Ecological, social and economic sustainability
”Sustainable development is development that satisfies today’s needs without jeopardizing the ability of future generations to satisfy their needs”.
This is how sustainable development is defined in what is known as the Brundtland Report, which was written on behalf of the UN in 1987.
While sustainability is commonly associated with environmental and climate-related concerns, its scope extends far beyond these areas. It encompasses ecological, social, and economic sustainability, emphasizing the importance of balanced development for the well-being of the planet and its inhabitants.”
Ecological sustainability
Ecological sustainability serves as the foundational pillar that underpins the two other components of sustainability: social and economic sustainability. It pertains to the preservation of the Earth’s ecosystem and the maintenance of its essential functions over the long term. This includes aspects such as energy production, food security, clean water provision, climate regulation, and recreational opportunities. By prioritizing ecological sustainability, we aim to ensure the continued health and resilience of our planet for future generations.
Social sustainability
Social sustainability encompasses the living conditions of individuals within society, including aspects such as security, health, justice, and education. However, it is equally vital to prioritize the health and well-being of employees, alongside promoting equality and gender parity. By focusing on these key areas, we strive to create a sustainable and inclusive environment that supports the holistic development and welfare of all individuals.
Economic sustainability
Economic sustainability encompasses long-term economic considerations and driving forces. It involves ensuring that the economic system continues to evolve while also paving the way for ecological and social sustainability. In order to achieve this balance, new business models must be developed. Currently, there is a growing discourse around concepts such as ’green growth’ and ’green economy,’ which have gained popularity. These concepts aim to establish innovative business models that are centered on an economic system built on principles of recycling, reusing, and incorporating renewable energy sources and fuels.
