Why You Should Care About Economic Sustainability

Sustainability is the new it word, a term that encapsulates what we humans need to aim for as we interact with the planet on a day to day basis. It also may prove to be the most important concept to enter our plane of existence.

The logic goes that there are three pillars of sustainability: economic, environmental and social. Each of these pillars are vital to a sustainable society but carry with them a different audience, viewpoint and end game. To fully understand the path to sustainability we all need to better explore these pillars.

Join me over the next few weeks as we examine more closely each of these pillars.

The first pillar to look at is economic, a good reminder of how deeply entrenched in society the concept of money has become.  A true sustainability society will include economic growth that still allows our natural habitat (or our planet) to flourish.

It is also the pillar that is most connected to the 2030 Agenda, as successful completion of any of the SDGs requires fair access to funding.

The question, of course, is whether we can reach economic sustainability. History has shown that our societies tend to feature (high) levels of income inequality and this is not a problem we have magically solved as of yet.

It also requires corporations and business owners to have a conscience, something that has not necessarily been a defining feature of their business plan.

This is why the push to adopt corporate social responsibility is so important. In a world where businesses are adhering to this initiative the ethical component would be pushing us towards greater income equality.

Many major corporations have agreed to the plan and have introduced features and initiatives to improve their CSR.

For those seeking to improve their CSR there are teams ready to help.

SGS, for example, offers services to help companies manage their sustainability levels.

Let’s work with the business world to ensure they do what they can to solve the economic issue.

There are elements that have been introduced as we try to improve our economic sustainability.

Understanding the importance of financial support, world leaders brought in the Monterrey Consensus of the International Conference on Financing for Development. This agreement, which brought together country leaders, finance experts, the International Monetary Fund, United Nations, the World Bank and the World Trade Organization.

The purpose of this agreement was to improve the process of financing for development and sustainability. Follow up forums have been held, with the most recent one happening in April this year.

We all need to keep our fingers crossed that the progress made is happening and we will meet our 2030 goal.

And what is Canada doing?

Knowing the importance of sustainable finance Canada created the Expert Panel on Sustainable Finance to enact a solid plan ensuring the country financial and economical spheres fully embrace sustainability.

Let’s hope the report, Mobilizing Finance for Sustainable Growth, helps us make real change.

Canada is also aiming to assist the global fight through the creation of the Sustainable Economic Growth Strategy. This initiative declares its purpose to be investing in people and sustainable businesses in developing countries.

As well, government proposals have been written and are being written to better embrace sustainability.

The bad news is recent findings at the World Economic Forum—which looked at economic inclusiveness—gave Canada a very low ranking in relation to other advanced economies. This shows the country still has a lot of work to do.

I’m sure Canada will find a way to improve its economic sustainability. I think we’re up to the task. We have all the ingredients for success, we just need to put our chin up and make it known how much good we can do.

A truly sustainable world needs a sustainable economy. More and more people are waking up to the injustice of income inequality and this means more warriors are willing to fight against it.

Let’s work together to ensure our financial systems leave no one behind. If we want to sustain the human race it’s the right thing to do.