I agree with the assertion that in the context of Sustainable Development ‘the reality of life today is that the economy dominates environment and society. The Concept of Sustainable Development Sustainable development refers to “meeting the needs of the present without compromising the ability of future generations to meet their needs”, and was produced by the Brundtland report (WCED, 1987). The concept also takes into account the needs of the poor in developing countries by outlining achievable objectives of importance (WCED, 1987). The Three Pillars of Sustainability The society, environment and economy are interconnected entities which form the three pillars of sustainability (Giddings, Hopwood and O’Brien, 2002). Each of these pillars depends on each other in some way in order to operate.
The concept of green economy rests on the economy, the environment and the social pillars of sustainable development. According to the United Nations Environmental Programme (UNEP) “A green economy is one that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities. In its simplest expression, a green economy can be thought of as one, which is low carbon, resource efficient and socially inclusive. ”This states that green economies are not based on demand for sacrifice, but on the idea of qualitative growth, where low-carbon and environment friendly technologies are utilized as well as international cooperation plays a key
CDM and Carbon trading are the two mechanisms designed under this protocol are the opportunities for these countries to restructure their power sector to be sustainable and renewable based at the cost of developed nations. • There are two mechanism in Kyoto protocol Clean development mechanism: the CDM allows a country to implement projects that reduce or remove emission in developing countries and to earn certified emission credits. The CDM is ment to stimulate sustainable development and emission reductions in developing countries, while giving industrializing countries some economic flexibility in how they meet their emission reduction or limitations targets. Carbon trading: This approach used to control pollution by providing economic incentive for achieving reductions in the emission of pollutants. • It allows developed countries to offset their emission of carbon dioxide by investing in reforestation and clean energy.
Enforcing specific labour standards can help this economic stability through protecting workers, avoiding strikes, and paying the people more money. In turn, workers will not only better their quality of life, but will also boost their country’s economy through spending. As suggested by the International Labour Organization, “…international labour standards are an essential component in the international framework for ensuring that the growth of the global economy provides benefits to all” (“Introduction to International Labour Standards.”). International labour standards will provide a more equal distribution of wealth as well as indirectly boost the global economy through stabilizing individual economies. In conclusion, regulatory labour laws will not inhibit the growth and development of the global economy, despite the claims made by companies presented in Kernaghan’s video.
According to them, environmental degradation is the price for the development to be achieved. Deteriorating environment is often linked with increasing economic activity, requiring deforestation, energy consumption etc. The term sustainable development (as defined by the Brundtland Commission) is development that meets the needs of current generation without compromising the needs of future generations. It is using resource in such a manner that fulfil the needs of present generation without affecting the environment so that future generation can also use same resources .Social equity , economic welfare and ecological integrity are the three pillar of sustainable development. Sustainable development will achieve if these three pillars are in harmony to each other.
It is through the awareness of sustainable consumption and its importance to protecting the environment that one is knowledgeable of this and so makes changes to their way of living. For example organisations set up energy budgets and completions in an effort to encourage society into sustainable consumption. Households are also more aware of the amount of energy being used and so manage this by
Originally believed that sustainability or environmental protection was the responsibility of developed countries is no longer true. The developing countries have equal stake and probably more than the developed countries as it becomes extremely critical for them to use their resources carefully. Now that we have established through various industry cases of how sustainability can be profitable, let us look at steps an organization can take to internally promote sustainability 1. Incentivize Sustainability: If the organization wants its managers to think about the triple bottom line, incentivizing them helps achieve sustainability targets. 2.
Despite increased attention to social and environmental dimensions of economic development, however, a definition of TBL or sustainable economic development is lacking. Addressing that gap, we define TBL or sustainable economic development as programs, policies, or activities designed to create or retain jobs and wealth in ways that contribute to environmental, social, and economic well-being over time.2 It is distinct from economic growth or development, which may or may not contribute to overall well-being including quality of life, fiscal health, resource stewardship, and resilience. This line of thinking suggests that economic systems exist to serve human well-being, that human and economic well-being are inextricably linked to environmental well-being, and thus, that human, environ- mental, and economic well-being must be considered in the design and evaluation of economic development
Their role is to maintain the social awareness regarding the important of environment sustainable development through balancing between the cost of production and the cost of environmental effigy, that which in term of economy, is more efficient for the entrepreneur to secure their local cost to environmental development cost. US Italy, and Brazil have been prove their capability to rise the public awareness regarding the importance of environmental development, through the working class environmentalism coalition which led to the implementation of such important political reformation on ecology. My personal suggestion for the author is that use more clear and unambiguous language, because it can be possible that the reader of the journal is not the one who highly understand about the topic, or those who were have slight implementation of everyday vocabulary. Try to make it simpler to understand, so everyone can gain the exact information that contains within
The recent performance of socially responsible investment had positive the strong corporate financial performance and ESG focused practice may get higher return on investment whereas the traditional investing strategies may create a portfolio which is under perform. Moreover the socially responsible investment practice determines better operational performance, and the beneficial influence of these practices was found to be constant over time. The research studies exhibited a correlation between attentive sustainability practices and corporates financial performance, as a results indicating that sound sustainability standard lower the cost of capital of the companies, Moreover, the solid ESG practice result in better operational performance of firms which is ultimately translate into the cash flows and the stock price performance is positively influenced by good sustainability