Happy Sustainability Day!
Why is Sustainability so Important?
Sustainability is the ability to exist and develop without depleting natural resources for the future.
What are the Three Pillars of Sustainability?
The concept of Sustainability comprises three pillars: Environmental, Social and Economical—also known informally as Profits, Planet, and People. These are in particular relevant to Corporate Sustainability and efforts made by companies.
- Environmental Protection is the most frequently discussed element. It is concerned with reducing carbon footprints, water usage, non-decomposable packaging, and wasteful processes as part of a supply chain. These processes can often be cost-effective and financially beneficial as well as essential for Environmental Sustainability.
- Social Development is about treating employees fairly and ensuring responsible, ethical, and sustainable treatment of employees, stakeholders, and the community in which a business operates. For example, companies should operate using sustainable labour, which involves fairly-paid, adult employees who can work in a safe environment.
- Economic Development is probably the simplest form of Sustainability. To be Economically Sustainable, a business must be profitable and produce enough revenues to be continued. The challenge with this form of Sustainability is achieving an equilibrium. Rather than making money at any cost, companies should attempt to generate profit following other elements of Sustainability.
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Sustainability is the key to a better future. Humans rely on natural resources for business, activities, and survival. Ignoring Sustainability can lead to the exhaustion of natural resources. Business majors need to learn about Sustainability because it aids in attracting customers and fulfilling Corporate Social Responsibility.
Corporate Sustainability may not be simple, but it is necessary. Those companies that embrace the full complexity of Sustainability ideas sooner than later will contribute to a better world and experience higher long-term profits. Why wouldn’t we all want to work towards that vision?
Everyone needs to understand the role they can play in achieving Sustainability.