The Role of the Insurance Industry to Promote Environmental Sustainability

2021 ◽  
Vol 12 (1) ◽  
pp. 20-20
Author(s):  
Soumya Sasidharan ◽  
Dr. V.K. Ranjith ◽  
Dr. Sunitha Prabhuram
Keyword(s):  
Sustainable Development ◽  
Environmental Sustainability ◽  
Insurance Industry ◽  
Business Environment ◽  
Vital Role ◽  
Green Products ◽  
Sustainable Business ◽  
Secondary Sources ◽  
Definition Of ◽  
Sustainable Insurance

In today's world concept sustainable development is the most important aspect of any organization. This paper aims to identify the contribution of the insurance industry and its role in promoting sustainability. The definition of "sustainable development means without compromising the need of the future the present need of the society must be fulfilled in a competitive business environment"(World Commission on environment and development,WCED,1987). Sustainable insurance is the new concept that emerges in the current state, that every country adopting now. The insurance industry plays a vital role in development of sustainable business through green products and services. This paper is focused on the secondary sources of data from research publications, websites, books, journals, and articles. Sustainable insurance is aimed primarily at developing innovative or green products and services, reducing risk, improving company efficiency, and supporting environmental, social, and financial sustainability. Sustainable insurance indicates to maintain a balance between the society and insurance industry without squandering the resources of nature for the growth and enhancement of the whole community. Keywords: Insurance, Sustainability, Green products and services, Sustainable insurance.

Insurer’s Role in Intensifying Environmental Sustainability And Social Development

2021 ◽  
Vol 6 (3) ◽  
pp. 126-133
Author(s):  
Soumya Sasidharan ◽  
V.K. Ranjith ◽  
Sunitha Prabhuram
Keyword(s):  
Social Development ◽  
Environmental Sustainability ◽  
Insurance Industry ◽  
Jel Classification ◽  
Green Products ◽  
Secondary Sources ◽  
Current State ◽  
New Business ◽  
Sustainable Insurance

Objective – Sustainable insurance is the new concept that emerges in the current state, that every country adopting now. The objective of the study is to identify the insurance industry's role and contribution to promoting environmental sustainability. To outline sustainable insurance and sustainable/green products and services. Methodology – This paper explores the contribution of the insurance industry and its role in promoting environmental sustainability and social development. This is a theoretical paper, focused on the secondary sources of data from research publications, websites, books, journals, and articles. To achieve the objectives, this study will critically review previous literature and assess contemporary views from different perspectives. Findings– Various insurers are frequently focusing on their progress, enhancing their share of the market, and maintaining better risks to achieve marketplace success. Insurers should always be on the lookout for new ways to set themselves apart from the competition. The implication for insurers is that their actions matter a lot when it comes to environmental issues and providing green insurance solutions can open new business opportunities for the industry. The answer may lie in marketing new products related to potential climate change and the corresponding sustainability/green insurance. Novelty – Sustainable insurance is aimed primarily at developing innovative or green products and services, reducing risk, improving company efficiency, and supporting environmental, social, and financial sustainability. There hasn't been a general overview of the role of insurers in enhancing environmental sustainability and social development done yet. Theoretically, our work aids policymakers and other stakeholders in better understanding the role of insurers in enhancing environmental sustainability and social development. Type of Paper: Review JEL Classification: G20, G22, G23. Keywords: Insurance, Sustainability, Green insurance, Green products and services, Sustainable Development.

Challenges Evaluation for Adoption of SCP Practices in Footwear Industry of Bangladesh: A DEMATEL Approach

2018 ◽  
Vol 1 (2) ◽  
pp. 168-184 ◽  
Author(s):  
Kauser Ali ◽  
Md. Abdul Moktadir ◽  
Aftab Ali Shaikh ◽  
Amal Kanti Deb ◽  
Md. Rashed-Ul-Islam
Keyword(s):  
Decision Making ◽  
Sustainable Development ◽  
Supply Chain ◽  
Sustainable Consumption ◽  
Business Environment ◽  
Positive Influence ◽  
Green Products ◽  
Sustainable Business ◽  
Footwear Industry ◽  
Study Results

The footwear industry needs a sustainable business environment due to its remarkable contributions to the economic growth of a country. Sustainable consumption and production (SCP) practices in the footwear industry can act as a pivotal driving factor for sustainable development in footwear sector of Bangladesh. The implementation of SCP practices is not an easy task for the footwear industry since there are numerous challenges in the existing supply chain. Meanwhile, the literature reveals that the lack of studies on relevant industry motivates to carry out this research. Therefore, this research focuses on the state-of-the-art literature by identifying and finding interactions among challenges to SCP practices in the footwear supply chain. Five experts from five reputed and export-oriented footwear industries were assigned to find out the challenges regarding the SCP implementation and the most important 10 challenges were identified based on experts’ feedback. To assess the cause–effect relationship among challenges, a decision-making trail and evaluation laboratory (DEMATEL) technique, a powerful decision-making tool which can find the interactions among factors, was employed. In this study, results showed that five challenges were identified as causal group challenges and remaining five identified as effect group challenges. The causal challenges are lack of top management commitment, absence of market information of green products, inadequate training facility on SCP, motivational gap among consumers, and lack of rules and regulations on SCP practices. Those challenges have net positive influence on effect group challenges such as poor compliance practices, lack of latest technological facility, lack of acceptance on green products, lack of reverse logistics facility, and poor linkage and coordination among lead firms. These results will assist decision-makers to make strategic policy regarding implementing SCP in the footwear supply chain. This study is the first one which deals with the importance of SCP practices in the context of footwear industry, and it is also important for the sustainable development of footwear sector of Bangladesh.

scholarly journals Trade-off between India’s Trade Promotion and its Environmental Sustainability

2019 ◽  
Vol 8 (3) ◽  
pp. 405
Author(s):  
Manasi Gore ◽  
Meenal Annachhatre
Keyword(s):  
Sustainable Development ◽  
Environmental Pollution ◽  
Foreign Trade ◽  
Environmental Sustainability ◽  
National Income ◽  
Petroleum Products ◽  
Economic Sustainability ◽  
Green Products ◽  
Gold Silver ◽  
Petroleum Refineries

The concept of sustainable development involves three components namely economic, social and environmental. In a developing economy like that of India, the economic sustainability demands higher growth of key economic indicators such as National income, employment generation, production, consumption and even the foreign trade. The growth of foreign trade and that of the exports are very critical for the foreign exchange reserves essential to pay for the imports in India. Trade as an engine of the economic growth thus fulfils the essential implication for economic sustainability. But in achieving this growth, economy’s environmental sustainability is at stake. This is because, the top export products of India still comprise of petroleum products (18%) , agricultural products (12%), textiles and yarns together at 11 % and chemicals (10%). All these exports in their production have immensely contributed towards environmental pollution in one way or the other. Mining for gold, silver and diamonds resulted in water pollution, Green House Gas emission, and soil erosion. Petroleum refineries are a major source of hazardous and toxic air pollutants such as particulate matter (PM).Though India’s contribution to the total world trade is yet negligible, while promoting the major exports as mentioned above the natural resources are exploited too much and thus create a threat to India’s environmental sustainability. This paper therefore advocates the need for the Green products’ exports to make India’s growth story even environmentally sustainable. Keywords: Sustainable development, Green products, Exports, Imports, Environmental Pollution

scholarly journals Sustainable Technologies Supported by Project-Based Learning in the Education of Engineers: A Case Study from Poland

Energies ◽  
2022 ◽  
Vol 15 (1) ◽  
pp. 278
Author(s):  
Marzena Podgórska ◽  
Iwona Zdonek
Keyword(s):  
Sustainable Development ◽  
Business Models ◽  
Well Being ◽  
Good Health ◽  
Business Environment ◽  
Project Based Learning ◽  
Sustainable Business ◽  
Sustainable Technologies ◽  
Sustainable Business Models ◽  
Visualization Techniques

The aim of the article is to examine technological innovations developed by engineers as part of Project-Based Learning at one of the Polish technical universities. We examined whether the innovations being developed meet the goals of sustainable development and whether they provide the basis for the introduction of sustainable business models. We analyzed reports from 49 projects implemented in the years 2018–2020 in which 146 scientists, 282 students of the Silesian University of Technology, and 126 experts from the university’s business environment were involved. We performed the analysis using content analysis and visualization techniques. The results show that the studied innovations implement the goals of sustainable development and most of them may become the basis of sustainable business models. The most frequently pursued goals are Industry, Innovation, and Infrastructure and Good Health and Well-Being. Most of the studied innovations can become the basis of the archetype of a sustainable business model called “maximize material and energy efficacy”. We also provide the characteristics of projects that implement the diagnosed goals of sustainable development.

scholarly journals Modeling the Influence of Information Systems on Sustainable Business Performance and Competitiveness

2021 ◽  
Vol 13 (17) ◽  
pp. 9619
Author(s):  
Natasa Djalic ◽  
Milan Nikolic ◽  
Mihalj Bakator ◽  
Zivko Erceg
Keyword(s):  
Sustainable Development ◽  
Information Systems ◽  
Business Performance ◽  
Transition Economy ◽  
Industrial Revolution ◽  
Business Environment ◽  
Future Research ◽  
New Paradigm ◽  
Sustainable Business ◽  
Challenging Environment

The necessity for sustainable development, the coronavirus pandemic, and conducting business within the frameworks of the fourth industrial revolution—Industry 4.0 create a challenging environment where enterprises have difficulties to achieve and maintain competitiveness. Information is becoming a core construct when it comes to conducting business in the modern, globalized business environment. In this paper, the influence of information systems (IS) on sustainable business performance and competitiveness is analyzed. Additionally, the influence of human resource management (HRM) and decision making (DM) on sustainable business performance and competitiveness, as two crucial constructs in the new paradigm of conducting business, are addressed. The relations are discussed from the aspect of sustainable development and future post-pandemic business trends. The main goal is to determine the relations between the noted constructs in a transitional setting. In sum, 184 manufacturing enterprises from Republika Srpska were surveyed via a structured survey, where the focus was on quantifying and modeling the influence of IS, HRM, and DM on sustainable business performance. The results indicate that IS, HRM, DM can affect business performance in a transitional economic setting. This approach is novel, as the existing body of literature does not address all the noted influencing factors on sustainable business performance and competitiveness in a transition economy. Hence, this paper significantly contributes to the existing body of literature and provides a solid basis for future research in this domain.

Glocalisation and Sustainable Business Solutions

2019 ◽  
pp. 53-82
Author(s):  
Michael Abayomi Fowowe
Keyword(s):  
Environmental Sustainability ◽  
Hospitality Industry ◽  
Business Environment ◽  
Sustainable Business ◽  
Global Business ◽  
Strategic Approach ◽  
Strategic Implementation ◽  
Tourism And Hospitality Industry ◽  
Tourism And Hospitality ◽  
The One

This chapter presents glocalisation as a new global phenomenon in providing sustainable business solutions and preserving durability of the business environment in the tourism and hospitality industry. The chapter reveals that the ‘one strategy fits all' (universalism) deficiency of globalization brought glocalisation into the limelight as the best alternative strategic approach in sustaining global business relevance and promoting environmental sustainability in the 21st century business era. The strategic mix of globalization and localisation inherent in glocalisation promotes unprecedented economic growth and the development of developing and emerging economies through promotion of their cultural heritage and historical values. The chapter further discloses that prevalent of global warming giving rise to climate change in the tourism and hospitality industry which can be significantly controlled through strategic implementation of a glocal strategy. It is concluded that glocalisation serves a dual-purpose of providing sustainable business solutions and preserving the business environment.

scholarly journals Evolution of international commitments for fisheries sustainability

2013 ◽  
Vol 71 (2) ◽  
pp. 157-165 ◽  
Author(s):  
Jake Rice
Keyword(s):  
Sustainable Development ◽  
Environmental Sustainability ◽  
Well Being ◽  
Vital Role ◽  
Law Of The Sea ◽  
Fish Stocks ◽  
United Nations General ◽  
International Commitments ◽  
Fisheries Sustainability ◽  
Ocean Law

Abstract Rice, J. 2014. Evolution of international commitments for fisheries sustainability. – ICES Journal of Marine Science, 71: 157–165. The basic standards for the sustainability of fisheries were set by international policy in the UN Fish Stocks Agreement (FSA). However, each year since the FSA was ratified, the United Nations General Assembly has negotiated and agreed to resolutions on Ocean Law of the Sea and on Sustainable Fisheries. This paper reviews chronologically how the interpretation of “sustainability” has evolved in those resolutions, as well as been addressed in the decadal world summits on sustainable development. Although the basic biological benchmarks for sustainability have not been altered by these resolutions, commitments for the standards to be met by all ecosystem components impacted by fishing have become increasingly strong. The annual resolutions have increasingly stressed that environmental sustainability is critically important, but is not more important than social well-being aspects of sustainability, with fisheries having a vital role in sustainable development in many parts of the world. In addition, agreements on biodiversity conservation made largely in Oceans and Law of the Sea resolutions are increasingly influencing the nature and pace of evolution of how “sustainability” is interpreted in fisheries.

scholarly journals Arguments in Favor of Moving to a Sustainable Business Model in the Apiary Industry

2017 ◽  
Vol 12 (3) ◽  
pp. 159-170 ◽  
Author(s):  
Nancy Diana Panța
Keyword(s):  
Sustainable Development ◽  
Business Model ◽  
Environmental Sustainability ◽  
Business Models ◽  
Human Life ◽  
Biodiversity Loss ◽  
Economic Sectors ◽  
Sustainable Business ◽  
Bottom Line ◽  
The Sustainable Development

Abstract Today’s society faces major challenges in meeting future global food demands and solving biodiversity loss, and it quickly needs to find ways in addressing these issues. The places to look for solutions come from the economic sectors that employ the most powerful pressure on these issues such as agriculture. Apiculture, as a branch of agriculture is being more and more recognized as sustaining human life and contributing to sustainability. However, the sector records a progressive decline of honey bees. Therefore, a rapid restructuring needs to take place in agricultural markets, in general, as well as in apiary agribusinesses. Although important, technological progress is insufficient in providing the necessary changes to achieve long-term economic, social and environmental sustainability, which should be considered both within and between generations. Consequently, sustainable business models encourage sustainable development through a triple bottom line approach and provide an analytical tool for firms into assessing the different aspects that are combined in order to create value. Since literature has paid little attention to the sustainable development in the apiary agribusiness, the present paper aims to link the two using a business model perspective and bring arguments in favor of moving to a sustainable business model.

scholarly journals The Impact of the Economic Corridor on Economic Stability: A Double Mediating Role of Environmental Sustainability and Sustainable Development Under the Exceptional Circumstances of COVID-19

2021 ◽  
Vol 11 ◽  
Author(s):  
Haiyan Li ◽  
Javaria Hameed ◽  
Rafique Ahmed Khuhro ◽  
Gadah Albasher ◽  
Wedad Alqahtani ◽  
...  
Keyword(s):  
Sustainable Development ◽  
Environmental Sustainability ◽  
Vital Role ◽  
Primary Data ◽  
Economic Stability ◽  
Revenue Generation ◽  
Mediating Role ◽  
The Impact ◽  
Collection Methods

This study discusses the impact of different economic indicators on economic stability, including honest leadership, improved infrastructure, revenue generation, and CPEC taking into account the double mediating role of environmental sustainability and sustainable development, while considering the latest COVID-19 situation. This study adopted primary data collection methods and obtained data from the employees of CPEC by using questionnaires and smart-PLS for analysis purposes. The results revealed that honest leadership, improved infrastructure, revenue generation, and CPEC have a positive nexus with economic stability. Despite the severe impact of COVID-19 on the country’s economy, the economic corridor plays a vital role in stabilizing the state’s economy and supports all those related to this phenomenal project either directly or indirectly.

scholarly journals Assessing Sustainable Development: Toward a Portfolio of Indices?

2019 ◽  
Vol 12 (4) ◽  
pp. 225
Author(s):  
Yacouba Gnegne
Keyword(s):  
Sustainable Development ◽  
Environmental Sustainability ◽  
Ecological Footprint ◽  
Well Being ◽  
Single Index ◽  
Human Needs ◽  
Weak Sustainability ◽  
Strong Sustainability ◽  
Definition Of

This paper selects and discusses indices that seem to be more connected to the definition of development sustainability and/or allow taking into account issues of weak sustainability and strong sustainability systematically. I appreciate them mostly in terms of their ability to provide information on the fulfilment of human needs sustainably. I defend the idea that rather than being measured through a single index, the assessment of sustainable development requires a mix of indices. The main finding is that this portfolio must meet the triptych: current well-being, sustainability of well-being and environmental sustainability. In this regard, indices such as the HDI, the adjusted net saving and the ecological footprint may constitute such a mix or portfolio.

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