FINANCIAL MANAGEMENT : What is sustainability and why is it critical in today's world - Essay Example

Sustainability is an important practice that can add a lot of value to the activities of a business. The implementation of sustainability practices protects our environment. The expectations of customers have changed and they expect companies to apply sound sustainability practices. The cumulative effects of the industrial activity of mankind since the start of the industrial revolution have contaminated the planet’s ecosystems. The natural resources of the planet have been depleted due to the abuse of humans.

Due to the excessive use of petroleum by the year 2050 petroleum might run out. Deforestation is another issue that needs to be attended. The use of sustainability in business can become a part of the solution to the planet’s environmental problems. Seven of the world’s most pressing sustainability issues are access, accountability, consumer & brands, energy & climate, globalization, resource & ecosystems, and strategy & innovation (Sustainability). The use of sustainability practices can be implemented into our everyday lives.

A way to incorporate sustainability into our lives is by starting a recycling plan. Aluminum, plastic, and paper are materials that can be recycled. Recycling protects our environment by limiting the use of resources. Families can make a little extra cash by selling materials such as aluminum. The price of aluminum is currently $1.14 per pound (Metalprices). A disadvantage of recycling is that for people with limited storage space the recycled materials can be a hassle. Another con of recycling is the cost associated with bags for storage and gas to transport to the recycling center.

The cons of recycling are insignificant in comparison to its benefits. Another way to instill sustainability into our everyday lives is by changing car models. Purchasing a hybrid or electric car is great way to support the environment by eliminating the dependency to oil. The Nissan Leaf is an all electric car model that drives speeds up to 90 miles per hour with a driving range per charge of 100 miles. A third sustainability practice is to reduce household energy consumption by using energy savings appliances and switching to compact fluorescent lights.

Lynn University can incorporate sustainability into its operations in several ways. A sustainability solution that can be implemented at Lynn University is to eliminate the use of paper for examinations. All exams would be taken online through computer terminals. All essays assignments must be turned through email submission. An advantage of this strategy is that the university would save money on paper. A con of the option is that it would require coordination among the administration to have computer rooms available for test examinations.

Deforestation is considered the second biggest cause of climate change (Wn). A second sustainability initiative that the university could implement is to switch the fleet of vehicles of its security guard to energy efficient vehicles. The guards would use electric scooters or electric powered bicycles’ to perform their rounds. Another transportation initiative is for the trolleys used for massive transportation to be switch to trolleys powered by natural gas. These initiatives would save the university money on gasoline expenses.

A con of the strategy is the investment required to replace the fleet of vehicles. The current average price of gasoline in the United States is $3.83 per gallon (Gasbuddy). By the summer of 2012 the price the barrel of crude oil is expected to rise to $200 per barrel which would place the price of gasoline at approximately $7 per gallon. Work Cited Page Gasbuddy.com. 2011. “:Local Gas Prices in the USA.” 22 April 2011. Metalprices.com. 2011. “Aluminum.” 22 April 2011. Sustainability.com. 2011.

“Independent think tank and strategy consultancy.” 22 April 2011. Wn.com. 2011. “Hello Green Tomorrow.” 22 April 2011.