Cimate change, mainly caused by greenhouse gases, is the greatest threat facing the world today, and blame for global warming lies squarely on environmentally irresponsible corporations and governments. The effects of global warming are so well known that even school children are familiar with them.
But there are companies trying to do their bit to clean up their act. For example, 3M put a US$300 million business on hold because it was concerned about the impact of the product's manufacturing process on the environment. In 2001, it temporarily discontinued its Scotchgard range until a new formulation was found that did not leave chemical residue.
This diversified technology company, set up in Minnesota, North America in 1902, has long been a market leader in terms of corporate social responsibility (CSR). It had the foresight to initiate a pollution prevention programme 33 years ago, long before corporate social responsibility became widely discussed in the business community.
Key to the company's commitment to corporate social responsibility is an understanding that it is complementary to its business. The company knows that the success of a brand is increasingly dependent upon how the employer interacts with its workforce, community and environment. It also knows that corporate social responsibility has to be an integral part of its everyday workings.
'We recognise that corporate social responsibility is not a separate initiative from what we do as a business. Of course there is a cost involved, but it adds value to society and eventually it also adds value to our customers, shareholders and employees,' said Jeffrey Xu Jiwei, managing director, 3M Hong Kong. 'Corporate social responsibility is not a goal or a destination for us, it is an ongoing process. It is part of our DNA,' he said.
Mr Xu said that Hong Kong-based companies were starting to realise the importance of corporate social responsibility.