The deleterious effects of industrialization on the natural environment and human health have been known for centuries, but the phenomenon of global warning has galvanized a global response. Individual firms--even nations--are striving for technological leadership that will convey strategic advantage in "green" product markets per se or competitive advantages in other markets. More significantly, the international community is formulating institutional rules that will remake existing markets and create entirely new ones. In the social and political arenas, this appears as a bottom-up "sustainability movement" calling for business  models that use fewer resources and fewer externalities.

Basic and applied research in this theme will continue; it will be presented at a workshop on the development of standards for carbon and water footprints in global supply chains an din a series of publications on the development and diffusion of global management standards with environmental, social or similar foci.