• Varun Kapur

Roles of Corporates & Government

The Road to a knowledge based Smart Economy:

  • Collaboration between public and private sector: Represent -> Regulate -> Develop

  • Leverage diversified intellectual capability in the city

  • Establish a task force to implement the initiatives

  • Setup open data platforms for entrepreneurs to work on / from (not for the government to consolidate)

  • Involve more SME's in the process of innovation

  • Collaborate with government and gain inclusive participation from the private sector

Role of Corporates

Some organizations have begun to experiment with various new tools and concepts. Whether it be a matter of ethics or just strategic advantage organizations are internalizing sustainability principles. Examples of some of the world's largest and most profitable corporations who are shifting to sustainable practices are:

Ford, Toyota, BMW, Honda, Shell, Du Pont, Swiss Re, Hewlett-Packard, and Unilever.

An extensive study by the Boston Consulting Group reaching 1,560 business leaders from diverse regions, job positions, expertise in sustainability, industries, and sizes of organizations, revealed the many benefits of sustainable practice as well as its viability.

The three major barriers to preventing organizations to shift towards sustainable practices are:

  1. Not understanding what sustainability is

  2. Having difficulty modeling an economically viable case for the switch

  3. And having a flawed execution plan, or a lack thereof

Therefore the most important part of shifting an organization to adopt sustainability would be to create a shared vision and understanding of what sustainability is for that particular organization, and to clarify the business case

Role of Government

  • Key Roles: Administering natural resource management, implementing environmental protection legislation and providing professional judgement through skilled technicians on behalf of the public.

  • Conducting a national review and, where appropriate, improve the processes of decision-making so as to achieve the progressive integration of economic, social and environmental issues in the pursuit of development that is economically efficient, socially equitable and responsible and environmentally sound.

  • Adopting a domestically formulated policy framework that reflects a long-term perspective and cross-sectoral approach as the basis for decisions; analysis should also include assessment of costs, benefits and risks.

  • Monitoring and evaluating the development process systematically, conducting regular reviews of the state of human resources development, economic and social conditions and trends, the state of the environment and natural resources.

  • Ensuring transparency of, and accountability for, the environmental implications of economic and sectoral policies; and access by the public to relevant information, facilitating the reception of public views and allowing for effective participation.

  • Improving the use of data and information at all stages of planning and management; analysis should stress interactions and synergisms; a broad range of analytical methods should be encouraged so as to provide various points of view.

  • Establishing procedures for involving local communities in contingency planning for environmental and industrial accidents, and maintaining an open exchange of information on local hazards.

#smarteconomy #globalisation #SME #collaboration #ethics

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