ABSTRACT
Chapter 3 translates the theoretical perspectives from science and economics covered in Chapter 2 into principles and foundations for environmentally sustainable business. The inherent tensions and trade-offs in sustainability, such as between natural and human-made capital, between economic growth, competitiveness and environmental protection, between technocratic, anthropocentric and ecocentric views of the environment, and the role of technology as contributor to or alleviator of environmental degradation are explored before looking at how the regulatory framework helps address these tensions, underpinned by standard-setting philosophies and principles such as the polluter pays, prevention and the precautionary principle. Three types of regulations are introduced: command and control regulation (using standards), market-based regulation (using incentives) and voluntary self-regulation by industry. The relationship between legislators and companies is explored before providing a general overview of guidelines and tools that can be used by both policymakers and businesses. These comprise environmental impact assessments (including risk, cost-benefit and life cycle analysis), eco-efficiency, the triple bottom line, The Natural Step and finally mission zero as the culmination of regulatory and corporate sustainability efforts aimed at a footprint of zero – zero emissions, zero waste and zero pollution. Suggested questions and activities conclude the chapter alongside sources and further reading.
