Summary

It is in our collective interests—both locally and internationally—to energetically embrace sustainable development initiatives. Individual organisations have an important role to play in creating new sustainable products, processes, and industries. Sustainable development initiatives require considerable flexibility in their implementation, since each initiative is confronted with a unique set of factors that are related to its specific location, culture, and social demands. Such sustainable development initiatives require that three key elements be held in balance: economic prosperity, social responsibility, and environmental stewardship.

Sustainable development should not be addressed in isolation, and governments have a distinct role to play in setting policies and incentives that drive appropriate behaviour, and create the conditions for stable economic growth. While some 80 per cent of the world’s energy is currently derived from non-renewable fossil fuels, the growth in biofuels production capacity offers many promises, along with some challenges, towards the future course of sustainable development.

Organisations increasingly use Triple Bottom Line (TBL) reporting to communicate with their stakeholders. TBL focuses specifically on economic, social, and environmental performance. Each organisation tends to approach TBL reporting in a manner relating specifically to its own core business objectives. For example, some organisations may take an operational viewpoint, and hold to a primary objective of remaining profitable while managing the constraints imposed by stakeholders. Others may have an integrated conception of sustainability, in which the interests of employees, customers, investors, suppliers, and the local community are absorbed into the purposes of the organisation. And still others may have a global strategic perspective of sustainable development, forming alliances and new ventures in the creation of novel opportunities, while at the same time addressing societal and human welfare needs.

Sustainable development principles have led to the design and construction of energy efficient buildings, which are up to 40 per cent more efficient than those built 5 years ago. This has led to considerable energy savings, along with other benefits. Sustainable responsible design of products attempts to take into account all key environmental, social, and economic impacts throughout the lifecycle of products, without compromising performance, aesthetics, function, quality or cost. Finally, investors increasingly balance longer-term environmental and social costs against solely bottom-line results. They weigh up factors such as the use of products and practices that either deplete or destroy environmental resources, against savings accrued from reduced water and energy consumption, along with the potential for a healthier work environment and increased worker productivity.

_________________________________________________________

You are reading a Management Brief Report in html-format. Become a member of the BPIR to receive a new report in PDF-format every month (see examples: Benchmarking & Business Excellence). PDF-format can be saved on your hard drive, emailed to work colleagues, and are much easier to read and print out!.. For BPIR updates and best practices sign up to our FREE newsletter.