In a turbulent world, businesses that embrace sustainability are often the ones that prosper. Consumers and other stakeholders are concerned about the state of the planet and demand responsible action from companies.
Sustainably operating businesses are responding to the changing expectations, and the best ones can both anticipate and prepare for them. That involves taking into account a wide range of economic, ecological and social impacts that may affect the company’s own activities and networks.
“The issue is important because responsible business is a powerful solution to global problems. Sustainability is the only feasible approach to business these days," says Paavo Ritala, professor of strategy and innovations at LUT Business School.
Sustainable businesses aim to withdraw from the conventional race-to-the-bottom thinking where environmental or labor regulations are eased to remove obstacles to successful business.
LUT Business School believes that Europe cannot become involved in a competition to see which countries give businesses the best tax advantages, lowest wage requirements or most efficient infrastructure at the expense of environmental values.
“The prosperity and well-being of a nation must be founded on the promotion of sustainable and responsible businesses. This also includes economic responsibility; for instance, where the company pays its taxes”, says Ritala.
Learn how sustainable business combats global irresponsibility: https://www.lut.fi/en/articles/sustainable-business-combats-global-irresponsibility
