Environmental Sustainability Strategies in Business: A Westpac Report

This report defines environmental sustainability and its importance in business, highlighting current issues and examples of sustainable practices. It discusses challenges such as loss of trust, inequality, and increased risks. The report focuses on Westpac Banking Corporation as a case study, detailing its contributions to sustainability through consumer banking, small enterprise support, and financial product creation. It also covers IT, HR, and sales aspects of sustainability within the organization. The report concludes by examining Westpac's benchmarking practices, ethical codes, and supply chain management strategies, emphasizing the importance of engaging the community and addressing environmental and social challenges through corporate responsibility.

Environment sustainability in
business

Definition
 Natural manageability can be referred as the rates of
inexhaustible asset gathering, pollution creation, and non-
sustainable asset consumption that can be proceeded
inconclusively.
 On the off chance that they can't be proceeded uncertainly, they
are not deemed as sustainable.

Importance of Environmental
sustainability in business
 Maintainability underpins that mission by endeavoring to
enhance the environmental health and personal satisfaction for
our grounds and network (Schaltegger & Wagner,
2017,p.67).Supportability is important for some, reasons
including: Ecological Quality – So as to have solid networks, we
require clean air, characteristic assets, and a nontoxic
environment.
 It highly promotes jobs and strongly ensures efficient economies
 It is important in business decision making
 It creates professionals for the balance of ecology development
and having a role at improving standards of living in the
environment system.

Current Issues environmental
sustainability in business
 Sustainability Issue. Mishaps or episodes unexpected occasion that causes an unfavorable natural,
social environment. Hazard assessment and the executives can limit the seriousness of the effects.
 •Public health issues
 •Land management
 • Waste disposal issues
 • Loss of Biodiversity
 • Water Shortage and Water Contamination. ...
 Climate change
  Energy
  Food generation
  Biodiversity
  Changes in demographics
  Geopolitical flimsiness
  Inequality and worldwide equity

Some examples of
environmentally sustainable
practice Decreasing carbon impression,
 Decreasing packaging,
 Planning items with less ecological effect,
 Decreasing transportation distance,
 Lessening energy utilization,
 Recyclable items,
 Community connected with ecological procedures

Challenges
 Loss of trust in the worldwide partnership
 Quickly developing imbalance
 Expanded dangers and risk to business. Sustainable advance is
as yet expected to enough manage various issues, including
environmental change, asset instability, unfair resource
distribution, wastes and corruption.

Organization: Westpac
Banking Corporation
 Is an Australian bank and money related services provider who
headquarters are at Westpac Place in Sydney.
 As a profit making organization, Westpac has approximately 14
million clients, and utilizes just about 40,000 people.
 Westpac's goals is to become one of the world's extraordinary
administration organizations, helping clients, networks and
individuals to flourish and be environmentally sustainable.
 In 2017, Westpac was perceived as the most sustainable bank all
around in the Dow Jones sustainability

Contributions
 Acts as a consumer band. Helps sales and provides services which improves sustainability in term
of banking needs
 It contributes to services in small enterprise and agribusiness in environments such as Melbourne.
 BTFG structures, makes and appropriates budgetary items that are intended to enable its clients
to accomplish their monetary objectives by overseeing, overseeing and securing their benefits
 Creates sustainability in issuing financial products that ensure management of and protection of
societal assets
 1. IT experts have an immense chance to lessen energy and electronic waste (e-
waste).Minimize waste.
 2. Sales, Advertising and Correspondence
 3. HR. Increasing significance on working for organizations with a solid social and ecological
record. Driving organizations utilize corporate social duty (CSR) and environmental sustainability
projects to encourage select and hold ability (Schaltegger & Wagner, 2017,p.69).
 Contributes to cleaning environment as a social welfare
 Offers financial professionals who creates better models for advice regarding environmental
financial plan in order for sustainability (Akhtar,Khan,Frynas,Tse &Rao‐Nicholson, R., 2018,p.44).

conclusion
 Some of the benchmarking practices utilized by Westpac involves seminars and
programs. It also creates awareness through training of employees.
 It has clear code of ethics for employees to ensure environment sustainability. It
teaches the community through engaging them directly on feedbacks and
contributing to the problems welfares as corporate responsibility strategy.
 Supply chain management significantly affects key social and environmental
difficulties.
 Worldwide supply chains assume a basic job in a large number of the most
squeezing ecological burdens and social battles.
 Westpac Banking Corporation is embracing an assortment of deliberate practices
to enhance the ecological and additionally social administration of their providers'
exercises (Akhtar et al,p.45).
 In spite of the ongoing development in organizations' duties to maintainable supply
chains, we come up short on a thorough comprehension of how organizations are
propelling supply chain sustainability.

References
 Akhtar, P., Khan, Z., Frynas, J.G., Tse, Y.K. and Rao‐Nicholson, R.,
2018. Essential micro‐foundations for contemporary business
operations: Top management tangible competencies,
relationship‐based business networks and environmental
sustainability. British Journal of Management, 29(1), pp.43-62.
 Schaltegger, S. and Wagner, M., 2017. Managing the business
case for sustainability: The integration of social, environmental
and economic performance. Routledge.

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