Sustainability
2.4 CornerstonesWe do not inheret the earth from our ancestors, we borrow it from our children
What is sustainability?
Definition
The practice to maintain or endure over the long term without causing significant negative impacts on the environment, society, or economy
Purpose
To encourage responsible and balanced practices that address global challenges and contribute to the well-being of the planet and its inhabitants
Sustainability is a comprehensive approach that seeks to meet the needs of the present without compromising the ability of future generations to meet their own needs.
Sustainability encompasses three main pillars:
- environmental,
- social
- economic
..often referred to as the triple bottom line of sustainability: planet, people, and profit.
These pillars highlight the importance of balancing ecological preservation, social equity, and economic viability to achieve long-term sustainability
Environmental sustainability focuses on reducing the impact of activities on the natural world. It involves practices like reducing emissions, conserving water, managing waste responsibly, and preserving natural habitats.
Organisations can adopt renewable energy sources, implement energy-efficient processes, and design products with lower environmental footprints to contribute to this area.
Social sustainability aims to recognise and address societal needs and challenges, including labour rights, community engagement, and equity. Practices in this area include ensuring fair labour practices, investing in community development, promoting diversity and inclusion, and ensuring the well-being and safety of workers.
For organisations, this means not only adhering to legal requirements but also going beyond compliance to improve the quality of life for their employees and the communities they operate in.
Economic sustainability involves practices that support long-term economic growth without negatively impacting social, environmental, and cultural aspects of the community.
For organisations, this means operating in a financially sustainable manner while also considering the broader economic impact on society and future generations. Practices include ethical business operations, investing in sustainable technologies and practices, and supporting sustainable supply chains.
By integrating environmental, social, and economic considerations into strategies, organisations can not only mitigate risks and comply with regulatory requirements but also uncover new opportunities for innovation and competitive advantage.
As sustainability continues to gain importance among consumers, investors, and regulatory bodies, the ability of an organisation to effectively work with sustainability will be increasingly critical to its long-term success.
Next Step
Read more about the next Cornerstone, Finance as fuel…