What is sustainability?

Sustainability means ‘the capacity to endure’.

A sustainable business is one that generates profit while improving societal and environmental conditions, “meeting our needs without stopping future generations meeting their needs.”

Sustainability means many things. In a business context it is about having an integrated approach that takes into consideration environmental concerns along with economic development. It involves making decisions that are good for your shareholders, your community, your employees, and your environment. It is about thinking about how you do business, and becoming resilient and able to respond to market conditions that are changing rapidly. It aligns corporate profit motive with environmental and social agendas.  It is the ability for society and the economy to coexist in balance with the environment.

Businesses are rebuilding after the first wave of the COVID-19 crisis. A key component of business regrowth will be leadership, and leading with purpose and values that extend beyond the financial and consider wider societal values. Chartered Accountants Ireland are working with decision-makers to influence this economic regrowth, and advocate on behalf of our members in business and in practice. 

Background to sustainability

In 1987, the United Nations Brundtland Commission defined sustainability as “meeting the needs of the present without compromising the ability of future generations to meet their own needs.”

Today, there are almost 140 developing countries in the world seeking ways of meeting their development needs, but with the increasing threat of climate change, concrete efforts must be made to ensure development today does not negatively affect future generations.