Sustainability

Sustainability in the business context, as well termed Corporate Social Responsibility (CSR) refers to sustainable business practices and corporates’ responsibility for their impacts on society (European Commission 2011). This includes a broad range of economic, environmental, social, and governance aspects: safeguarding the potential for long-term maintenance of profitability, fair business practices, responsible use of natural resources, respect for social rights.

The world’s major global challenges have been defined by the United Nations’ Agenda 2030 such as e.g. climate change, loss of natural resources & biodiversity, water scarcity, social structures which do not foster equal opportunities but grow grow inequalities regarding livelihoods, access to health and education. These factors constitute severe risks for societies and economies.

The UN Sustainable Development Goals (SDGs) have been developed as a global framework to tackle the most pressing challenges on the way to a sustainable future. Companies as main drivers of innovation, creators of jobs and growth, play a central role in achieving environmental and societal goals.

Corporate Social Responsibility (CSR) therefore aims at integrating relevant environmental, social and governance (ESG) issues in business strategies and organizational development, maximizing positive value contribution to society and minimizing negative externalities. The World Business Council for Sustainable Development estimates market opportunities for business to be worth at least 12 trillion US Dollar per year by 2030*

*Source: WBCSD: https://www.wbcsd.org/Programs/People/Sustainable-Development-Goals/SDG-Sector-Roadmaps