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Lecture

Chapter 2- Sustainability- LECTURE NOTES.docx

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Department
Management
Course Code
MGM102H5
Professor
Dave Swanston

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January 17, 2014 Chapter 2- Sustainability- Lecture Note • Save the frog: gradually increasing temperature on a frog in a pot of water  Humans are poor at recognizing problems when they occur slowly  Environment is also gradually being harmed and it is not noticed until the harm has grown and there is no choice but to notice it  Global problem and that is why it is difficult to reach a solution, nations are not cooperating • What does sustainability mean?  Is the ability for things to keep going, to sustain themselves now, in the future and forever  Why business should care about being sustainable: o Businesses harm the environment o Business success depends on the health of our planet • Response to environmental degradation  Unabated consumption  Regulatory compliance legislation and standards  Eco management initiatives (how can we do things in a more responsible manner because it is the right thing to do; changing business practices)  Full integration of business strategies and environmental responsibilities (way of doing business; sustainability practices have to be core in everything business does) • Examine manager’s responsibilities related to environmental stewardship:  The integration of sustainability values that organization must incorporate into their core mission, vision, values, code of conduct, and business systems • Five critical sustainability challenges: 1. Climate Change  Example- Net increase of 5 billion tons of carbon dioxide per year; atmosphere is filling up with carbon dioxide and increasing every year; already causing environmental problems (rising water levels, increasing temperatures) and scientists don’t know how far it can go before we reach total breakdown  Challenge of managers: Start to remove carbon dioxide  397 price per million December 2013 2. Pollution and Health  Increase of illnesses but life expectancy is also increasing since drug manufacturers are focused on extending life, not preventing it from happening in the first place 3. Energy Crunch  Using more and more energy everyday, leading to increase in demand of energy and fuel  Chinese agencies are acquiring and investing in energy fields  Prices are increasing for energy  As demand continues to increase, plant is depleted through excess extraction of those resources  Must look for alternative sources of energy such as solar, wind, hydro- thermal, etc but are more expensive and some are not as efficient; managers are not compared to consider this because firms are mostly looking for accomplishing January 17, 2014 short term goals and it will take about 7 years to make money off of it, thus is it avoided because short term cost > short t
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