CSR and Business Sustainability in the Finnish Textile Industry: A Path to a Sustainable Future

Abstract

The textile industry is one of the key sectors that fulfills one of people's necessities and thus is becoming an important aspect of human life. The textile industry is known for using a significant quantity of energy, water, and natural resources. Consumers are becoming more aware of the social, environmental, and economic negative effects that come with this sector. As a result, the adoption of sustainable approaches has increased and became a necessity nowadays in the textile industry. Finnish textile companies may benefit significantly from CSR's social, environmental, and economic values, which will ultimately increase their competitiveness for a sustainable future. The main objective was to investigate the role of CSR and social, environmental, and economic values in attaining business sustainability in Finland's textile industry. The goal was identifying the key factors that encouraged the implementation of CSR strategies in the industry. The Implementation Method was solely based on a qualitative research method that involved investigating secondary data in the form of relevant publications. The analysis included a comprehensive review of academic and non-academic sources, such as journal articles, reports, and case studies. The research results emerged, backed up with mind maps and verbatim quotes, show that focusing on the TBL pillars, along with CSR practices, have many positive impacts on the social, environmental, and economic values of the Finnish textile industry. Stakeholder involvement, strong leadership dedication, and the accessibility of resources are key factors that encourage the implementation of CSR practices. The key findings suggest that implementing CSR and sustainable practices is crucial for achieving business sustainability in the Finnish textile sector. Businesses that place a high priority on social, environmental, and economic values are more likely to succeed in the long run and have a positive impact on society and the environment.