Sustainability is generally defined as meeting the needs of resent without compromising the needs of the future. It includes not only capital or the environmental sustainability but also constitutes social and economic capital as well. This report is about understanding how Colorful Corporation can reconcile the need to be socially and environmentally sustainable with the demands of the market based system aiming for growth and profit.There are six important World Foresight Forum themes that will be discussed in detail aiming to address the factors to be considered for a sustainable Colorful Corporation while providing the vision, strategy and their implications which are : Ecology and Sustainability Population and Demographics Economy Science and technology Geopolitics and Security Society and culture Some key conclusions are: Degradation of natural basis of human life, the high number of people struggling for basic living standards and the resulting threats to peace and security.
Innovative concepts like Brand valuation, going Green and adding value for economic sustainability. Addressing global challenges such as climate change for sustainability. Population balance and population ageing as an effect on economic sustainability.
Key recommendations are: Ecologically sustainable guidelines will encourage Colorful Corporation to reach optimum business performance by minimizing the manufacturing cost, enhancing company’s image and attracting new customers by promoting innovative ideas.The creation of new organizational procedures such as ecological sustainability guidelines that can be used in manufacturing industry to mitigate risk and improve business growth and also the returns. Recognize that the numbers and characteristics are the heart of sustainable development challenges and of their solutions.
Facilitate the inevitable trend of increasing arbitration in ways that ensure limitlessness are under control. Design and establish cultural policies or review existing ones in such a way that they become one of the key components of endogenous and sustainable development.Invest in people’s education and health including reproductive health to slow population growth. Accelerate their transition to green technologies. Application of advances in technology, in conjunction with Colorful Corporation and innovative approaches to the creation and delivery of goods and services 2 may result in economic growth if market structures and the regulatory environment enable the more productive activities to expand Promote to this end the integration of cultural policies in to economic development in particular as regards to their interaction with social and economic policies.
Understand that design for research strategies should be integrated at both the national and regional levels in order to promote frameworks for discussion and analysis of situation, promoting new mechanisms when necessary and the development of programs to put strategies in to practice. 2. AIM The aim of this report is to identify and analyze the issues that may define a sustainable economy and its effect on the governance of The Colorful Corporation. This report will also aim to provide advice and recommendations concerning vision and strategy that may be considered for a sustainable Colorful Corporation in future.
4 3. INTRODUCTION human welfare needs. “An economic system is not only an institutional device for satisfying wants and needs but a way of fashioning wants in the future”(Orals, 1971). The banking crisis of 2008 led the world to the brick of financial disaster that concluded the need of understanding how to tackle poverty and ensure growth at the same time. But, Colorful Corporation is concerned about how to achieve future economic growth while protecting the environment at the same time is further more complicated.These days we regularly come across this term “sustainability’ in businesses being used to address different issues like “sustainable agriculture”, “sustainable economy’, “the need to be sustainable”, “sustainable work practices”, “economically sustainable” etc. Sustainability is generally defined as meeting the needs of present without compromising the needs of the future.
It includes not only capital or the environmental sustainability but also constitutes social and economic capital as well.This report is about understanding how Colorful Corporation can reconcile the need to be socially and environmentally sustainable with the demands of the market based system aiming for growth and profit. There are six important World Foresight Forum themes that will be discussed in detail aiming to address the factors to be considered for a sustainable Colorful Corporation while providing the vision, strategy and their implications. 5 4.
FACTORS/ ISSUES A. Ecology and Sustainability: The industrial revolution marked a huge turning point on our planet earth’s ecology and also humans relationship with its environment Shirtwaists,1995).Along with the industrial revolution came in a vision that more goods will be produced for human consumption but it also invited more pollution (air, water and soil) to be mixed in to the earth’s atmosphere as well as more non- renewable resources will have to be exploited to cater the need for more production which caused a threat to both the environment and to the life which has become a matter of concern for Colorful Corporation in its business planning and its governance.Therefore changing mentality of being environmentally responsible for a teeter future, sustainability and well being of the mankind would urge Colorful corporation to develop long term strategy linking ecological aspects into its business planning.
The main cause of ecological instability is the irreversible of ecological rhythm caused directly by technical hindrance with the environmental resources irrespective of how much material wealth is produced and majority of the natural resources are wasted in the process (Schmidt-Belle, 1993).The impact of ecological disruption is increasing and it reflects on the economies as well in the form of storms, floods and droughts. It therefore makes sense that Colorful Corporation Join hands to a more resource efficient and Green Economy in which economic growth, social equity and human development go hand-in-hand with environmental security.
Positive economic and scientific data demonstrates the benefits of switching to a Green Economy (UNEVEN, 2012).The current definition of “Green” contains the notion of “helping to sustain the environment for future generations (Borderland Commission, 1985). While today’s urgencies demand more immediate and specific return to launch products with positive cash flow, reduced energy and operating costs thus laminating of waste while adding value for customers. 6 The concern here is the uncertainty of actual cost of going Green where it is contended that is more expensive and urged a focus on long-term cost savings to justify its use now.In order to achieve potential outputs, Colorful Corporation will require the creation of new organizational procedures such as ecological sustainability guidelines that can be used in manufacturing industry to mitigate risk and improve business growth and also the returns. Thus business practices by reducing waste, reusing material, conserving energy etc.
An potentially save costs. Also, customers are aware of CEO friendly products and they are drawn to businesses that genuinely use ecologically sustainable business practices.Such practices will also facilitate for a corporation’s public relations and corporate image. B. Population and Demographics : “Human beings are the Centre of concern for sustainable development. ” This was the view expressed at the 1992 ROI Declaration on Environment and Development. Thus, changing numbers, characteristics and distribution of human beings on the planet is vital for any analysis and opportunities n sustainable development (CASSIA, 2011).
The analysis about population distribution and its impact on the environment like global warming cannot differentiate the contribution of subgroups of the population incurring real factors as different lifestyles, incomes and consumption that has different impact on the environment. Likewise, production of some goods use more natural resources, others involve the production of more pollutants and also the distinction between consumption for survival and consumption for luxury needs to be addressed for guiding policies that aim an unsustainable consumption (CASSIA, 2011).Another factor is the “population Balance” which is based on too rapid population growth as well as population ageing which may potentially bring negative effects on social, economic and environmental adaptation of the society as too rapid population growth may result in compromising with education facilities and rapid ageing may result in stressed old age security. Also, migration and fertility level for instance in some Asian countries fertility level is very high as compared to the European or American countries which also has vital impact in understanding the role of population in sustainable development leading to sustainable economy.Therefore, Investment in human capital such as education and health including fertility to slow population growth and to improve people’s adaptive capacity to environmental change by transition to “green technologies”. Another implication can be identification of demographics that contribute to degradation of environment especially in developing countries that are more vulnerable to its consequences in according to age, gender, education and standard of living.
C.Economy : Economics is traditionally about how one allocates scarce resources and economic sustainability can be described as the process of allocating and protecting scarce resources ensuring positive social and environmental effects (Toupee and Gazed, 2001). Economic sustainability is a complex process, if businesses or countries understood this fully then there would be full employment, less poverty and possibly no recessions. “The global economy is almost five times the size as it was half a century ago.If it continues to grow at the same rate the economy will be eighty times that size by the year 2100″Jackson) which means more degradation of ecosystem as or poorer countries, where growth will continue for quality of survival and for richer countries where material wealth adds little further to the quality of life. The reason to such a problem is clear that modern economy is dependent on economic growth for its sustainability that itself is a threat to future ecological stability. 8 For Colorful Corporation it is vital to address factors that may lead to economic sustainability.
For a company it is important to look into its profit, dividends and capital growth but shareholders demand purpose and long-term potential strategy or its value. The management system on economic sustainability within the firm is quite weak as it must be taken in to account that scarce resources must be used efficiently and effectively from local to global level for sustainability. Also managing “Green Economy’ by looking at the risks and opportunities involved may potentially capture future economic performance for both shareholders and stakeholders.Cash flow management and a firm’s future financial management, investing policies and brand recognition (which is one of the positive valuation process to generate future earnings) on going Green along with concern for environmental sustainability. Therefore, it is possibly important to make a start with very crude and modest indicators as both internal and external management tools are essential for a sustainable economy for long-term survival. 9 D.Science and Technology : The major sustainability challenge being faced in terms of science and technology is poverty, population, pollution and deficit in participation which means science is striving to understand both the natural and the cultural world in the way they interact and find ways out of the sustainability crisis.
The effort to create a product in a manner that minimizes its adverse effect on the environment making it more economically viable, socially acceptable and ecologically tenable is generally misunderstood as becoming more environmental friendly meant more expenses rather than opportunities.The growing environmental awareness among consumers that has an impact on their purchasing decision creates valuable opportunities to produce Green products to generate new revenue regime. Thus, innovation is important to help address global challenges such as climatic change and sustainable development. The key focus is to create the major innovation necessary to enable a sustainable growth and ensure its acceptance in the society.After all, it is a challenge to do more with limited resources and to deliver new products and services faster and cheaper. The application of advances in technology, in conjunction with Colorful Corporation and innovative approaches to the creation and delivery of goods and services may result in economic growth if market structures and the regulatory environment enable the more productive activities to expand. This said, innovative effort itself, including formal research and placement, remains the essential ingredient for growth. 0 An integrated approach to research and management is required that may have many facets in terms of disciplines between science and policies, between understanding and action, among spatial-temporal scales, among qualitative and quantitative factors and among science and other forms of knowledge (Galloping, 2003).
Colorful corporation must keep into an account that decisions that are taken in the workplace, science and technology research laboratories, legislation forums etc. Should include all the stakeholders in the subject being researched, particularly hen they will be adversely affected by the outputs of science and technology.Policy reforms may be needed to strengthen innovation and productivity outcomes.
Improving the business environment for innovation is especially important as business is the main driver for innovation and creativity. For Colorful Corporation it is important to understand that design for research strategies should be integrated at both the national and regional levels in order to promote frameworks for discussion and analysis of situation, promoting new mechanisms when necessary ND the development of programs to put strategies in to practice.It is essential to mobile scientific and technological know-how in order to identify and achieve alternative forms of integration into the economic growth of the company. E.
Geopolitics and Security : Despite the increasing popularity of discussions on globalization, the fact there is still no widely agreed term in terms of economic sustainability. Recent economic events in Asia challenged the more simplistic assumptions of either coming to Asian dominance in world affairs, or ego-economic competition as a major concern for security analysts.On going humanitarian disasters in various parts of the world continually suggest widespread human insecurity.
Globalization is the term often used in order where enhancing global trade and restructuring both states and international regimes to enhance global reach of international capital is primary political desideratum (Agene and Cartridge, 1998). 11 The increasing global demand for energy, food, water and raw materials is resulting in fuel extraction from unconventional fossil-fuel sources, such as tar sand oils, shale gas and deep sea-drilling and involves high environmental costs and risks.Research states that such trends are unsustainable (Restroom, 2009). The scarcity of such resources will cause price hike and ego-political tension in future. For instance Water scarcity in many countries has raised the thorny issue of water security. In Asia, Pakistan has been identified as at extreme water security risk, while China, India, Bangladesh, Thailand and Cambodia are considered as high risk, according to a 2010 index by Inflector.The Index identifies risks across supply chains, operations and investments of multinational companies.
According to the United Nations, an estimated 40 percent of intrastate conflicts over the past 60 years are associated with natural resources, and since 1990 at least 18 violent conflicts have been fueled by the exploitation of natural resources and other environmental factors. In such structural economic crises, the demand for government regulations of the market system comes from many sides.An important part of the whole question of security is the ability to specify matters of danger, invoke emergency measures and gain at least some political adherence to the crisis. According to the World Bank, sensible policy assures would not be at the expense of short-term growth. Although Green growth will lead to new knowledge, Jobs and sectors, other sectors will experience a decline in this process of creative destruction. This is a clear argument that is going to run around sooner or later.To prevent this from happening, it is crucially important that vested interests are dealt with and assist existing sectors.
F. Society and culture: Social sustainability is a positive condition marked by a strong sense of social cohesion, and equity of access to key services (including health, education, transportation and recreation). The society values are the basis upon which everything else is built. These values and the way they are expressed are a society culture. 2 Ecologically sustainable development, economic sustainability, social capital, community wellbeing and capacity, government planning and active citizenship are the concepts gaining currency in government circle as ways to argue and enhance an exclusively economic view of the world. Recent studies have affirmed that there are many values informing the society that is opposite to that based on production of goods and focus on good.
A society cannot survive unless it is able to maintain and evolve, among its constituents, a shared expression of, and commitment to, “a sense of meaning and purpose”.Developing and maintaining this sense is cultural action. Therefore, In order to have economic sustainability to be more effective, Colorful Corporation needs to consider that its methodology should include an integral framework of cultural evaluation along similar lines to those being developed for social, environmental and economic impact assessment.
It is also essential for the Colorful Corporation to accept that “application of culture” examines the ways that ultra is integral and acknowledged by the paradigms of public planning, in particular to those that prominence on sustainability and wellbeing as the key goals.Population balance and population ageing may potentially bring negative effects on social, economic and environmental adaptation of the society. 13 Innovative concepts like Brand valuation and going Green are beginning to make some inroads into this confusing terrain. Managing sustainability can help Colorful Corporation rise above into a more strategic governance environment which enables Roth of economic value-added, a planned accumulation and distribution of increasingly intangible assets, and prudent management of risks and opportunities.Ecologically sustainable business practice efforts into company’s overall business strategy and this can be done in a cost-effective way to address green production issues while maximizing growth and returns for the corporation. Innovation is the core of a successful long-term business and can lead to more business value if the business pursues a path to sustainable development and incorporates the issues of