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Corporate Social Responsibility Student: Course: Instructor: Date:

Corporate Social Responsibility Corporations have a responsibility to ensure sustainability in their undertakings to ensure they remain relevant and meet the needs of the current generations while not compromising the ability of future generations to meet their own needs. Thus, sustainability has become an a-must practice for corporations across the globe. It is an undertaking that falls under a company’s corporate social responsibility, an aspect that dictates companies give back to society for its role in shaping and helping them grow (Franklin et al., 2019). As part of corporate social responsibility, companies must engage in sustainable practices that ensure the planet is protected from the continuous impacts of climate change. Companies through sustainability reporting seek to be accountable for their levels of sustainability undertakings. Through sustainability reporting, companies can highlight their engagements to protect the environment and reduce their carbon prints through sustainable practices such as adopting green energy, thereby benefiting the planet and society in general (Franklin et al., 2019). The companies also benefit by reducing their insurance expenses through limited environmental exposure, saving money by utilizing less water and energy and attracting investments from investors who prefer engaging companies that are socially and environmentally responsible. Many corporations, particularly, major ones have undertaken numerous initiatives to reduce their carbon footprint as well as improve their sustainability and CSR practices. For instance, Coca-Cola in its 2016 sustainability report indicated that it had reduced the amount of CO2 in its containers by around 14%, thus reducing its carbon footprint (Coca-Cola, n.d.). Many other corporations have engaged in sustainable practices such as installing low-energy

consuming electrical products in their offices, reducing office working hours, and offering flexible working hours to help reduce commute time in traffic to ensure emissions are lowered. Aside from sustainability initiatives, corporations are engaging in other CSR activities such as offering scholarships to the needy, drilling boreholes for clean water access in underprivileged areas, and supporting small and women-led businesses. For example, Exxon Mobil Corporation in 2022 gave over $158 million to support communities and undertake investments globally to prevent malaria, offer scholarships, and economically empower women, with $41 million supporting communities in the US, and $91 million in other countries (Exxon Mobil, n.d.)

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References 2022 Worldwide Corporate Giving Report . (n.d.). ExxonMobil. Retrieved December 13, 2023, from https://corporate.exxonmobil.com/news/reporting-and-publications/sustainability- report/social/social-contributions-and-philanthropy/worldwide-giving/worldwide-giving- report#:~:text=In%202022%2C%20collectively%2C%20Exxon%20Mobil 2016 SUSTAINABILITY REPORT . (n.d.). https://www.coca-colacompany.com/content/dam/company/us/en/policies/pdf/ sustainability/2016-sustainability-report-the-coca-cola-company.pdf Franklin, M., Graybeal, P., & Cooper, D. (2019). Principles of accounting. Volume 1: Financial accounting . OpenStax.

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