Submitted By-Sugandha Sharma Submitted To-Dr ManjitKaur

WHAT DOES “SUSTAINABILITY” MEAN IN BUSINESS?

In business, sustainability refers to doing business without negatively impacting the environment,

community, or society as a whole.

Sustainability in business generally addresses two main categories:

•The effect business has on the environment
•The effect business has on society

The goal of a sustainable business strategy is to make a positive impact on at least one of those areas.
When companies fail to assume responsibility, the opposite can happen, leading to issues like
environmental degradation, inequality, and social injustice.

Sustainable businesses consider a wide array of environmental, economic, and social factors when making
businesses decisions. These organizations monitor the impact of their operations to ensure that their short-
term profits don’t turn into long-term liabilities.
 Why Sustainability is Important ?

In addition to driving social and environmental change, sustainability

initiative can contribute to an organization's overall success. It may
seem counterintuitive that spending more money on sustainable
business practices can boost a company’s profitability.

Environmental, social, and governance (ESG) metrics are often used to

determine how ethical and sustainable an organization. The companies
with high ESG ratings consistently outperform the market in both the
medium and long term. While sustainability strategies might be an
investment in the short term, they can lead to long-term benefits.
 HOW TO CREATE A MORE SUSTAINABLE BUSINESS STRATEGY

There are several ways you can go about transforming your organization’s purpose into
performance. Here are a few steps to follow to create a more sustainable business strategy.

Assess the Problem and Define Objectives

Establish Your Mission
Craft Your Strategy
Implement Strategy and Assess Results
 Environmental Aspects

Environmental Aspect is an element of an organization's activities, products or

services that can interact with the environment.
There are two types of environmental aspects:
(i) Direct Environmental Aspect Activities over which a company can be expected
to have an influence and control. For example, emissions from processes.
(ii) Indirect Environmental Aspect Actual or Potential activities over which the
organization can be expected to have an influence, but no control. For example,
supply chain controlled aspects, customer controlled aspects, aspects managed
elsewhere within the same company.
 Steps in identification and evaluation of environmental aspects

 Definition of the EMS Scope

 Identification Of Environmental Aspects

 Evaluation Of Environmental Aspects

 Managing Significant Environmental Aspect

 ISO 14001 requires Organisations to:

• Develop procedures to identify environmental aspects in order to

determine those which have or can have significant impact on the
environment
• Keep aspects information up to date{ regularly, and whenever changes
occur} not once and done.
• Necessary records will include aspects lists and significant aspect list