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Sustainable Value Creation
CSR is no longer about risk mitigation and “doing no harm;” it’s about shared value creation.
Originally posted on the CSRwire website.
By Elaine Cohen
CSR is not what it used to be. Long gone are the days when managing your carbon emissions and contributing to the community were good enough. Today, the talk is about sustainable value creation. But is this a realistic objective for most companies?
CSR is no longer about risk mitigation and “doing no harm.” It’s no longer about being a responsible corporate citizen, paying taxes, developing employees or reducing carbon emissions. This kind of CSR activity may be a necessary stepping stone to sustainability but its return is limited. There is only so much money you can save by reducing your water consumption and only so many stakeholders you can appease by expanding your community outreach. The real prize is when the corporation moves beyond CSR.