Why Your Business Should Embrace Sustainability
Published on: 06.05.2021
A growing number of enterprises from MSMEs to large companies have started to implement sustainable practices to gain competitive advantages over their competitors. The fact that a group of companies has been responsible for a huge share of the world’s historical greenhouse gas emissions is not something new. According to harvardpolitics.com, only 100 investors and state-owned fossil fuel companies are responsible for around 70 percent of greenhouse emissions. At this rate, climate change risks displacing over two billion people.
On the other hand, the United Nations (UN) project that the world population will reach 8.5 billion in 2030. At the same time, the UN aims to achieve the Sustainable Development Goals (SDGs) by 2030.
Hence, sustainability comes as the common denominator for all the issues related to climate change, increased world population, and business models. In simple words, sustainability is the solution and not the fight against plastic straws, as the popular rhetoric suggests as long as March is not a solid backup plan.
Back to sustainability practices in business, such a strategy no longer seems to be an option. It is becoming a standard practice for long-term success. Existing companies are implementing such practices while new enterprises have sustainability as a core value. Many big enterprises see the challenge of converting their multi-billion business into sustainable companies as an opportunity for developing a creative economy.
Briefly, sustainability in business points to the impact that companies have on the environment and communities. This model helps to address several global burning issues such as climate change, human rights issues, pollution, decent work issues, depletion of natural resources and irresponsible consumerism, income economic inequality, etc.
This happens for the businesses that have already adopted the triple bottom line. Different from the standard bottom line that focuses on generating profit, the triple bottom line makes it possible that companies commit to their impact on the environment and society in addition to their financial performance. First, a business needs to have a good financial performance in order to have a good impact in the world.
On the other hand, surveys show that the companies that implement sustainable practices outperform the market.
The triple bottom line model refers to three Ps: the planet, profit, and people.
If you want to learn more about the three Ps and how to become a sustainable entrepreneur take the online training to provide by the Entrepreneurship Campus. This training along with the entrepreneurship course will help think about innovative business solutions and to contribute to the Sustainable Development Goals (SDGs). Share with the EC members the goals that you want to help achieve or join the Citizen Entrepreneurship Competition with an idea or project.
You need to learn about the benefits of sustainability in business because it offers competitive advantages, helps to build a reputation, it can drive change, and finally, the market for sustainable goods is growing.