There are many pressing environmental issues that firms face, but the most demanding issue is that of pollution. Businesses and industrial facilities are significant sources of air and water pollutants, and pollution can have a profound effect on the communities that companies are situated in. It is important that firms are on the forefront of the effort to prevent pollution, not just off-set or remedy it. Air pollution from factories ruins quality of life for residents of urban areas and can contribute to higher cancer rates and acid rainfall7. Water pollution and mismanagement is affecting already dwindling groundwater resources, which is the largest source freshwater on the globe. Additionally, mistreatment of water can negatively
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Yet while preventing environmental damage may demand additional implementation costs, environmental remediation often costs significantly more, both monetarily and in terms of reputation. The goal of trying to prevent and reduce pollution is widely accepted, but in order to fulfill it major changes will have to be made throughout the supply chain. This could lead to challenges from suppliers who use less ecologically friendly practices. Transnationally, there are conflicting environmental recommendations and laws that can make it easy to do the least possible when it comes to being eco-friendly. Companies should make every attempt to follow the guidance of the Global Compact and use innovative technologies to prevent environmental damages. For example, many involved in the diamond industry are pursuing the expansion of synthetic or lab grown diamonds, which would eradicate the need for mining …show more content…
It can be challenging to resist the temptation of corruption under the under the false premise of “that’s just the way it works.” This is why companies should design policy that combats corruption internally first, then with suppliers, contractors, and state partners. If transparency and commitment to follow the law are a core part of a company’s methodology, they are less likely to fall into corrupt practices while doing business in less ethical contexts. In the diamond industry, Zimbabwe acts as a “pay-for-play” state, as the only people who enjoy the benefits of the industry are those within “President” Robert Mugabe 's inner circle of military officials and government appointed corporate entities5. The Kimberly Process has tried to combat this as well, by implementing a diamond certification system that only allows the sale of certified conflict-free diamonds. However, corruption still a problem as smuggling and bribery often undermine the certification
Yet while preventing environmental damage may demand additional implementation costs, environmental remediation often costs significantly more, both monetarily and in terms of reputation. The goal of trying to prevent and reduce pollution is widely accepted, but in order to fulfill it major changes will have to be made throughout the supply chain. This could lead to challenges from suppliers who use less ecologically friendly practices. Transnationally, there are conflicting environmental recommendations and laws that can make it easy to do the least possible when it comes to being eco-friendly. Companies should make every attempt to follow the guidance of the Global Compact and use innovative technologies to prevent environmental damages. For example, many involved in the diamond industry are pursuing the expansion of synthetic or lab grown diamonds, which would eradicate the need for mining …show more content…
It can be challenging to resist the temptation of corruption under the under the false premise of “that’s just the way it works.” This is why companies should design policy that combats corruption internally first, then with suppliers, contractors, and state partners. If transparency and commitment to follow the law are a core part of a company’s methodology, they are less likely to fall into corrupt practices while doing business in less ethical contexts. In the diamond industry, Zimbabwe acts as a “pay-for-play” state, as the only people who enjoy the benefits of the industry are those within “President” Robert Mugabe 's inner circle of military officials and government appointed corporate entities5. The Kimberly Process has tried to combat this as well, by implementing a diamond certification system that only allows the sale of certified conflict-free diamonds. However, corruption still a problem as smuggling and bribery often undermine the certification