Sustainability and the Environment: Strategic Role Played by Businesses

The transition to a sustainable future requires businesses to move beyond compliance and embrace innovation and shared value creation.

Write an essay that critically analyses the above statement. While writing your essay, considering the following aspects:

• Provide a detailed explanation to the case study for sustainability as selected, and refer back to real world case examples.
• Provide an in-depth analysis on the ways in which sustainability drives innovation,
• Take into consideration and analysis of the relationship between business and Society and the role played by businesses in driving sustainability and an equitable future.
• Include a discussion on the growing trends in sustainable development and challenges faced by businesses.

Sustainability Assignment Answers: Expert Answers on Sustainability and the Environment

Case study for sustainability

The case study selected for the purpose of analysis is City Developments Limited (CDL) a property developer in Singapore that undertakes sustainability initiative as a part of its core business strategy. Its sustainability initiative known as Future Value 2030 aligns best with UN SGDs and it emphasizes on green buildings, carbon reduction and innovation through smart construction. It clearly indicates the sustainability measures undertaken with the objective of driving long term business competitiveness rather than focusing on immediate cost implication.

Sustainability driving innovation

Businesses in Singapore are faced with sustainability challenges that require them to innovate in terms of technological initiatives. Some of these examples include the case of Keppel Corporation that makes significant investments in renewable energy and waste management systems with the objective of improving its sustainability image. Another example is from Grab that undertakes sustainability initiatives in the form of electric mobility and carbon neutral rides. These initiatives are aimed at enhancing the environmental footprint and thereby ensuring long term sustainable business growth.

Relationship between Business and Society

There exists a positive relationship between the business and society and this is realised by most of the businesses in Singapore. This is evidence from the sustainability initiatives undertaken by businesses in Singapore to enhance their overall environmental performance and brand image. Initiatives in the form of enterprise Singapore green econome framework and carbon tax regulations are quite effective in driving businesses to achieve a balance between profitability and social responsibility. It ultimately promotes cleaner production, fair employment and community engagement.

Growing trends in sustainable development

With respect to growing trends in sustainable development, it is analysed that there is positive adoption of ESG reporting and green finance. There is significant growth witnessed in respect to circular economy models such as recycling initiatives in the construction and electronic sector. In addition to this, the trends also suggest an increased attention by businesses on digital sustainability through AI driven energy management.

Challenges faced by businesses

• When it comes to adopting sustainability in business practices, there are significant changes encountered by businesses including:
• High cost of green technology and infrastructure.
• Insufficient talent to undertake sustainability initiatives.
• Achieving a proper balance between short term profit and long term environmental goals.
• Risk in the global supply chain directly impacting system ability compliance. 

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