145 www.gogreen-project.eu ● A business might set its own “minimum wage” which is higher than the one mandated by the state or federal government if that doesn’t constitute a “livable wage”. ● Business might require that products, ingredients, materials, or components be sourced according to free trade standards. ● Many firms have processes to ensure they’re not purchasing products resulting from abuse or child labor. 3. Philanthropic Responsibility Philanthropic responsibility refers to a business’ aim to actively make the world and society a better place. In addition to acting as ethically and environmentally friendly as possible, organizations driven by philanthropic responsibility often dedicate a portion of their earnings. While many firms donate to charities and nonprofits that align with their guiding missions, others donate to worthy causes that don’t directly relate to their business. Others go so far as to create their own charitable trust or organization to give back. 4. Economic Responsibility Economic responsibility is the practice of a firm backing all of its financial decisions in its commitment to do good in the areas listed above. The end goal is not to simply maximize profits, but positively impact the environment, people, and society. Here is a real example of a CSR report from a well-known company like Disney for 2019. Sources of information: Climate change and GHG: Green Curriculum_Project GoGreen https://www.eea.europa.eu/ https://www.epa.gov/ghgemissions/overview-greenhouse-gases CSR: https://www.investopedia.com/terms/c/corp-social-responsibility.asp https://online.hbs.edu/blog/post/types-of-corporate-social-responsibility
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