer a scholarship to needy children found in the community where it has been established.

Also, companies can take part in various activities within the community, such as cleaning exercise and building social amenities like hospitals and schools. Exercising corporate social responsibility is one of the important business ethics since it shows that the company is mindful of the people living within its boundaries.

Obeying the Law

Having total respect for the law of the land is an important business ethic for every company or organization. In most countries, various laws have been established which control most of the activities, especially in business. The main purpose of these laws is to ensure that there are no illegal activities that a company is carrying out (McCloskey, 2017). Therefore, it is an important business ethic for various businesses to adhere to these rules and regulations. Violation of these rules and regulations might cause the licenses of the businesses to be revoked, leading to their closure.

Fairness and Justice

Fairness and Justice is another set of business ethics that should be observed. Businesses deal with different entities for it to succeed. Some of these entities include customers, stakeholders, shareholders, investors, and suppliers (Barry, 2016). How a business deals with these individuals is crucial for it to attain the needed success. These entities should be fairly treated as they related to the business. For example, customers should not be discriminated based on social factors such as income, race, or ethnicity. Ensuring that all these entities are treated equally is a form of business ethic that may lead to its success.

Integrity

Integrity is another set of business ethics that different business needs to embrace. Having a high level of integrity means that the business has earned the trust of its customers. In this case, the business has managed to be true to its words (Barry, 2016). For example, it is a business that has promised its customers that it will lower the prices of the products; it should take that action as soon as possible.

This action shows that the business true to its words. Moreover, the business should maintain a high level of integrity by making sure that the offer product or services that are of good quality to the customers. Maintaining a high level of integrity is important to business since it will help the customers develop brand loyalty.

Reputation and Morale

Reputation and Morale is the other important issue in business ethics. Ethical business has to be led by ethical executives (Abend, 2016). In this case, ethical executives have to make sure that they protect as well as maintain the good reputations of their businesses (Cho, Patten, & Roberts, 2006). Moreover, ethical executives are expected to build as well as maintain the Morale of their employees.

Therefore, for the company to attain a high level of reputation as well as Morale, it should engage in activities or conducts that will not undermine the respect that it gains. On the other hand, the company can take appropriate actions to prevent or correct the incorrect conduct of other people.

Honesty

Honesty is the next issue that is critical in business ethics. Executives leading various businesses have to maintain a high level of honesty. In this case, these leaders are expected to be truthful in all their dealings within the business (Abend, 2016). These leaders should avoid being misleading or lying to other people through overstatements, partial truths, misrepresentations as well as the selective omission of certain information. When the truth concerning these issues is identified, these leaders will be at risk of losing their jobs since they are putting the company at risk of falling.

Concern for Others

It is an ethical thing for a business to have concern for other people. As businesses carry on wi...