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BUSINESS SUSTAINABILITY REPORTING
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[QUOTE="Yakub02, post: 306655, member: 94426"] CSR is also associated with the concept of sustainable business development, which is the view that businesses should seek to develop in a way that can be sustained into the future, without depleting the earth’s natural resources or causing irrecoverable environmental damage. Sustainability reporting is an organisation’s practice of reporting publicly on its economic, environmental, and social impacts. Companies that are seen to cause damage to the environment may suffer from a loss of reputation among customers, suppliers and government. This can have implications for fines and other penalties, civil legal action, lost contracts, clean up costs and possibly falling sales. The impact on oil group BP of the explosion at a drilling rig in the Gulf of Mexico in 2010, and the subsequent environmental damage it caused, is a clear example of the potential risks and the need for companies to consider social and environmental issues, particularly in industries such as oil extraction, mining and energy production. Interest in sustainable development has come from several sources: governments, concerned about the implications for society of environmental damage and loss of natural resources; investors, many of whom now consider the ethical, social and environmental implications of the investments they make (‘socially responsible investment’ or SRI); and companies themselves, who may identify business opportunities – developing new products or reducing costs – in environmentally-friendly initiatives [/QUOTE]
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