Measuring Social, Environmental, and Economic Impacts on Business

Paper Type:  Essay
Pages:  4
Wordcount:  921 Words
Date:  2022-03-29

It is common that in every business, sustainability is paramount in ensuring the business' brand is acceptable to the entire public. It is worth noting that sustainability in every business is important in promoting social, economic, and environmental suitability. Over the years, most business entities have failed in the duty of delivering sustainable products and services to their clients. It has become such a widespread issue to levels that are no longer acceptable in the field of business. In every business aspect, be it small or large scale, the respective stakeholders must ensure and promote a sustainable environment that will push for the products and services remain relevant for a long period. This essay, therefore, tries to explore how companies can ensure sustainable provision of products and services to their clients. In other words, it will evaluate a particular business entity in Saudi, and consequently assess how it can in improve its operations to promote bot economic, and environmental sustainability. It is worth noting that findings from this research paper will help in improving the reader's insight on the issue at hand. Similarly, these findings can be used by respective stakeholders at different business entities to improve their customer relations regarding sustainability and efficiency (Dangelico, 2010).

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As earlier mentioned, sustainability refers to the ability of a product or a service to offer credible significance for quite an extended period. Presently, most products or services being released to the public lack this essential aspect of sustainability. It is high time that companies all around the globe find a way to fix this problem before it gets out of hand shortly. In most countries, the government puts across strict laws and regulations that put businesses in line with standard environmental regulations. For a long, there have been concerns about the levels of industrial pollution in Saudi Arabia. This concern has raised the interest of quite some policymakers, to the point of setting standards that all companies must comply with. These reforms have affected a wide array of industries in Saudi Arabia. The most relevant sector to look into in regards to this is the Oil industry. It is in every ones' mind that Saudi Arabia is among the leading oil producers in the entire world. Oil and its products from Saudi are well accepted globally for their high-level quality. In the year 2007, the leaders of Saudi came up with measures that would help the country in promoting sustainable oil production. The production of oil in Saudi over the years has been associated with environmental pollution, and thus posing both environmental and health implications to those residing there. Through the King Khalid Foundation, there was the development of policies that work towards a sustainable environment. These main policies aim was to boost the industry's effectiveness and efficiency of this industry. The oil industry is by far the most prominent and successful business in Saudi, and thus much attention should be paid to it. In fact, this industry generates billions to the economy of the country. However, it contributes to a very high percentage of environmental pollution and another consequent unsustainability (Alshuwaikhat, 2008).

Based on the environmental standards set by the environmental control department of Saudi, the oil industry has ecological implications that do not in any way promote a sustainable surrounding in the country. For instance, most products produced in Saudi have oil effluents in them that may in one way or another affect the health of the Saudi's population. Similarly, some oil products end up in rivers, streams, lakes, and other wear sources that are used as a source of consumption water by the people of Saudi. In this line of thought, it means that if this trend continues, the health of millions of people in Saudi will be at risk together with the environment they reside in. In as much as the industry contributes to the most significant foreign exchange through exportation of oil and its products, a lot needs to be done to ensure that it provides to a sustainable society and environment (Esty, 2005). It is, however, worth noting that the state and its relevant departments are working towards fixing this problem, with an overall goal of ensuring it promotes suitability, not only in the provision of products and services but also to the environment at large. In conclusion, every business entity, be it small or large scale should shift they focus on ensuring that all its operations work towards a sustainable economy and environment. Especially due to the rising concerns on climatic change and global warming, all industries must adhere to the set environmental standards in order to encourage a sustainable environment. The oil industry is the most appropriate in this study must consider the impact their products have on the environment and what measures need to be done to ensure no harm or injury passes on to the clients. In other words, this all those associated with this line of industry must be conscious of both the economy and the environment (Melville, 2010).

References

Alshuwaikhat, H. M., & Abubakar, I. (2008). An integrated approach to achieving campus sustainability: assessment of the current campus environmental management practices. Journal of cleaner production, 16(16), 1777-1785.

Dangelico, R. M., & Pujari, D. (2010). Mainstreaming green product innovation: Why and how companies integrate environmental sustainability. Journal of business ethics, 95(3), 471-486.

Esty, D. C., Levy, M., Srebotnjak, T., & De Sherbinin, A. (2005). Environmental sustainability index: Benchmarking national environmental stewardship. New Haven: Yale Center for Environmental Law & Policy, 47-60.

Melville, N. P. (2010). Information systems innovation for environmental sustainability. MIS quarterly, 34(1), 1-21.

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Measuring Social, Environmental, and Economic Impacts on Business. (2022, Mar 29). Retrieved from https://proessays.net/essays/measuring-social-environmental-and-economic-impacts-on-business

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