Sustainability is a word being used more and more in modern businesses, but what does this mean for your business? The most quoted definition of sustainability comes from the UN World Commission on Environment and Development, “Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”
Sustainability for business defines as a companies strategy to reduce negative environmental impact resulting from their operations in a particular market. An organisation’s sustainability practices are typically analysed against environmental, social, and governance (ESG) metrics.
Bowen Safety Ltd understand the importance of protecting our world for future generation. We do this by focusing on the 3 main pillars of sustainability. Sustainability is about meeting the needs of the present whilst guaranteeing the planet for future generations. The three pillars of sustainability cover social, economic, and environmental impact, meaning they help to fulfil these aims in several important ways.
Although for a business to be sustainable it must be profitable, the economic pillar does not mean that companies should strive for profit at any cost. On the contrary, companies that are economically sustainable practice proper governance and risk management. Profit should also not sacrifice the environmental and social pillars of sustainability.
Sometimes referred to as the governance pillar, companies practice economic sustainability by ensuring the aims of directors and management align with shareholders’ interests as well as that of the company’s community, value chains, and end-user customers.
The environmental pillar of sustainability focuses on aspects that are beneficial for the environment. This includes measures like reducing carbon footprint, water usage and the amount of waste generated. The environmental pillar forms an important part of businesses’ sustainability plans.
A socially sustainable business should be supported and approved by employees, stakeholders and the community that they operate in, both locally and globally. In order to do this, companies ensure to treat their employees fairly and engage with their local community through giving to charities and volunteering, although there are various obvious ways to be socially sustainable. Companies who have an international supply chain must ensure they provide a safe work environment, pay workers fairly and do not use child labour.
Contact Bowen Safety Ltd today to guide you through your businesses sustainable future.
