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Charles O. Holliday

Walking the Talk: The Business Case for Sustainable Development 1st Edition

by Stephan Schmidheiny (Author), Philip Watts (Author), Jr Charles O. Holliday (Author)

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The authors argue the business case for sustainable development in this study that explores a range of issues beginning with corporate social responsibility and ending with eco-efficiency.

ISBN-10

1874719500
ISBN-13

978-1874719502
Edition

1st
Publisher

Routledge
Publication date

July 1, 2002
Language

English
Dimensions

6.14 x 9.21 inches
Print length

288 pages
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4.5 out of 5

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Hank Boerner

The Seminal Book on Sustainability from the Business View

Reviewed in the United States on November 16, 2010

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This book is not new (I purchased my copy in 2003) but I find that I return often to Walking the Talk and I have footnotes and reference points galore in the volume. A copy sits on my desk right now - that reminded me to write a review. In the past seven years the sustainability journeys of many of the companies and organizations profiled in the book have continued, changed, expanded and contracted. But looking at Dow, BP, DuPont, Shell, Bayer, Deutsche Bank, Interface, and others, the origins of many of today's corproate responsibility and sustainability trends and events becomes more clear. The Global Reporting Initiative (GRI), for example, is today a much more robust framework and widely used for corporate and organizational sustainability reporting. If you are interested in knowing where the sustainability (and ESG) journey began, and how it kicked into high gear (2003-2010), this volume will be helpful if only for the case histories presented (67 in the book). Some corporate greenwashing, no doubt. But on balance, very useful information for those beginning the journey.

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DAVID-LEONARD WILLIS

Read this book if you want to improve your bottom line

Reviewed in the United States on March 4, 2004

Business has always had as its prime responsibility making profits and this is what most stakeholders seek from their investment. It is only when business is convinced that it will make better profits over the long term by being socially and environmentally responsible that we will see the changes that are required to leave a better world to our children. It was therefore like a breath of fresh air to discover this book written by influential businessmen showing that corporate social and environmental practice will improve both the bottom line and the planet. More than 160 companies have joined the World Business Council for Sustainable Development (WBCSD) and are trying to run their companies in the best interests of human society and the natural environment. Emerging from the vision of a small group of business leaders prior to the 1992 Earth Summit, the WBCSD published this book prior to the 2002 Johannesburg Summit. They found that the term 'sustainable development' is unknown to most of the world's inhabitants and that it is mildly annoying to almost all environment actors and thinkers but some corporations were drawn to it because it is not anti-growth and serious economic growth is required to meet the needs of the current population. Moreover, the issues of sustaining a planet are similar to those of sustaining a corporation - primarily managing a balancing act between the short-term and the long-term - and getting it wrong in either direction can mean extinction. Thinking in terms of sustainable development opens up new ways to grow and led to the more business friendly term of 'sustainable growth'.
As the market is good at reflecting short-term economic realities but poor at reflecting long-term economic realities and environmental realities the WBCSD prepared a report for the 1992 Summit calling for full-cost pricing, taxes and tradable permits rather than regulation, phasing out of subsidies, and accounting changes to reflect environmental scarcity. However, adoption of these measures would result in higher prices and the other two pillars of society - civil society and government - needed to accept such a change. Each sector tends to wait on the other; politicians do not want to become unpopular by pushing for higher prices nor do consumers want to spend more. "There will not be real progress until business, government, and civil society team up in new and dynamic partnerships."
Adoption of the phrase 'eco-efficiency' was a conceptual breakthrough that allowed moral and ethical practice to be linked to good business practice and set an agenda of producing more with less - a package that would make companies more competitive. Companies could be more profitable while keeping a human face and as few companies were prepared for consumer's ability to get their concerns into board rooms, managing a company's reputation became a central element in managing a corporation. This led to companies adding an environmental section to their annual financial report and reporting on the triple bottom line - financial, environmental and social. This has already brought about some radical changes. "Companies that once sold paint to car companies now sell the service of painting cars. So where once they improved their bottom line by maximizing cans of paint sold, they now improve the bottom line by minimizing the use of paint per car." DuPont decided that if it wanted its business to be sustainable it had to improve earnings by using fewer raw materials. This lead to the concept of shareholder value added (SVA) per pound of production and the goal of doubling the SVA of Kevlar fiber over the next five years. "Dupont Flooring Services has developed a system to offer certified installation, patented maintenance and end-of-life recycling to the already world-class carpet offering of DuPont Antron." At DuPont the question of whether sustainability improves the bottom line is not asked any more: "That is how we will get our bottom line, and that is how we will create value for our shareholders and for society."
By devoting 2% of its annual capital investment to environmental performance, a Swiss-based company has a vision of being a 'zero-equivalent carbon dioxide emission company' through a 5% pa annual reduction of energy per unit, increased use of alternative and renewable energy and by planting 35,000 hectares of land with trees to compensate for the remaining emissions, with a projected saving of $1 billion between 1994 and 2010. "Thanks to these measures, the planet has been spared the burden of another 100-megawatt power plant; the water we have saved could quench the thirst of 50 million people a year. We are using 28% less electricity and 45% less water than in 1994 for the same output. This translates, with a large increase in volume today, into a saving of $50 million in 2000 alone."
This book has 67 case studies that present current leading edge thinking. For a company that believes that it will remain competitive by neglecting environmental issues, this book will be an eye-opener. For others it is impossible to read this book without coming away with ideas for improving performance and the bottom line.

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Bill Godfrey

a persuasive business case

Reviewed in the United States on April 30, 2003

In the next society', observes Peter Drucker, 'the biggest challenge for the large company - especially for the multinational-may be its social legitimacy: its values, its missions, its vision.' (quoted on P. 128 of Walking the Talk).
The World Business Council for Sustainable Development (WBCSD) is an association of over 160 large companies who believe that the imperatives of making a profit are compatible with "... [running] their companies in the best interests of human society and the natural environment, now and in the future."
The book seeks to explore the opportunities and problems in doing so, and to describe the progress made over the last ten years. It is overtly evangelical, seeking to recruit more successful businesses (and specifically their CEOs) to the cause of sustainability as the authors define it. The authors are writing within a mental model that believes in the benefits of free markets, globalization, continuing economic growth and in the contemporary model of business. Although they recognize that there are alternative mental models, their primary purpose is not to address these, but to persuade those who share their broad views (which would include the vast majority of business people) that a concern for environmental sustainability and social justice is good business - that pursuit of these wider goals is the best way of ensuring a healthy bottom line now and in the future.
The book is well argued within its framework. More important, it carries the names of three of the world's most senior Chief Executives, which gives it immense clout in its avowed task of persuading other CEOs to joint the sustainability movement.
A 'foundation' chapter, which describes the business case for sustainability, is followed by a brief overview of each of ten key elements in moving toward sustainability, with each chapter illustrated with detailed case studies (significantly, they are nearly all companies and utilities which supply to industrial markets).
In building their case, they identify the dilemmas, and particularly the issue of how to balance concern for the future with prudence in the present. They also note that current market failures (failure to price for 'externalities', perverse subsidies, inappropriate tax regimes) make it more difficult to persuade many companies that pursuit of sustainability is in their best interest. In consequence, they call for partnership with government to correct these problems, and describe experience to date and needs for the future.
The 'ten building blocks' therefore include chapters on The Right Framework - what conditions are needed for business success truly to reflect sustainable operation - and From Dialogue to Partnership - how to enter partnership with the full range of stakeholders.
Too much of the literature on sustainability is taken up with immoderate attack on business and globalization - often with the inference that it is inherently evil - and equally immoderate defence of the (implied) perfection of the present state of globalization and behaviour of companies. It is therefore very refreshing to have an impeccable business source that acknowledges the move to sustainability as important business that is still in its early stages and is prepared to describe the successes, failings, dilemmas and rewards on the journey to sustainability.
Given their objective, there are some important and difficult issues that the authors do not tackle. For example, Hamilton in Growth Fetish, points to:
* the inadequacy of economic measures of progress,
* the importance of a distinction between growth and development and
* the evils of a framework that systematically promotes over-consumption.
These issues need to be argued, and could have very serious implications for business, but they are not the subject of this book.
Those who have a radically different view of the current business system and who disagree with the authors' views on globalization may well see the book as simply offering symptomatic solutions without tackling the real issues. They will none the less take comfort from the fact that community protests about unacceptable business activities (environmental degradation, comfort to repressive regimes, sweatshop labour) clearly send signals that influence the behaviour of corporate decision makers.

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Walking the Talk: The Business Case for Sustainable Development 1st Edition

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