What is Sustainability?

Overview of Sustainability
Sustainability…what is it and why is it important? This is a significant question, and one that can be answered rather simply. Sustainability, according to the Environmental Protection Agency (EPA), is defined by the principal that everything we rely on and use on a daily basis comes from the natural environment. Taking this principal into consideration, sustainability promotes the co-existence of both humans and nature in a productive harmony that will allow current and future generations to thrive on planet Earth[1].
Sustainability in the Business Context
A sustainable approach can be taken in every aspect of life, including in the business and industry domain. Sustainability is incorporated into the business world through the “Triple Bottom Line” method, which considers the social, environmental and economic impacts of a certain approach during the decision-making process[2]. This is a significant mindset to adopt into business models due to the changing perspectives around the world concerning the well-being of the environment. Many corporate leaders and business owners are becoming aware of the benefits of a “circular economy” and the need to reuse and recycle. Additionally, the renewable energy market is on the rise and expected to reach $2.15 trillion by 2025[3]. By adopting the triple bottom line method and placing a greater focus on the circular economy, a business can put itself in a better position for current growth and future prosperity, while concurrently supporting the well-being of society and the environment.
Low Carbon Transition Plans (LCTPs) and the Triple Bottom Line
One way businesses have adopted the Triple Bottom Line approach into their companies is through the addition of a Low Carbon Transition Plan (LCTP). Due to the large differences in each company, there is no single definition of what an LCTP or Sustainability Plan is. However, at its core, an LCTP is a document that establishes a baseline of current emissions produced by the company, then uses that information to devise a roadmap for new targeted goals. Finally, it generates methods in which these goals can be achieved[4]. A common question asked is “why should an LCTP be implemented?”, the answer lies in its specifications and attention to detail. Often times companies say they want to “go green” and reduce their carbon footprint without knowing where they currently stand or how to move forward. The LCTP clearly lays out where a company currently stands, including all of the environmentally beneficial methods currently in use, then ultimately creates a step by step, category by category, outline on how to reach its sustainability goals. Furthermore, a business promoting its efforts towards sustainability can attract employees and investors while the sustainable efforts themselves can reduce waste and energy costs[5].
Why Sustainability Matters Today

Sustainability in today’s world can mean different things for different people but adopting sustainable practices both in everyday life and in the workplace has become more and more important in society. By putting in effort to create, maintain and even grow the conditions where the social, economic and environmental concerns of present and future generations are prioritized, sustainability can be achieved.

References

[1] https://www.epa.gov/sustainability/learn-about-sustainability

[2] https://www.researchgate.net/profile/Deborah-Doane/publication/237302235_Economic_Sustainability_The_business_of_staying_in_business/links/5440f98d0cf2a6a049a356ff/Economic-Sustainability-The-business-of-staying-in-business.pdf

[3] https://www.forbes.com/sites/forbesbusinesscouncil/2021/02/10/why-corporate-strategies-should-be-focused-on-sustainability/?sh=91f2fc57e9f2

[4]https://www.environmentalleader.com/2021/12/low-carbon-transition-plans-what-you-need-to-know/

[5] https://www.environmentalleader.com/2016/03/6-benefits-of-becoming-a-sustainable-business/

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