"Business should respect, protect and act to restore the environment". To recognize the above principle discuss the core elements related to environmental responsibility for sustainable growth and well being of society.

The National Voluntary Guidelines on Social, Environmental and Economic Responsibility of Business was released by the the MCA in July, 2011. The Guidelines enunciated 9 Principles and among these Principles, one of the Principle is that 'Business should respect, protect, and act to restore the environment'. This principle recognizes the fact that environmental responsibility is a prerequisite for sustainable economic growth and for the well being of society. The key facts pertaining to the mentioned principle are as under: Businesses should utilize natural and manmade resources in an optimal and responsible manner and ensure the sustainability of resources by reducing, reusing, recycling and managing waste. Businesses should take measures to check and prevent pollution. They should assess the environmental damage and bear the cost of pollution abatement with due regard to public interest. Businesses should ensure that benefits arising out of access and commercialization of biological and other natural resources and associated traditional knowledge are shared equitably. Businesses should continuously seek to improve their environmental performance by adopting cleaner production methods, promoting use of energy efficient and environment friendly technologies and use of renewable energy. Businesses should develop Environment Management Systems (EMS) and contingency plans and processes that help them in preventing, mitigating and controlling environmental damages and disasters, which may be caused due to their operations or that of a member of its value chain. Businesses should report their environmental performance, including the assessment of potential environmental risks associated with their operations, to the stakeholders in a fair and transparent manner. Businesses should proactively persuade and support its value chain to adopt this principle.