The right definition
Most people around the world believe in the misconception that sustainability means comprising today's needs, in order to fulfill the needs of future generations. While, the right definition of sustainability is protecting, sustaining, and strengthening the natural and man-made resources that will be needed in the future, without excessively using them. In today’s date, concentrating on sustainability in every field has become crucial, because it is vital for the existence of tomorrow.
Moreover, many government’s and established businesses are also implanting sustainable goals which includes, ensuring the physical and mental well-being of the employees, providing quality education, and promoting gender equality. Furthermore, Multinational companies are also considering the triple bottom line in their objectives, which shows the impact of their company’s performance on the profit, people and conscious planet.
Dimensions:
Sustainability is a very vast concept, therefore, it is important to take a closer look at its various dimensions. These include economic, social, environmental, financial, and culture. Working on each of the dimensions with the necessary expertise, will make the sustainable process more easier and smoother.
Economic
This refers to achieving profits while managing the resources. This majorly benefits society, as generating the final products, with recycled materials, costs far less than producing material from scratch. Simultaneously, this also greatly impacts the environment especially in the long-term. One of the leading examples for this, is one of the most popular MNC's of the world - H & M, they have processed all their clothing organically and in a sustainable manner and are also targeting to produce products through 100% recycling. Therefore, this represents that sustainability brings huge profits beside environmental well-being.
Social
Living in a society in a righteous manner by adapting the new innovations and changes is a challenge. But, we have to be updated in order to empower every level of society. People should be well aware of their human rights, and not live an unprivileged lifestyle. In the recent times, work-life balance is also one of the most burning topics, as it is very important to maintain a person's mental and physical well-being. Furthermore, maintaining unity in the society, is crucial while sustaining the diversity as people with different values, thoughts and ideologies may conflict. So, keeping in mind, everyone's opinion is also vital.
Environmental
Protecting our environment is our primary responsibility, because with the lack of an ecosystem, there will be no life cycle. Therefore, it is important to manage the waste being accumulated in this world. It begins, with, processing freshwater by concentrating on industrial waste, generating energy from natural resources such solar, thermal hydro, and wind energy, reducing waste by implementing recycling at every aspect of processing, limiting the usage of plastic, as they are non-biodegradable, protecting flora and fauna, and also adapting to sustainable transportation modes in order to reduce the carbon footprint, especially the electric bikes, cars, and bicycles.
Financial
Environmental innovation and sustainability increase a country’s or organization’s market value, leading to a higher return on investment and a better reputation in society. A positive correlation between sustainability and financial performance, therefore, provides an opportunity to create long-term foreign investments. This also indicates whether the people are proactive or reactive in adapting sustainability by incorporating sustainability in the capital budgeting process and making strategic decisions that help shape a positive image. The most important aspect of sustainable investment funds is to avoid investing in industries that have a negative impact on society. In conclusion, there is scope in the future to limit the increasing role of unsustainable practices in financial institutions.
Culture