This paper reviews some of the causes of global warming and its consequences, and identifies Green Supply Chain Management (GrSCM) as one of the most effective ways to reduce pollution and waste, which represent incomplete and ineffective utilization of resources or inefficient conversion processes. Deterioration of the environment and excess consumption of resources have put increasing pressure on corporates operating in emerging markets. The biggest concern facing corporates today is how to reduce or eliminate adverse environmental impacts of their products and processes throughout their life cycle. The study suggests that resources committed and utilized for GrSCM need to be looked upon as long-term strategic investments and not merely as cost centers. In fact, it attempts to bring out its bearing on enhancing shareholder value. The study lends support to the emerging paradigm that investment in GrSCM and corporate performance need not be mutually exclusive and dichotomous. The study tracks down the GrSCM strategies adopted by Reliance Industries and tries to assess its linkage with the organization's Price-Earnings (P/E) ratio and ultimately in creating value for its shareholders. The study proposes that GrSCM not only contributes positively to Corporate Social Responsibility (CSR), but also generates exceptional value for its shareholders. It, therefore, encourages corporates to shed their myopic view and become early adopters of GrSCM.

During the 1980s, the concept of environmental quality was virtually nonexistent. The concept then meant cleaner air and cleaner water. However, today, the concept has acquired a broader meaning to include safe drinking water, safe food, healthy ecosystems, toxic-free communities, safe waste management and the restoration of contaminated sites. Manufacturing processes are perceived to be the most significant causes of environmental degradation. They damage the environment in the form of waste generation, ecosystem disruption and depletion of nonrenewable natural resources. The current state of environmental degradation highlights the need for a new orientation in manufacturing philosophy. Sustainability is the key to the future. It can be attained through substantial reduction in the uses of nonrenewable resources, minimizing waste generation, and a conscious move from one-time use of the resources and its disposal to recycling, reusing and regenerating. The first step in such a direction is to integrate the current Supply Chain Management (SCM) concepts with the concern for effective environmental management. The move is being described as Green Supply Chain Management (GrSCM). This study investigates the environmental factors leading to global warming and its potential effects. It also attempts to analyze the elemental differences between GrSCM and traditional SCM. It further takes up a case study on Reliance Industries Limited (RIL), trying to draw out their best practices in GrSCM, followed up by a multivariate analysis on factors, including GrSCM, influencing the P/E ratio of the company and ultimately in shareholder value creation.

In the present context, the biggest threat to our future is not terrorism, but global warming. Since the Industrial Revolution in Great Britain in the late 18^th century, factories and vehicles to a large extent have been responsible for emitting tons of greenhouse gases into the atmosphere. This resulted in a unique phenomenon called `global warming'. A large number of natural and industrial operations emit greenhouse gases, which result in abnormally high levels of carbon dioxide in the atmosphere to the extent of 380 ppmv. Global warming trend is fueled by the sun. For decades and centuries, the average amount of radiation from the sun to the earth's surface has been, by and large, constant. However, the earth does not absorb all the radiation from the sun. Around 30% of the total solar energy that strikes the earth is reflected back into space by clouds, atmospheric aerosols, reflective ground surfaces, and even the ocean turf. The remaining 70% is absorbed by the earth's surface. It primarily comprises ultraviolet, visible, and near-infrared radiation. As the earth's surface absorbs the solar energy, it makes life in various forms possible on the planet. However, this absorbed energy does not stay bound up in the earth's environment for ever; otherwise, the earth would grow hotter and hotter until its temperature exceeded that of the sun. However, as the earth's surface temperature increases, it tends to emit thermal radiation. It primarily assumes the form of long wave infrared energy. Subsequently, it travels beyond the earth's atmosphere, leaving scope for the surface temperature to cool down. Infrared radiation gets partly absorbed by water vapor, carbon dioxide and other greenhouse gases, which is then reradiated back towards the earth's surface.

Supply Chain Management Journal, Green Supply Chain Management, Corporate Social Responsibility, CSR, Global Warming, Greenhouse Gases, Emerging Markets, Distribution Management, Environmental Management System, Ems, Environmental Protection Agency, EPA, Producer Responsibility Organization, Global Organizations, Environmental Monitoring Systems.