Many consumers have accepted the new world challenges of keeping resources from being wasted and want to “go green” and are looking for opportunities to do so. Based on this consumer behavior and demand changes, many companies have instituted plans to develop sustainability practices within their business models. In fact, some consumers are willing to pay a premium to contribute to environmental sustainability efforts if paying a little more will help curb global warming and protect the environment. However, strategy creation and implementation are not always aligned together. Many of the companies that are offering eco-friendly options are falling short on delivering on them. Many other companies are just creating marketing materials and have no immediate desire to change anything within their organizations. Others, however, are suspected of committing a new type of fraud—“greenwashing.” This refers to companies that make unsubstantiated claims about how environmentally friendly their products or services really are. These latter kinds of companies are just preying on people’s goodwill. What is your understanding of the initiative? What companies have you seen that are doing this the right way, while the others are just creating a facade for this community action. Give examples to support your answer. How critical are these issues for strategic planning for companies and their corporate governance? What are the legal requirements, if any, to be called a sustainable company? Will the current health crisis derail this proposition to ‘go green’? What is the government currently doing to such laws? Is sustainibility expensive to implement in companies?
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