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Since the Bophal incident sparked the beginning of the Era of Beyond Compliance, companies have pondered about the benefits of employing environmental initiatives. Companies will enjoy financial benefits in return for environmental action, but whether a firm may see financial reward depends on several conditions that must be met. However, if conditions are not met, environmental initiatives will still benefit companies in a multitude of other areas.
Many companies are able to accept a win-win strategy towards adopting environmentally friendly practices, because of the positive correlation between environmental actions and financial returns (Frankel, 1998). A company can save costs by looking for eco-efficiencies; where companies decrease their environmentally harmful inputs and outputs. In 2009, Canadian Tire introduced the right-fit packaging program, which would reduce the amount of unnecessary packaging. While Canadian Tire was curtailing their environmental impact, 320 packaging changes between 2010-2011 saved the company $6.3 million in costs (Elm & Tyler, 2012). Eco-efficienci…
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