What does sustainability actually mean?
Sustainability is a big buzzword these days. We throw it around when we talk about protecting the planet. We’ve added it in front of carbon-intensive activities like travel and energy, thinking our environmental problems will have disappeared. And now, every company under the sun has a sustainability goal. But what does sustainability actually mean? I think it’s time we explored it because there’s much more to sustainability than one would expect.
Sustainability, by definition, means meeting our own needs without compromising the ability of future generations to meet their own needs. It’s the quality of being able to continue over a period of time. While in recent times, sustainability has been linked only to the environment, there are actually three pillars of sustainability: Social, Economic, and Environmental.
The 1987 publication Our Common Future by the World Commission on Environment and Development is credited for introducing the concept of sustainable development. The report’s overall goal was to highlight that to achieve sustainability, all three pillars must balance and work in harmony. Despite being over 30 years old, we still reference back to this report. The report is 300 pages long if you were looking for something to read.
Within companies and corporations, sustainable development requires a company to contribute to economic growth social progress and promote environmental sustainability. So, let’s explore what the sustainability pillars mean.
Social:
This refers to the values that promote equality and respect for individual rights. Social sustainability involves fighting against social exclusion and discrimination, promoting solidarity, and contributing to the well-being of stakeholders, which consists of developing social dialogue and encouraging the exchange of information and transparency.
The social pillar is important in sustainability because it ensures the well-being of employees, where they will feel happy and safe in their work and will likely stay with the team longer.
Economic:
This pillar is based on a company’s ability to contribute to economic development and growth while encouraging and promoting the protection of the environment. This includes everything from recycling products to using renewable energy.
The economic pillar is important in sustainability because it helps companies manage waste and materials better and encourages recycling, which can help optimize the company’s budget and protect natural resources in the long run.
Environmental:
This pillar is based on the company’s commitment to protecting the environment by reducing risks and measuring the environmental impacts of the company’s activities. This can include saving and preserving natural resources, reducing total greenhouse gas emissions, and reducing overall waste.
The environmental pillar is important to sustainability because it helps create a more sustainable world for future generations and can help mitigate the climate change problems we face today.
Companies today are required to publish an ESG (environmental, social, and governance) report that sheds light on a company’s sustainability activities. It allows companies to be more transparent about their business activities towards their investors, stakeholders and companies. Importantly, this report shows how the three pillars of sustainability are intended to work together, much like it was stated in the Our Common Futures report.
Sustainability improves the quality of our lives, protects our ecosystems and aims to preserve natural resources for future generations. It’s important that although sustainability is generally linked with the environment, it also includes social and economic values.
Although we are striving to protect our planet, we mustn’t forget that humans are also part of this equation, and they also require protection, whether it’s within a company or outside of it. Moreover, sustainability communities help expand social and economic opportunities, improving the quality of life. When all three pillars work together, we can achieve true sustainability.
