Question

4. Commodities and development

C. The sustainability and climate change aspects of the commodity economy, including importance of limiting CO2 emissions, and other adverse environmental impacts of production, trade, distribution and use of commodities.

Answer 1

Case Specifics: -

The dawn of the industrial revolution has seen rapid development across all different kinds of goods and services being offered. The world has become increasingly interdependent on one another and previously closed economies have opened their doors to globalization which has made selling goods and services extremely easy.

On one hand though, we can fulfil our needs and requirements by regularly adding new products and services and making them available to the public at large, the concepts of sustainability, renewability and climate change are gradually impacting our lives and have gained prime importance.

Sustainability basically refers to implementation of those techniques of production which aim at fulfilling the needs and wants of the current generation, without hampering those of the future ones.

Particularly big companies around the globe, are trying their level best to reduce their carbon footprint by producing those goods and services which use relatively lesser materials and hamper the society as less as possible. In all major industries example cars, electrical appliances and other services offered, an imprint of renewable resources and limiting emissions today is seen.

The key is that people start adopting these new products being offered slowly and gradually so that the production process can be altered in a way that future generations can gain maximum benefits.

We have numerous examples of companies such as Tesla which are aiming to produce electrical vehicles that will limit CO2 emissions on one hand and offer savings for the target audience on the other.

With a similar aim, the global industry is fast transgressing to improve the society in terms of the goods and services offered in the sense that they do not harm people and that external factors such as climate change, emissions and renewability are given equal weightage while deciding on factors such as technique of production or the product characteristics.

Please feel free to ask your doubts in the comments section if any.