What Is Sustainability? The Issue Of Sustainability Raises A

What Is Sustainability? The Issue Of Sustainability Raises A N

What is Sustainability? The issue of sustainability raises a number of questions that business and society are in the process of addressing: · What is the extent of firms’ responsibility for the environment? · Beyond legal requirements, should firms be made to internalize the environmental costs of operations (e.g., clean up the pollution their operations generate)? The term sustainability was popularized by the United Nations (UN) in a 1987 report. It was officially named “Our Common Future,” but later became known as the Brundtland Report after its main author, Gro Harlem Brundtland—Norwegian prime minister and chair of the UN’s World Commission on Environment and Development. Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

The Brundtland Report, April 1987, popularized the term sustainability, and its definition (above) has become the most commonly used. Though sometimes used to capture broader CSR-related issues, sustainability discussions were born as a response to issues of resource utilization and the unsustainable rate of their extraction. While sustainability is important, it is only a subset of strategic CSR which encompasses total firm operations. CSR is a view of the corporation and its role in society that assumes a responsibility among firms to pursue the interests of stakeholders, broadly defined, and a responsibility among the firm’s stakeholders to hold the firm to account for its actions.

The COP21 agreement in Paris is the most significant international advancement in recent years. While COP21, which took four years to negotiate, does recognize the problem of climate change, it does not do so with the clarity or urgency needed to solve the problem. Subsequent meetings, such as COP24 in Poland, aimed to add necessary details but instead delayed action further. Governments and the UN still prefer to gloss over substantial differences in order to preserve the symbolism of global unity. Key COP21 agreements include: · The United States pledged to reduce greenhouse gas emissions “26%–28% below 2005 levels by 2025.” · The EU committed to reductions in emissions “40% below 1990 levels by 2030.” · Mexico has implemented the strongest climate legislation of any developing country to reduce emissions by 40% below current trends by 2030. · China promised to reduce its carbon dioxide emissions per unit of GDP at least 60% below 2005 levels by 2030. The COP24 agreement established a standard to measure greenhouse gas emissions, called for further emissions cuts, detailed promised aid for climate policies in developing countries, and set a process to address countries that fail to meet commitments.

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Climate change represents one of the most urgent and complex challenges facing the global community today. Its far-reaching impacts on environmental, economic, and social systems necessitate a comprehensive approach that integrates sustainability principles into business practices and policy frameworks. The corporate sector has a critical role in mitigating climate change, not only as a significant contributor of greenhouse gases but also as a key player in developing innovative solutions and embracing sustainable development goals.

Sustainability, as defined by the Brundtland Report, emphasizes meeting present needs without compromising future generations' ability to meet their own needs (World Commission on Environment and Development, 1987). This concept underscores the importance of responsible resource management, equitable social development, and environmental preservation. Businesses, therefore, must consider their ecological footprint and strive to operate in ways that promote long-term ecological balance. Strategic corporate social responsibility (CSR) expands upon this principle by integrating sustainability into core business strategies, fostering stakeholder engagement, and promoting transparency (Chandler, 2020).

One of the central drivers of sustainability concerns is climate change, which has been scientifically established as a result of human activities such as fossil fuel combustion, deforestation, and industrial emissions (IPCC, 2021). These activities have led to global temperature increases, shifting weather patterns, rising sea levels, and the loss of biodiversity. The Paris Agreement of 2015 (COP21) was a landmark in international efforts to curb greenhouse gas emissions, with signatory countries setting targets to limit global warming and implement climate policies (UNFCCC, 2015). However, despite these commitments, actual progress remains uneven, and scientific models warn of catastrophic consequences if emissions are not drastically reduced (NASA, 2023).

Firms must adapt to this changing environment through risk management and resilience-building strategies. Resilience involves developing capacity to withstand and recover from environmental disruptions, whether due to natural disasters or resource scarcity (Schoon & Naylor, 2020). Companies such as automobile manufacturers are transitioning to electric vehicles, recognizing the need to reduce emissions and comply with future regulations. Similarly, agricultural firms are adopting climate-smart practices to secure supply chains against extreme weather events. The influence of stakeholder expectations is paramount; consumers, investors, regulators, and communities increasingly demand corporate accountability and environmentally responsible behavior (Freeman et al., 2010).

Natural capital considerations further reinforce the necessity for sustainability. Resources such as water, minerals, and biodiversity are finite, and their depletion poses risks to business continuity and broader ecological stability (Daily, 1997). Estimations suggest that many companies would face unprofitability if they accounted for the true environmental costs of resource extraction and pollution. Incorporating natural capital into decision-making frameworks encourages firms to adopt more sustainable supply chains, innovate eco-friendly products, and reduce waste (Costanza et al., 1997).

Stakeholder engagement is critical for driving sustainable practices. Public awareness campaigns and activism have increased pressure on corporations to operate ethically and sustainably. For example, campaigns against single-use plastics have led many brands to reduce plastic packaging and invest in recycling innovations. Similarly, the issue of electronic waste (e-waste), which is rapidly growing due to technological advancements, highlights the need for responsible disposal and recycling practices. Improper handling of e-waste can result in environmental contamination and health hazards, especially in developing countries where much of this waste is processed (Balde et al., 2017). Companies and consumers alike must collaborate on sustainable consumption and disposal strategies to mitigate these impacts.

The pervasive reliance on plastic, especially single-use plastics, exacerbates environmental degradation. Since the 1950s, over 8.3 billion tonnes of plastic have been produced, with only a small fraction recycled. Plastic waste pollutes oceans and landscapes, posing threats to wildlife and ecosystems (Jambeck et al., 2015). Initiatives to curtail plastic usage include banning single-use plastics, promoting biodegradable alternatives, and encouraging recycling. Policymakers and corporations that embrace these initiatives contribute to a circular economy that minimizes waste and conserves resources (Ellen MacArthur Foundation, 2019).

In conclusion, climate change and resource depletion present pressing sustainability challenges requiring coordinated action from governments, businesses, and civil society. Companies must embed resilience and natural capital considerations into their strategic planning to ensure long-term viability. Stakeholder engagement, innovation in eco-friendly technologies, and responsible consumption are vital components of a sustainable future. As the global community continues to face environmental crises, the role of firms as agents of change becomes increasingly vital to achieving a resilient, sustainable, and equitable world.

References

• Balde, C. P., Forti, V., Gray, V., Kuehr, R., & Stegmann, P. (2017). The global e-waste monitor 2017. United Nations University, International Telecommunication Union & International Solid Waste Association.
• Costanza, R., d'Arge, R., de Groot, R., Farber, S., Grasso, M., Hannon, B., ... & Van den Belt, M. (1997). The value of the world’s ecosystem services and natural capital. Nature, 387(6630), 253-260.
• Daily, G. C. (1997). Nature’s services: societal dependence on natural ecosystems. Island Press.
• Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2010). Stakeholder theory: The state of the art. Cambridge University Press.
• Intergovernmental Panel on Climate Change (IPCC). (2021). Sixth assessment report. IPCC.
• NASA. (2023). Climate change: Vital signs of the planet. NASA Goddard Space Flight Center.
• Schoon, M., & Naylor, R. (2020). Building resilience: Principles, practices, and strategies. Routledge.
• United Nations Framework Convention on Climate Change (UNFCCC). (2015). Paris Agreement. UNFCCC.
• World Commission on Environment and Development. (1987). Our common future. Oxford University Press.
• Jambeck, J. R., Geyer, R., Wilcox, C., Siegler, T. R., Perryman, M., Andrady, A., ... & Law, K. L. (2015). Plastic waste inputs from land into the ocean. Science, 347(6223), 768-771.