Corporate Social Responsibility
The emerging concept of corporate social responsibility goes beyond charity and requires the company to act ethically in the company’s business affairs. The triple bottom line approach to corporate social responsibility emphasizes the company’s commitment to operating in economically, socially and environmentally sustainable manner. CSR is based on the idea that successful profitable corporations should take the responsibility for social issues and manage their business in such a way that maximizes profit and stockholder wealth while also contributing to the resolution of the social problems. The concept involves notions of human welfare and emphasizes a concern with the social dimensions of the business activity that have direct connection with the quality of life in the society.
Environmental CSR initiatives play a key role for major corporations to impact climate change, water use footprint and energy use effectiveness. Some of the leading corporations that have achieved CSR success with environmental initiatives can motivate the competitive landscape of the marketplace to improve operational efficiency, rethink product designs, and seek out new and innovative technology. Effective resource management and energy efficiency are major environmental CSR goals that are relevant for the present participants.