Today, by no means it is certain our society has the capacity to ensure that the nine billion people expected population on earth by 2050 would all be able to achieve a basic quality of life. The earth’s ecosystem is deteriorating and the climate is changing. We are consuming so much, and so quickly, that we are already living far beyond the earth's capacity to support us. And yet, nearly a sixth of our fellow humans go to bed hungry each day: both an unnecessary tragedy and a source of social and political unrest. Meanwhile, our globalized world is more interconnected and volatile than ever, making us all more vulnerable.
While sustainability is about the future of our society, for today's industries and businesses, it is also about commercial success. The mandate to transform businesses to respect environmental limits while fulfilling social wants and needs has become an unparalleled platform for innovation on strategy, design, manufacturing and brand, offering massive opportunities to compete and to adapt to a rapidly evolving world. Based on the analysis most commonly words used around sustainability are like resources, future generations, community, development etc.
Well known scholar’s define sustainability as:
“Sustainability means transforming our ways of living to maximize the chances that environmental and social conditions will indefinitely support human security, well-being and health.” ( McMichael et al., 2003).
“I define sustainability as the possibility that all forms of life will flourish forever.” (Ehrenfeld, 2005).
The noticeable fact here is the economic aspect like business, which is ignored in these definitions. In recent times sustainability is considered as holistic approach where environment, social and economic factors are given high priority. This is the reason why many MNC’s (Multi National Company’s) and TNC’s (Trans National Company’s) have published Corporate Sustainability Reports (CSRs). A corporate sustainability report is a periodic report published by companies to highlight achievements in meeting financial, environmental and social sustainability.
STRUCTURE OF GOOD SUSTAINABILITY REPORT:
Most of the corporate sustainability reports (CSRs) published are widely used as marketing tools that lack substantive data. Others are so data focused that reading through them requires a strong industrial understanding. The best reports are those that provide a balance of accessible, engaging text and comprehensive, material data presented in a well-designed format. A good report must include following elements:
Transparency: It requires putting company’s information into the public domain. There is organizational inertia and a fear that additional data could reflect poorly on the organization. The other fear is that the information could in some way benefit the competition. As a result, many reporters take a shortcut by including superficial data rather than truly transparent information.