Environmental governance advocates sustainability as the supreme consideration in managing all human activities-political, social and economic. The concept of sustainability relies on sustainable development. Sustainable development can be explained in various ways, but the most widely recognised definition was phrased by the Brundtland Commission in 1987:
“Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”
It is based on the three pillars of sustainability: economic, environmental and social sustainability. It is only achieved when there is balance or a trade-off between these three aspects.
Relationships in Sustainable Development- environmental, social and economic concerns
However, some authors have expanded this approach and added a fourth pillar (for example cultural, political or institutional), it is most important to understand that it is a holistic, integrated approach, meaning that in order to achieve sustainability, there needs to be a balance between different spheres of life.
At the United Nations Sustainable Development Summit in 2015, world leaders adopted the 2030 Agenda for Sustainable Development, which includes a set of 17 Sustainable Development Goals (SDGs) aimed at ending poverty, fighting inequality and injustice and tackling climate change by 2030. These 17 goals, listed below, are all accompanied by specific targets – 169 in total.
- End poverty in all its forms everywhere.
- End hunger, achieve food security and improved nutrition and promote sustainable agriculture.
- Ensure healthy lives and promote well-being for all at all ages.
- Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all.
- Achieve gender equality and empower all women and girls.
- Ensure availability and sustainable management of water and sanitation for all.
- Ensure access to affordable, reliable, sustainable and modern energy for all.
- Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.
- Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation.
- Reduce inequality within and among countries.
- Make cities and human settlements inclusive, safe, resilient and sustainable.
- Ensure sustainable consumption and production patterns.
- Take urgent action to combat climate change and its impacts.
- Conserve and sustainably use the oceans, seas and marine resources for sustainable development.
- Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss.
- Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels.
- Strengthen the means of implementation and revitalize the global partnership for sustainable development.
- Economic Environment- Economic, Financial System & Policies
- Political Environment of Business
- Ecosystem- Meaning, Management, Threats, Major Processes
- Social and Cultural Environment of Business
- Environment Protection Act 1986
- Business Environment – Definition, Micro & Macro Components
- Kinds of business environment
- Significance of business environment
- Technological Environment of Business
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