Principle 8: Environment

Overview

BUSINESSES SHOULD UNDERTAKE INITIATIVES TO PROMOTE GREATER ENVIRONMENTAL RESPONSIBILITY.

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What can companies do?

Steps that the company could take to promote environmental responsibility would be the following:

Define company vision, policies and strategies to include sustainable development — economic prosperity, environmental quality and social equity;
Develop sustainability targets and indicators (economic, environmental, social);
Establish a sustainable production and consumption programme with clear performance objectives to take the organisation beyond compliance in the long-term;
Work with product designers and suppliers to improve environmental performance and extend responsibility throughout the value chain;
Adopt voluntary charters, codes of conduct and practice internally as well as through sectoral and international initiatives to reach responsible environmental performance;
Measure, track and communicate progress on incorporating sustainability principles into business practices, including reporting against global operating standards. Assess results and apply strategies for continued improvement; and
Ensure transparency and unbiased dialogue with stakeholders.

In doing the above, the existence of appropriate management systems is crucial in helping the company to meet the organizational challenge.

Key mechanisms or tools for a company to use include:

Assessment or audit tools (such as environmental impact assessment, environmental risk assessment, technology assessment, life cycle assessment);
Management tools (such as environmental management systems and eco-design); and
Communication and reporting tools (such as corporate environmental footprinting and sustainability reporting).