Sustainable development is a growth model that meets the needs of the present generation without compromising those of future generations. It consists of two elements: environmental and economic sustainability.
In this article, we will see how these two elements are interconnected and how they are fundamental for ensuring a sustainable future for all.
Economic sustainability is understood as the ability of a system to generate lasting growth in economic indicators, through the creation of income and work for the sustenance of populations.
Environmental sustainability is understood as the ability to preserve natural capital in terms of the quality, availability and reproducibility of natural resources, including the functioning of ecosystems.
Sustainable development is a relatively new concept, which was first introduced in 1987 by the United Nations World Commission on Environment and Development, which defined it as “a development process that meets the needs of present generations without compromising the ability of future generations to meet their own”.
In essence, it is an approach to economics that takes into account the impact that human activities have on the environment and society, trying to minimise the negative effects.
The goal of sustainable development is to create a balance between the economy, environment and society, so that everyone can thrive without compromising others. This means, for example, that economic activities must minimise pollution and exploitation of natural resources.
Businesses play a key role in sustainable development because they are among the main economic and social actors that can contribute to promoting sustainable production and consumption practices.
In the first place, companies can adopt sustainable management practices, minimising the environmental impact of their business. This may include, for example, reducing waste of energy and resources, promoting sustainable forms of production and consumption, and adopting green technologies.
Secondly, businesses can promote sustainability through innovationby developing sustainable products and services that meet the needs of consumers and society as a whole. This may include, for example, the use of eco-sustainable raw materials, traceable and from recycled materials, the development of low environmental impact technologies, the promotion of sustainable consumption practices.
The decision to embark on a path of sustainability, starting from the phases of research and business development is a fundamental step for promoting it along the value chain of the company.
The research and development phase represents, in fact, the moment in which the company’s products and services are developed, and it is the moment in which strategic choices can be made for sustainability.
Environmental sustainability is understood as the ability to preserve natural capital, in terms of the quality, availability and reproducibility of natural resources, including the functioning of ecosystems.
In this dimension, the concept of sustainability calls for development that preserves natural resources and protects non-renewable resources through concrete actions such as:
- reduction of energy consumption;
- progressive elimination of pollutants;
- reduction of greenhouse gas emissions into the atmosphere.
The concept of environmental sustainability is at the base of the achievement of economic sustainability. We start from the assumption that the way in which the economic system is managed impacts on the environment and, vice versa, environmental quality impacts on economic results.
The adoption of a sustainable environmental development logic that takes into account both the compatibility between business activities and the maintenance of ecosystems, and the impact of the activity and products in terms of resource consumption, waste production and polluting emissions, is fundamental.
The primary objective is the development of production processes that satisfy, at the same time, environmental effectiveness, economic efficiency and social sustainability.
Environment, territory and production represent the triad that makes it possible to respect all the criteria of sustainability and protection of the well-being of the planet and of mankind.
The environmental sustainability of companies is an increasingly relevant and topical issue. In this context, companies play a fundamental role in promoting sustainable production and consumption practices, which make it possible to reconcile economic needs with environmental ones.
To promote environmental sustainability, companies must adopt an integrated approach, involving all production departments. This means that attention to the environment must be integrated into all phases of the company’s value chain, from product development to waste management, passing through production, logistics and distribution.
To promote environmental sustainability, companies must:
- reduce the environmental impact of production by adopting technologies and production processes that reduce greenhouse gas emissions, minimise energy and water waste, and effectively manage waste produced;
- promote energy efficiency by taking measures to reduce energy consumption, for example by using LED luminaires designed for energy saving;
- use sustainable materials with low environmental impact, for example eco-sustainable raw materials, traceable and from recycled materials.
Economic sustainability is understood as the basis of sustainable development and is the ability of an economic system to generate lasting growth of the economic indicators, through the creation of income and work for the sustenance of the population.
In addition, economic sustainability is also understood as the pursuit of economic efficiency through the careful management of non-renewable resources.
The objective is to develop a perspective that regulates investments and work in view of intra-generational and inter-generational equity, sustainable in the long term (Brown et al., 1987).
When it comes to sustainability, it is critical to consider the strong link between economic growth and natural resources.
The increasing exploitation and consumption of natural resources has accentuated the interdependence between the economic and environmental systems.
Within this framework, the concept of circular economy is given space, a model of sustainable development that combines economic needs with social and environmental ones.
The circular economy can be considered a new paradigm of sustainability. Pursuing the principles of the circular economy is an opportunity for creating new business models.
Fundamental is the role of companies that undertake sustainability paths that involve all business phases, from research to development, from production to consumption.
Circular economy business models refer, for example, to supplies of products:
- derived from eco-sustainable raw materials;
- traceable and from recycled materials;
- technologically designed to last a long time.
These types of products are certified and labelled using international reference tools that make it possible to quantify energy consumption and environmental impact.
