Evolution of Sustainability
Sustainability Definition:
Sustainability is about meeting the needs of today without compromising the ability of future generations to meet their own needs.
Evolution of Sustainability:
- 1987: The Brundtland Report first defined sustainable development.
- 2000: The Millennium Development Goals (MDGs) were introduced, focusing on global issues like poverty and health.
- 2015: The Sustainable Development Goals (SDGs) replaced MDGs and set 17 global goals to improve the world by 2030 (e.g., no poverty, clean water, gender equality).
MDGs and SDGs Limitations
MDGs Limitations:
- Focused mostly on developing countries.
- Didn't address important issues like security, peace, or political rights.
SDGs Improved:
The SDGs are more comprehensive and cover a wider range of global issues.
Why Should Business Worry?
Moral and Ethical Questions:
Businesses must think about their impact on society and the environment. Different ethical views can guide their decisions:
- Anthropocentric vs. Eco-centric: Should businesses prioritise people (human-centred) or nature (environment-centred)?
- Utilitarianism: Businesses should aim for the greatest happiness for most people.
- Deontology: Businesses have a duty to respect nature, even if it doesn’t immediately benefit them.
- Virtue Ethics: Focus on character and doing the right thing.
The Pragmatic Question (Practical View):
Businesses can make decisions that not only make them profitable but also align with their values. This includes finding ways to reduce costs, increase revenue, and innovate.
Summary of Key Topics:
- CSR Impact Assessment: Companies with large CSR budgets or major CSR projects must assess their impact.
- BRSR Reporting: Top companies must report their sustainability efforts, aligning with global standards.
- Social Impact Fund: Investments focused on social enterprises that solve social problems.
- Social Stock Exchange: A platform for trading shares of businesses with social missions.
- Ethical Considerations: Businesses must consider their impact on people and the planet.
- Sustainability Evolution: From the Brundtland Report (1987) to SDGs (2015), sustainability has evolved globally.
