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Research Article | Open Access
Volume 16 2024 | None
Unraveling the Tension: Corporate Greenwashing and its Impact on Environmental, Social, and Economic Development – An Assessment
Dr. G. YOGANANDHAM
Pages: 179-184
Abstract
In recent years, the corporate world has witnessed a surge in sustainability initiatives as businesses strive to align themselves with environmental, social, and economic development goals. However, a growing concern surrounds the authenticity of these efforts, giving rise to the phenomenon known as Greenwashing. This article explores the intricate web of tensions arising from corporate greenwashing and its implications on the delicate balance between environmental preservation, social responsibility, and economic prosperity. The study delves into the concept of greenwashing, examining its manifestations and the strategies employed by corporations to create an illusion of sustainability. It critically analyzes the consequences of greenwashing on the environment, society, and the economy, shedding light on how misleading corporate practices may exacerbate rather than alleviate the global challenges we face. Furthermore, the article investigates the impact of greenwashing on consumer trust and the erosion of the social contract between corporations and society. By drawing on case studies and real-world examples, it highlights the potential harm caused by companies exploiting sustainability narratives for marketing purposes without making substantive contributions to sustainable development. The tension between environmental, social, and economic development is explored through the lens of greenwashing, examining how the prioritization of profit over purpose can hinder genuine progress. The article also discusses regulatory frameworks and industry standards aimed at mitigating greenwashing, evaluating their effectiveness and proposing potential improvements. Ultimately, this article aims to contribute to the ongoing discourse on corporate responsibility and sustainability by providing a comprehensive analysis of the tensions arising from greenwashing. By understanding the multifaceted impacts of deceptive corporate practices, stakeholders can work towards fostering a more transparent and accountable business landscape that genuinely supports environmental, social, and economic development.
Keywords
Greenwashing, Global Challenges, Economic Development, Financial Gains, Corporate Social Responsibility and Environmental Sustainability.
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