Sustainable Business Development Essay Example | Topics and Well Written Essays - 500 words - 1

Sustainable Business Development - Essay Example , burning of coal and extraction of oil require abundant energy sources as well it places very high demands on water resources adding up to a huge and costly impact towards the production process (Nehring 2009, 3074). Pollution results as a by-product of the process and is considered as a negative externality. The production of fossil fuels resulting in air and water pollution is through oil spills, dumping of the waste materials into water sources  and emission of toxic gases into the environment. The more fossil fuel is produced, the more environmental pollution results (Levitan et al. 2014, 122). The company’s producing the fuels may bear some of the associated costs of pollution, but not all  and the remaining costs are borne by the society. Air pollution is associated with the production of greenhouse gases that are associated with climate change resulting in the occurrence of floods, droughts and loss of coastal land. It is important to have property rights imposed by the government to control pollution emission. The government should also be involved in introducing regulation rules, taxation and legislation in an effort of pollution control. This entails passing legislation such as clean air act to address the situation (Aydin et al. 2011, 201). The community should also be involved in reporting pollution matters to the authority to prevent negative externalities of pollution. The cost of fossil fuel production is very high. This entails the cost of labor of mining coal and drilling the oil, the cost involved in building the energy generating plants, cost of transportation of the oil into plants for processing and the cost involved in the manufacturing of the final products. As a result, the fuel prices become expensive to the consumer. Fossil fuel is a non-renewable source of energy, and the reserves are finite (Mohr & Evans 2010, par 1). According to the rate of extraction that takes place it will not take too long before the supply is exhausted. As a