Sustainability is a business philosophy that considers a policy’s or practice’s effects on three pillars: environment, economy and society. It’s about thinking about the future, beyond a company’s short term gains, and understanding that without major changes in each of these areas we will not be able to sustain our current standards of living, work and community.
The environmental pillar involves the careful consideration of a business’ impact on the natural world, including biodiversity and climate change. It includes practices like reducing waste, using renewable energy sources and avoiding products with ingredients that harm natural habitats. The economic pillar of sustainability includes creating local jobs and paying fair wages to staff, and paying taxes that support municipal, provincial and national programs. It also encompasses the creation of a strong brand reputation and fostering loyalty among customers, investors and partners.
For individuals, embracing sustainability means making small changes to their day-to-day lives. For example, turning off the lights when they are not in use, riding a bike instead of driving and eating a vegetarian diet can help reduce greenhouse gas emissions, water and air pollution and can improve personal health.
In the corporate world, sustainability is becoming more important for many reasons. Consumers are demanding that companies be socially responsible, and regulations and investors are placing increased emphasis on sustainability. Incorporating sustainability into a business strategy can build brand loyalty, create a competitive advantage and establish businesses as industry leaders.