A sustainable economy can be defined as that economy based on capital based on human innovations and creativity, serves the goals of sustainable development, and requires consideration of the environment in all its endeavors. This economy also aims to work on improving the national income of individuals.
This is done by adopting all innovations, ideas, and creative initiatives that are alternative to the ideas and innovations of traditional economies to achieve maximum sustainability for subsequent generations.
The idea of achieving a sustainable economy is based on taking into account three dimensions: the environmental dimension, the economic dimension, and the socio-cultural dimension. In achieving sustainability, thought must always focus on fighting and eliminating poverty, promoting education and culture, and environmental changes.
Sustainability is an essential component of any business development plan, but the question is, why is sustainability important? He answers that incorporating long-term thinking will generate returns in the long run, not just in purely financial terms.
With a better understanding of environmental issues, people are placing more importance than ever on sustainability. Reducing environmental and societal impact can play an essential role in building a company’s reputation, engaging customers, and attracting talent to its workforce. Additionally, corporate governance regulations turn environmental ideals into legal obligations, while investing in more sustainable materials, products, services, and technologies can save money every day; But the most important thing is that everyone is responsible for protecting our future and the future of subsequent generations by taking sustainable measures from now.
From an environmental sustainability perspective, Sustainable Development Goals 12 and 13 set out by the United Nations among the seventeen sustainable development goals should focus on companies.
SDG 12 addresses “responsible consumption and production” and includes, for example, conserving raw materials by designing products that are smaller and lighter, using recycled and recyclable materials to create more sustainable packaging, reducing the use of chemicals in production processes, and promoting recycling Rotate the product to another product.
Sustainable Development Goal 13 deals with “climate actions” and prioritizes reducing carbon dioxide emissions over the life cycle of a product, including through the use of renewable energy.
Concerted efforts are needed to follow the Sustainable Development Goals because processes such as recycling and renewable energy production can only be achieved by providing a supply chain. Hence, global corporations, government agencies, and other large corporations use their influence to ensure that suppliers share their values and procurement standards, providing an opportunity for companies of any size to benefit from other businesses’ sustainable development strategies.
It is easy to think of sustainability strategies as being linear strategies that end up being rewarded of any kind. However, in the 21st century, the thinking shifted from “cradle to grave” to thinking “from cradle to cradle,” that is, thinking that represents a sustainable life cycle that starts from research and development and reaches to re-manufacturing, with the life cycle repeating. A sustainable economy depends on continuing to use products and materials for as long as possible by repairing and reusing them before moving on to recycling and recycling; Indeed, reducing reliance on raw materials and emissions from transportation and manufacturing helps protect the environment, while lower prices associated with recycled products can reduce costs for the rest of the talk.
Author : Manahel Thabet
Published February 20, 2022
Al Bayan Newspaper