Economists would need to design theories to facilitate this shift. Sustainability encompasses the entire supply chain of a business, requiring accountability from the primary level, through the suppliers, all the way to the retailers. The idea is to promote the use of those resources in a way that is both efficient and responsible, and likely to provide long-term benefits. Sustainable economic development on the other hand is decision making and problem solving based on a desired outcome rather than what is the most profitable momentary outcome. Accessed Feb. 27, 2020. McDonalds. Top synonyms for economic health (other words for economic health) are economic sustainability, economic strength and economic soundness. (For more, see: "Go Green With Socially Responsible Investing."). phr. For the companies that cannot point to an overall vision to improve in these three pillars, however, there isn't a real market consequence — yet. 1 word related to sustainability: property. trivia, research, and writing by becoming a full-time freelance writer. That said, profit cannot trump the other two pillars. Resistance to change can often lead to a less than efficient use of available resources. This will require shifts in thinking in almost every discipline to create a generation of leaders in every field who will advance an outcome based approach to their work. Learn more. See more. Find more ways to say more sustainable, along with related words, antonyms and example phrases at Thesaurus.com, the world's most trusted free thesaurus. The shift to a new economy will be ugly, and change will be met by resistance from all sides. Environmental, social, and governance (ESG) criteria are a group of standards used by socially conscious investors to screen investments. Jim Collins. economic sustainability synonyms economy - 39 Since then, he has contributed articles to a It means living life to the fullest without compromising future generations' ability to do so. It has three main pillars: economic, environmental, and social. Between 2016 and 2018, sustainable, responsible and impact investing grew at a more than 38 percent rate, rising from $8.7 trillion in 2016 to $12 trillion in 2018, according to the U.S. Forum for Sustainable and Responsible Investment.. phr. Sustainability is usually understood as a form of intergenerational ethics that accommodates the economic, social, and environmental needs of current and future generations. league baseball, and cycling. Sustainable development is the way to go. Sometimes, this pillar is referred to as the governance pillar, referring to good corporate governance. My charity is building a green hospital. The economic pillar of sustainability is where most businesses feel they are on firm ground. "BHAG." In fact, profit at any cost is not at all what the economic pillar is about. These three pillars are informally referred to as people, planet and profits. The worth of assets and resources in dollar figures is common, as is identifying the amount of return generated by the efficient use of those resources. That said, profit cannot trump the … The Forum for Sustainable and Responsible Investment. This involves not only making sure that the business is making a profit, but that the operation is not creating environmental concerns that could cause harm to the balance of the local ecology. Synonyms: defendable, defensible, justifiable… Antonyms: indefensible, insupportable, unjustifiable… The environmental pillar often gets the most attention. Accessed Feb. 27, 2020. We use cookies to enhance your experience on our website, including to provide targeted advertising and track usage. Sustainability is a lens through which to view all issues. phr. financial self-reliance. Economic Viability synonyms. The goal is to establish profitability over the long term. Accessed Feb. 27, 2020. True sustainability encourages the responsible use of resources. ‘Consultants questioned the long-term financial sustainability of the healthcare system.’ ‘There can be no fiscal sustainability without a return to economic growth.’ ‘We pursue economic sustainability through sound business principles.’ ‘Sustainability benefits clients, primarily by lowering operating costs.’ If it helps a company get credit for things they are already doing, then why not? Progress has never risen from a static environment. Accessed Feb. 27, 2020. 5 Examples of Sustainable, Economic Progress. Companies have found that have a beneficial impact on the planet can also have a positive financial impact. Another word for economic. U.S. Forum for Sustainable and Responsible Investment. Economic definition, pertaining to the production, distribution, and use of income, wealth, and commodities. Definition of sustainability noun in Oxford Advanced Learner's Dictionary. They may also want assurances that companies avoid conflicts of interest in their choice of board members, don't use political contributions to obtain unduly favorable treatment and, of course, don't engage in illegal practices. The main question for investors and executives is whether or not sustainability is an advantage for a company. What are synonyms for Environmental sustainability? What are synonyms for sustainability? Socially responsible investing looks for investments that are considered socially conscious because of the nature of the business the company conducts. A failure to track expenses and justify expenditures will also have adverse effects on the long-term stability of the company and limit the potential for sustainability. In the case of a business operation, it calls for using resources so that the business continues to function over a number of years, while consistently returning … Although it very much a buzzword, sustainability is here to stay. In practical terms, all the strategies under sustainability have been co-opted from other business movements like Kaizen, community engagement, the BHAG (Big Hairy Audacious Goal), talent acquisition and so on. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Antonyms for Environmental sustainability. The idea is to promote the use of those resources in a way that is both efficient and responsible, and likely to provide long-term benefits. Top synonyms for economic viability (other words for economic viability) are economic rationality, economic efficiency and economic feasibility. The three pillars of sustainability are planet or environment, social or people, and profit or economics. For other companies, sustainability means answering hard questions about the how and why of their business practices that could have a serious, if gradual, impact on their operations. Is the work environment safe? If social sustainability focuses on improving social equality, economic sustainability aims to improve the standard of living. Sustainability, the long-term viability of a community, set of social institutions, or societal practice. We also reference original research from other reputable publishers where appropriate. Economic sustainability is the term used to identify various strategies that make it possible to use available resources to their best advantage. "Reducing Waste." 1 word related to sustainability: property. Accessed Feb. 27, 2020. Companies are focusing on reducing their carbon footprints, packaging waste, water usage and their overall effect on the environment. Sustainability is the ability to exist constantly. Ways to be economically sustainable: Easy: Donate $1 to Economics of Philanthropy in the … In most scenarios, the measure of economic sustainability is presented in monetary terms. By using Investopedia, you accept our, Investopedia requires writers to use primary sources to support their work. At its heart, economics is the study of making decisions under scarcity. At present, we're in need of a sustainable water system. In the 21st century, it refers generally to the capacity for the biosphere and human civilization to co-exist. financially independent. It has become a catch-all phrase that now refers to almost anything -- from recycling to planting trees to integrated policy analysis to sustained growth of output to the use of environmentally-adjusted national accounts or alternative indicators. Sustainability is most often defined as meeting the needs of the present without compromising the ability of future generations to meet theirs. On a global social scale, a business needs to be aware of how its supply chain is being filled. Sustainability provides a larger purpose and some new deliverables for companies to strive for and helps them renew their commitments to basic goals like efficiency, sustainable growth and shareholder value. What are synonyms for Ecological sustainability? With regard to governance, investors may want to know that a company uses accurate and transparent accounting methods, and that stockholders are given an opportunity to vote on important issues. They have good scores when it comes to air pollution, availability of public transportation, the number of educated and employed people, the percentage of green spaces, energy consumption or access to drinking water. Many of the large retailers have struggled with this as public outrage over tragedies like the Bangladesh factory collapse, which have illustrated previously unaccounted for risks in sourcing from the lowest-cost supplier. The economic pillar of sustainability is where most businesses feel they are on firm ground. For some companies, sustainability represents an opportunity to organize diverse efforts under one umbrella concept and gain public credit for it. Lessening the amount of material used in packaging usually reduces the overall spending on those materials, for example. Synonyms for sustainability include validity, soundness, force, power, strength, weight, cogency, foundation, rationality and defensibility. Activities that fit under the economic pillar include compliance, proper governance and risk management. The United States would need to shift from a consumer-oriented economy to a service based economy. The social pillar ties back into another poorly defined concept: social license. "Scale for Good." sustainability there is little or no consensus on what it means (Lélé, 1991; Mebratu, 1998; Daly, 1990). FTSE4Good Index Series is a series of equity indexes that include companies that meet globally-recognized social responsibility standards such as ESG. Wal-Mart Stores, Inc. (WMT), McDonald’s Corporation (MCD) and many of the true corporate giants have named sustainability as a key priority moving forward. Now other corporations are under pressure to show how they plan to commit, and deliver their goods and services in a sustainable manner. Are people being paid fairly? If this comes to pass, then companies lacking a sustainability plan could see a market penalty, rather than proactive companies seeing a market premium. Economic sustainability is the term used to identify various strategies that make it possible to use available resources to their best advantage. sustainability meaning: 1. the quality of being able to continue over a period of time: 2. the quality of causing little…. Perhaps more importantly, a sustainability strategy that is publicly shared can deliver hard-to-quantify benefits such as public goodwill and a better reputation. @ Istria- So basically what you are advocating is essentially ecological economics and sustainable economic development. After many years in the teleconferencing industry, Michael decided to embrace his passion for Triple bottom line (TBL), in economics, believes that companies should focus as much on social and environmental issues as they do on financial issues. The economic pillar provides a counterweight to extreme measures that corporations are sometimes pushed to adopt, such as abandoning fossil fuels or chemical fertilizers instantly rather than phasing in changes. Antonyms for sustainability. The sustainability movement encompasses environmental justice and social justice, because one cannot be obtained without the other. Log in economic health / synonyms Wikibuy Review: A Free Tool That Saves You Time and Money, 15 Creative Ways to Save Money That Actually Work, Ecological Economics And Sustainable Development. You can learn more about the standards we follow in producing accurate, unbiased content in our. Environmental, Social, and Governance (ESG) Criteria, Corporate Citizenship: What You Should Know, The Three Pillars of Corporate Sustainability, Socially Responsible Investing for Gender Empowerment, The Largest Corporate Sustainability ETFs, corporate giants have named sustainability as a key priority, Go Green With Socially Responsible Investing, Sustainable investing assets reach $12 trillion as reported by the US SIF Foundation’s biennial Report on US Sustainable, Responsible and Impact Investing Trends. Corporate social responsibility (CSR) is a business model that helps a company be socially accountable to itself, its stakeholders, and the public. 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