Page 35 - CMA Journal (May-June 2025)

Focus Section

Challenges and Opportunities for

Business Sustainability in Pakistan

This research examines the major challenges facing 2. Sustainability
business sustainability initiatives in Pakistan. The study Challenges in
analyzes economic, environmental, social, and Developing
governance factors affecting sustainable business Countries -
practices. Primary challenges include the energy crisis, Developing
water scarcity, regulatory frameworks, corruption, and nations face
limited access to green financing. The research resource
methodology involves literature review, case studies, and constraints that
analysis of government policies. Findings reveal that limit investments
Pakistani businesses face unique obstacles in in sustainability.
implementing sustainable practices compared to Infrastructure
developed economies. Policy recommendations include deficits hinder the Ali Raza Sattar, ACMA
regulatory reforms, financial incentives, and implementation Programme Leader,
capacity-building programs. The study contributes to of clean GBS Dubai
understanding sustainability challenges in emerging technologies.
economies and provides insights for policymakers and Regulatory frameworks often lack effective
business leaders. enforcement mechanisms for environmental
compliance. Limited access to green financing
Business sustainability has emerged as a critical concern
further restricts the adoption of sustainable
for companies worldwide. Pakistan faces unique
technologies.
challenges in promoting sustainable business practices
due to its developing economy status. The country ranks 3. Pakistani Context - Khan and Ahmad (2019)
among the most vulnerable nations to climate change examined environmental management practices in
impacts. Pakistani businesses must balance profitability Pakistan’s manufacturing sector. Their study found
with environmental and social responsibilities. low adoption rates of environmental management
Sustainable development goals require integration of systems. Malik et al. (2020) analyzed barriers to
economic, environmental, and social considerations. This renewable energy adoption in Pakistan and
research identifies key obstacles preventing Pakistani highlighted policy inconsistencies and financial
businesses from adopting sustainable practices. constraints as major obstacles. Shah and Raza (2018)
Understanding these challenges is essential for studied corporate social responsibility practices
developing effective policy interventions. The study among listed companies and found limited
provides valuable insights for businesses, policymakers, integration of sustainability principles in business
and international development organizations. strategies.
Literature Review Research Methodology

1. Global Context of Business Sustainability - Porter This study employs a mixed-methods approach,
and Kramer (2011) introduced the concept of combining qualitative and quantitative analysis. Primary
creating shared value through sustainable business data collection involved structured interviews with a few
practices. Elkington (1997) developed the triple business executives. Secondary data sources included
bottom line framework, emphasizing people, planet, government reports, industry publications, and
and profit. Recent studies highlight the business academic research. However, the study primarily relies on
case for sustainability through cost reduction and secondary data. Companies were selected from the
risk mitigation. Sustainable practices improve brand manufacturing, services, and agricultural sectors.
reputation and attract environmentally conscious Geographic representation covered major industrial
consumers. cities, including Karachi, Lahore, and Faisalabad.
ICMA’s Chartered Management Accountant, May-June 2025 33