Sustainable Development Strategy through GRI with Reference to VEDANTA Company

Abstract

Sustainable development has become one of the key principles for succeeding human development goals while at the same time strengthening the power of natural systems in order to provide ecosystem services which the economy and society depends upon. The
society’s end result is where the use of resources and the living conditions prolong to meet the human needs without hindering the balance of the natural systems. If ever focusing on Environmental sustainability, it will have a concern with the natural environment and how it remains diverse and productive. For natural resources are derived from the environment, the state of water, air, soil are of particular concern. GRI (Global Reporting Initiative) has an important role to form a framework of sustainable development in businesses, government and other organizations. The goal of the sustainable development process is to achieve the status of ‘sustainability’ in all communities. It is important to make compatible with developed and flexible using the standards laid down by GRI therefore in the long term, strategies’ of sustainable development should assist the continuance of the system of biodiversity of city and suburbs through the active protection and sustainable utilization of natural sources. Therefore in order to achieve sustainability, it is necessary to make structural reforms as regarded in the standards set by GRI and to create some deep and fundamental changes in all levels of communities. Sustainable Business Models (SBM) integrates a triple bottom line approach and includes stakeholder interests, including the environment and society. They are important in implementing business innovation for sustainability and can help fix sustainability into corporate purpose, and serve as a key driver of competitive advantage. This study focuses on the analysis of the sustainable development of Vedanta Company.