A sustainable economy can be defined as an economic system centered on capital derived from human innovations and creativity. It serves the objectives of sustainable development, emphasizing environmental considerations in all activities. The primary goal is to enhance the national income of individuals by embracing alternative ideas and creative initiatives that diverge from traditional economic approaches, ensuring maximum sustainability for future generations.
The pursuit of a sustainable economy is founded on addressing three key dimensions: the environmental dimension, the economic dimension, and the socio-cultural dimension. Achieving sustainability requires a continuous focus on combating and eradicating poverty, advancing education and culture, and adapting to environmental changes.
Incorporating sustainability into any business development plan is essential. The significance of sustainability lies in its capacity to generate long-term returns, extending beyond purely financial gains. In an era where environmental concerns are better understood, people increasingly prioritize sustainability. Reducing environmental and societal impact contributes significantly to building a company’s reputation, engaging customers, and attracting top talent. Moreover, corporate governance regulations now translate environmental ideals into legal obligations.
Investing in more sustainable materials, products, services, and technologies not only aligns with environmental goals but also leads to cost savings. However, the overarching responsibility lies with everyone to protect our collective future and that of subsequent generations by implementing sustainable measures starting now.
From an environmental sustainability standpoint, it is crucial for companies to focus on Sustainable Development Goals 12 and 13, outlined by the United Nations among the seventeen sustainable development goals.
SDG 12 centers on “responsible consumption and production.” This includes initiatives such as conserving raw materials through designing smaller and lighter products, utilizing recycled and recyclable materials for sustainable packaging, minimizing the use of chemicals in production processes, and promoting product recycling.
Sustainable Development Goal 13 revolves around “climate action” and emphasizes the reduction of carbon dioxide emissions throughout a product’s life cycle, incorporating the use of renewable energy sources.
Effective implementation of the Sustainable Development Goals requires collaborative efforts, as processes like recycling and renewable energy production necessitate a well-established supply chain. Consequently, global corporations, government agencies, and other major entities leverage their influence to ensure that suppliers adhere to shared values and procurement standards. This opens opportunities for businesses of all sizes to benefit from sustainable development strategies adopted by larger counterparts.
While it might be tempting to view sustainability strategies as linear endeavors leading to some form of reward, the 21st-century perspective shifts from “cradle to grave” thinking to “cradle to cradle.” This sustainable life cycle approach encompasses research and development, extending to re-manufacturing, with the cycle repeating. A sustainable economy thrives on prolonging the use of products and materials by encouraging repair and reuse before resorting to recycling. By minimizing reliance on raw materials and reducing emissions from transportation and manufacturing, a sustainable approach not only safeguards the environment but also reduces costs associated with recycled products. For these reasons and more, fostering a sustainable economy is both a responsible and economically advantageous path forward.
Author : Manahel Thabet
Published February 20, 2022
Al Bayan Newspaper
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