List the benefit of eco-friendly business practices

Business & Industry are closely linked with environment & resources utilization. If companies redesigned products & adopts eco friendly business practices they are the ones who are ultimately going to enjoy the fruits.

The benefits can be listed below:-

i)                    The goals of reduction in wastage & resources depletion can be achieved.

ii)                  Incorporating environmental issues in the process of developing a product improves corporate performance.

iii)                Eco friendly practices results in more savings. E.g. Process of recycling of the waste.

iv)                Business firms will be able to create wealth if they respond to the challenges of sustainable development as unsustainable products will become obsolete.

v)                  Proper environmental costs can be reflected with the help of green accounting system & even consumer would adjust market behaviour in a way that would reduce damage to environment.

vi)                Business firms using eco friendly practices will gain competitive knowledge

vii)              Business, Industry & MNC’s have to recognize environment management as the priority area & a key determinant to sustainable development.

viii)            Sound management of wastes is among the major environmental issues maintaining the quality of environment and achieving sustainable development.

ix)                Conservation is the only way of ensuring a supply for tomorrow’s generations