1st Edition

Walking the Talk
The Business Case for Sustainable Development

ISBN 9781874719502
Published July 8, 2002 by Routledge
288 Pages

USD $34.95

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Book Description

Ten years on from the Rio Earth Summit, world leaders will gather again in Johannesburg for the World Summit on Sustainable Development in September. As planetary anxieties about globalization, poverty and climate change grow, where does the international business community stand? Are they a barrier to change or an engine for it? 

One outcome of Rio was Changing Course, the hugely influential book by Swiss industrialist Stephan Schmidheiny, which argued that business needed to be part of the solution to global environmental degradation. Now, Schmidheiny has joined with fellow prime movers in the World Business Council for Sustainable Development (WBCSD – the key business organization focusing on policy research and development in this crucial area), Chad Holliday, Chairman and CEO of DuPont; and Philip Watts, Chairman of Shell; to spell out the real business case for addressing sustainable development as a key strategic issue. 

The results are ground-breaking. For the first time, leading industrialists are arguing that not only is sustainable development good for business, the solving of environmental and social problems is essential for future growth. Drawing on a wealth of case studies and personal interviews from business leaders operating around the world, Walking the Talk clearly demonstrates that the vanguard who have operationalized leading-edge environmental and social initiatives are benefiting in a myriad of ways that benefit the bottom line – and the planet. The book argues that the time for rhetoric is over. The business of business has changed.  Even more remarkably, the authors insist that a global partnership – between governments, business and civil society – is essential, if accelerating moves towards globalization are to maximize opportunities for all – especially the world's poor. As Chad Holliday recently stated in an address to the United Nations: "Given existing technology and products, for all six billion people on the planet to live like the average American, we would require the equivalent of three planet Earths to provide the material, create the energy and dispose of the waste." Such an option is evidently not available and the book argues that far more eco-efficient and socially equitable modes of development must be pursued in order to allow poorer nations to raise their standards of living.

The solution provided by Walking the Talk is to mobilize markets in favour of sustainability, leveraging the power of innovation and global markets for the benefits of everyone – not just the developed world. This means a further liberalization of the market-a move that would be condemned by anti-globalization protestors. Yet, as the authors argue, business cannot succeed in failing societies. When the global market fails poor countries, where most of the world's people live, it will also eventually fail business. Subsidies for rich countries' products and tariffs against poor countries' products do not constitute a "free" market, or one that best serves people or business. Similarly, governments cannot subsidize fossil fuels or water and expect businesses, or ordinary citizens, to use them efficiently. So, a new, fair and equitable market is needed. A market that can work for all. The authors therefore call on protestors against globalization to stop protesting against the market and instead to campaign instead against the perverse policies that impoverish people and their environment. Walking the Talk explores the opportunities and challenges inherent in eco-efficiency (producing more with less), corporate social responsibility, and a transparent, "wired" world where reputations can be irreversibly damaged – or enhanced – in real time. It also devotes a chapter to ways in which corporations can and must "learn to change". It examines the new partnerships needed among companies, governments, and civil society to produce real change, and the ways in which these alliances can work for all concerned. And it argues that consumer choice and consumer information should be encouraged as a positive force for sustainable development. Only what is valued is carefully used and so creating markets for environmental goods and services may be the best way to protect scarce resources. This is especially true in efforts to mitigate the effects of climate change, where business-like approaches, such as the development of carbon trading, offer workable solutions to policy-makers. 

Whether small, medium or large, all businesses must innovate and change to meet the social and environmental challenges of the coming years. Walking the Talk provides a broad set of proven roadmaps to success as well as real-life inspiration for business to embrace the real challenge – to build a global economy that works for all the world's people.

Table of Contents

Part I: The FoundationThe Business Case for Sustainable Development  Part II: The 10 Building Blocks1. The Market2. The Right Frame3. Eco-efficiency4. Corporate Social Responsibility5. Learning to Change6. From Dialogue to Partnerships7. Informing and Providing Consumer Choice8. Innovation9. Reflecting the Worth of the Earth10. Making Markets Work for All

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... this is an excellent book on corporate responsibility ... everyone is going to find some practical advice that will help them get on with the job, especially those readers that are in the privileged position to be responsible for creating the leadership vision of corporate responsibility. - Ethical Corporation |

Where this book scores is on making the point that the business of business should be a humane one, that social justice is at the heart of business and that, currently, markets are flawed by not including full-price costing for environmental and social impacts. - The Journal of Corporate Citizenship

 ... this book is most welcome as an example of a group – the World Business Council for Sustainable Development (WBCSD) – of multi-nationals and their leaders showing a willingness to draw the circle to include more than the narrow, short-term self interest of their companies. I think this book is of major importance – so I'm not going to chip away at it in the usual manner of reviewers. Why? Because this book is that important and it matters that the authors have their say. Please, please read this book. - ManagementLearning.Com

... it is a primer in a novel and controversial approach to corporate organisation and management, as practised by the 160 or so member companies of the World Business Council for Sustainable Development (WBCSD). - Chemistry in Britain