Business & Industry are closely linked with environment & resources utilization. If companies redesigned products & adopts eco friendly business practices they are the ones who are ultimately going to enjoy the fruits.
The benefits can be listed below:-
i)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â The goals of reduction in wastage & resources depletion can be achieved.
ii)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Incorporating environmental issues in the process of developing a product improves corporate performance.
iii)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Eco friendly practices results in more savings. E.g. Process of recycling of the waste.
iv)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Business firms will be able to create wealth if they respond to the challenges of sustainable development as unsustainable products will become obsolete.
v)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Proper environmental costs can be reflected with the help of green accounting system & even consumer would adjust market behaviour in a way that would reduce damage to environment.
vi)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Business firms using eco friendly practices will gain competitive knowledge
vii)             Business, Industry & MNC’s have to recognize environment management as the priority area & a key determinant to sustainable development.
viii)Â Â Â Â Â Â Â Â Â Â Â Sound management of wastes is among the major environmental issues maintaining the quality of environment and achieving sustainable development.
ix)               Conservation is the only way of ensuring a supply for tomorrow’s generations
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