What is the term for a business approach that contributes to sustainable development while delivering benefits for all stakeholders?

The term that best describes a business approach aimed at contributing to sustainable development while delivering benefits for all stakeholders is corporate social responsibility (CSR). CSR encompasses a company's commitment to conducting its business in an ethical manner, taking into account its impact on the environment, society, and the economy. It involves initiatives that address social and environmental issues while also generating value for the business and its stakeholders, which can include employees, customers, suppliers, and the community at large.

In the context of sustainable development, CSR practices often include strategies that mitigate negative impacts on the environment, promote fair labor practices, and engage in philanthropy. By integrating these values into their operations, businesses not only enhance their reputation but also build stronger relationships with their stakeholders, ensuring that the benefits of their activities extend beyond mere profit generation.

While sustainable business practices and ethical procurement are important concepts related to sustainability and ethical considerations in supply chains, they are narrower in focus compared to the broader scope of CSR. Sustainable business practices mainly address ways of operating that are environmentally sound and economically viable, but may not explicitly encompass social aspects. Ethical procurement refers specifically to sourcing goods and services in a way that aligns with ethical standards, primarily focusing on the supply chain rather than the overall business impact on society and the