The term sustainable development, balances development with traditional notions of growth, and includes environmental and social issues into economic development. These three pillars—environmental, social, and economic—serve as guiding principles for long-term global development.
The diagram below shows how these three pillars add value to global, sustainable societies. In addition, the areas of overlap, such as socio-environmental, socio-economic, and eco-economic also create further opportunities for sustainable development.
Sustainable development is difficult to address by one sector of society alone. It requires collective efforts of individuals, communities/societies, governments and global institutions to work effectively. This is why companies often need to work together with other parties to achieve the three pillars of sustainable development, that so many companies now incorporate into their central vision and values.
We will now explore some of the key partnerships and initiatives that help businesses address sustainability
Supplementary Resources
Ana-Maria Teodorescu: Links between the pillars of sustainable development