adminSustainability is about living within the limits of the Earth’s resources. It does not imply deprivation but rather supports individuals in their pursuit of happiness by allowing them to focus on things that matter most to them such as relationships, self-improvement and meaningful pursuits. It also allows people to live a simpler lifestyle which brings with it many economic and social benefits.
A popular definition of sustainability is “meeting the needs of the present without compromising the ability of future generations to meet their own needs.” This is commonly used to describe what we call sustainable development and has become an important point in discussions around globalisation. Other approaches to describe this include Corporate Social Responsibility (CSR), Environmental, Social and Governance (ESG) and Creating Shared Value.
However, a more fundamental definition of sustainability goes beyond meeting human needs and considers the interconnections between the environment, society and economy. This can be illustrated by looking at the climate crisis, where there are obvious environmental consequences like soaring temperatures and melting glaciers but also major societal impacts such as food insecurity in developing countries.
Sustainability initiatives can foster innovation, resulting in new products and business models that are environmentally friendly and socially responsible. This can help businesses establish themselves as industry leaders and enhance market differentiation. It can also increase investor confidence and attract a wider pool of potential customers. In fact, recent studies have found that more than half of investors plan to incorporate sustainability into their investment decisions.
