What is Sustainability?

A: Business practices that are economically viable, socially responsible and environmentally friendly

“In business, sustainability refers to doing business without negatively impacting the environment, community, or society as a whole.

Sustainability in business generally addresses two main categories:

•  The effect business has on the environment

•  The effect business has on society

The goal of a sustainable business strategy is to make a positive impact on at least one of those areas. When companies fail to assume responsibility, the opposite can happen, leading to issues like environmental degradation, inequality, and social injustice.”

Harvard Business School

“A sustainable business, or a green business, is an enterprise that has minimal negative impact or potentially a positive effect on the global or local environment, community, society, or economy.”

Wikipedia

“Sustainability in business refers to a company’s strategy to reduce negative environmental impact resulting from their operations in a particular market. An organization’s sustainability practices are typically analyzed against environmental, social, and governance (ESG) metrics.”

IBM

Investment decisions that take into account the environmental, social, and governance (ESG) factors of an economic activity or project.”

Bloomberg

Why is Business Sustainability Important?

A: Implementing sustainable business practices improves efficiency driving down costs and boosting operational profits creating long term value as well as enhances reputation, attracts new customers, and increases employee retention.

“Consumers are willing to pay more or drive a bit further to shop at a business that commits to sustainable practices. In fact, 55% of global online consumers in 60 different countries said they would be willing to pay more for products and/or services if the company was committed to positive social and environmental impact. Sustainable practices can attract progressive-minded customers while simultaneously boosting shareholder and stakeholder value.”

University of Scranton

“Business sustainability helps solve or mitigate ecological, social and economic problems through the strategic management of resources. It seeks to improve the effect a company has on the external world. In return, the business generates goodwill with employees, stakeholders and the community.”

See TargetTech.com Article by Ben Lutkevich, Technical Writer and Ivy Wigmore

What is the Triple Bottom Line?

A: Measuring performance of societal & ecological impacts in addition to financial

Sustainability integrates traditional business management practices focused on profitability of a business after all expenses are deducted from revenues referred to as the ‘economic’ bottom line with ‘social’ equity and ‘environmental’ responsibility for a more holistic “triple bottom line” of ‘Profit, People, & Planet’.

The social aspect of sustainability refers to the culture and atmosphere of a business and includes, but is not limited to the following examples;

•  Marketing Initiatives

  • Communicating Sustainable Practices

  • Community Outreach & Social Events

•  Investing in Employees & Employee Recognition

  • Training & Education for Competence

  • Health Benefits, Wellness & Safety

•  Employee Policy Manual

  • Fairness & Equity

  • Structure & Responsibility – Organizational Chart

  • Work Flow Design

Environmentally responsible initiatives refer to the efforts a business implements to improve its impacts on the natural environment and includes, but is not limited to the following examples;

•  Environmental Policy Development

•  Best Management Practices

•  Energy & Resource Conservation

•  Waste Management & Reduction Practices

•  Wildlife & Habitat Management

•  Purchasing Policy & Decisions

“The TBL is an accounting framework that incorporates three dimensions of performance: social, environmental and financial. This differs from traditional reporting frameworks as it includes ecological (or environmental) and social measures that can be difficult to assign appropriate means of measurement.”

Indiana University

ESG & CSR Are Different Frameworks That Companies Use To Assess Sustainability

What is ESG?

A: Environmental Social Governance - provides a measure of assessment for investors

“ESG looks at how the world impacts a company or investment, whereas sustainability focuses on how a company (or investment) impacts the world…ESG is typically more relevant for large companies who are listed on public investment exchanges or who need financing from institutional investors. ESG, at its core, is a corporate governance and investment framework. What this means in practice is companies that adopt ESG principles consider, measure, report (and, hopefully, work to improve) the environmental, social, and governance aspects of their business alongside its financial considerations (profit, expenses, growth, accounting). Likewise, ESG investors consider a company’s environmental, social and governance attributes alongside their financial attributes when deciding whether or not (and how) to invest in them.”

Brightest.io

“ESG means using Environmental, Social and Governance factors to evaluate companies and countries on how far advanced they are with sustainability. Once enough data has been acquired on these three metrics, they can be integrated into the investment process when deciding what equities or bonds to buy.”

Robeco

What is CSR?

A: Corporate Social Responsibility - an internal framework and strategy that drives awareness of initiatives

“Corporate social responsibility is a type of business self-regulation with the aim of social accountability and making a positive impact on society. Some ways that a company can embrace CSR include being environmentally friendly and eco-conscious; promoting equality, diversity, and inclusion in the workplace; treating employees with respect; giving back to the community; and ensuring business decisions are ethical.”

Business News Daily

“CSR focuses on corporate volunteering, lowering carbon footprint, and engaging with charities & helps inform others about the values and goals of the business…

The activities in a CSR strategy include lowering the business’s carbon footprint, corporate volunteering, improving labor practices, and engaging in charity. CSR practices are usually self-regulated and can have a lot of variation. It is a more qualitative measure and can be challenging to define.

Both CSR and ESG could be used by a business simultaneously. CSR may provide an internal framework for the company to communicate with employees, while ESG can provide solid numbers behind them.”

Corporate Governance Institute

“CSR companies integrate environmental and social concerns into their business management concept to contribute to the wellbeing of the communities they effect and depend on.”

Bloomberg

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