Learn about what the concept of sustainability entails.
Sustainability as an Umbrella Term
There isn’t a single definition of sustainability, as it functions more as an umbrella term that encompasses not only environmental but also social and economic sustainability. Broadly speaking, sustainability focuses on meeting the needs of the present without compromising the ability of future generations to meet their own needs.
The need for global sustainability was first emphasized in the Brundtland Report of 1987. It called on governments, businesses, and the global population, stressing that everyone is affected by environmental crises and must take responsibility for addressing these challenges. Sustainability and sustainable transformation are not new phenomena, but it’s only in recent years that the concept has gained widespread traction and legitimacy in society.
The Three Pillars of Sustainability
Sustainability consists of three pillars: economy, climate and environment, and social factors—often referred to more informally as profit, the planet, and people. Awareness of all these areas is essential to understanding what sustainability—and sustainable business operations—truly are.
The UN has developed 10 principles for sustainable business practices known as the UN Global Compact (UNGC), which are based on guidelines from the OECD (Organisation for Economic Co-operation and Development), the ILO (International Labour Organization) conventions on workers’ rights, the UN’s Guiding Principles on Business and Human Rights, and the Rio Declaration. These principles provide a shared ethical and practical framework that companies can commit to if they want to run a sustainable business and maintain their competitiveness. They cover human rights, workers' rights, the environment, and anti-corruption.
What Definition Does Valified Follow?
At Valified, we operate with a broad definition of sustainability, with a particular focus on the guidelines of the UNGC, OECD, and SDGs (UN’s Sustainable Development Goals). Through our platform's questions, Valified helps your company consider all aspects of sustainability and offers inspiration on where to focus and start your sustainability journey.
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