Connection Between Sustainable Development and CSR

Industry experts are of view that one of the major reasons for an economy to go through unrestrained development is ‘non-sustainability’. If we keep on making use of resources in an unplanned manner, we will be left with nothing in the years to come. The present needs can be fulfilled with the available resources but what about the needs of our future generations? Many parts of the world have already started facing acute shortage of water and electricity. The rate of population is increasing and due to the rise in demand for food and clean drinking water, ground water level is reducing. Forests are being cleared and replaced with buildings due to which the average yearly rainfall has decreased causing further shortage of ground water. Development activities are taking place across the world at a fast pace but is ‘sustainability’ being included in it? According to the World Business Council for sustainable development, social responsibility on part of the business organizations is a commitment to function in an ethical manner and bring significant changes in the local community and society to ensure sustained economic development. Therefore, sustainability or corporate social responsibility can be considered something that goes beyond obeying laws. It is related to activities for doing business in a serious manner. It is about serious business where companies are considered as partners and not mere centers for making profits. It also refers to promotion of the shareholder’s interests along with having obligation towards different stakeholders. There is no doubt that CSR plays a very important role in ensuring controlled sustainable development. It should be made an integral part of business activities as it can be very effective in satisfying the present generation needs along with making sure that sufficient resources are available for the future generations as well. The present need for business organizations is to integrate environmental, ethical and social concerns in their business activities. It is only when corporate social responsibility is included in the operations; companies will be able to ensure sustainable development on a larger basis.