sustainable development
News •
-
What is sustainable development in economics?
Sustainable development in economics balances current social and economic needs with the preservation of the environment for future generations. It addresses the interconnectedness of environmental, social, and economic policies, considering the needs of future generations, Indigenous cultures, and global economic and social equity.
This approach recognizes the importance of a healthy environment, but its generality and the challenges in setting measurable goals have drawn criticism. Despite these criticisms, sustainable development is a key element in policymaking, as seen in the United Nations' Sustainable Development Goals. It aims to integrate environmental protection with economic growth, as demonstrated by the promotion of ecotourism.
4 Britannica SourcesCreated from Britannica articles using AI. AI can make mistakes, so verify using Britannica articles. -
Why is sustainable development important for the economy?
Sustainable development is crucial for the economy because it balances social, economic, and environmental needs for both current and future generations. It broadens the understanding of how natural capital and ecosystem services factor into economic discussions. Sustainable practices ensure resources are used efficiently, promoting long-term economic growth without depleting natural resources. This approach fosters a resilient economy capable of adapting to ecological limits, securing sustained well-being across social, environmental, and economic domains.
3 Britannica SourcesCreated from Britannica articles using AI. AI can make mistakes, so verify using Britannica articles. -
How does sustainable development balance economic growth and the environment?
Sustainable development seeks to balance economic growth and environmental preservation for current and future generations. It addresses the limitations of market-driven growth, which can prioritize profitability over environmental and social well-being, leading to issues like pollution and unhealthy working conditions.
To achieve this balance, governments can use policy tools to shift production and consumption towards less destructive channels. This involves re-engineering industrial and agricultural processes, changing land-use practices, and promoting responsible consumption. The concept has faced criticisms regarding its vagueness, lack of measurable goals, and assumptions about industrialization, but remains a core principle in international policymaking.
4 Britannica SourcesCreated from Britannica articles using AI. AI can make mistakes, so verify using Britannica articles. -
What are some examples of sustainable economic practices?
Sustainable economic practices aim to foster economic growth while preserving environmental quality for future generations. These practices include:
-
Ecotourism Creating economic incentives for environmental preservation and raising awareness of fragile ecosystems.
-
Sustainable agriculture Planting diverse crops, reducing chemical use, and employing crop rotation to preserve soil productivity.
-
Alternative energy Using renewable sources such as solar, wind, hydroelectric, and geothermal to reduce reliance on fossil fuels.
-
Supply chain management Managing resources and activities to maintain quality, manage costs, and enhance efficiency in product development.
-
Circular economy Minimizing waste and pollution, keeping products and materials in use, and regenerating natural systems.
5 Britannica SourcesCreated from Britannica articles using AI. AI can make mistakes, so verify using Britannica articles. -
-
How can businesses contribute to sustainable development?
Businesses can contribute to sustainable development by integrating environmental, social, and economic considerations into their decision-making. Corporate sustainability involves a triple bottom line, focusing on social and environmental performance alongside financial returns.
To integrate environmental, social, and governance (ESG) factors, businesses should identify and address the risks most relevant to their sector. They can use ESG ratings to evaluate their management of key risks and aim for durable competitive advantages.
Corporate Social Responsibility (CSR) reports demonstrate a companyās efforts toward sustainable development goals and provide transparency to stakeholders. These reports measure progress and can be integrated with financial reports to provide useful information to investors.
5 Britannica SourcesCreated from Britannica articles using AI. AI can make mistakes, so verify using Britannica articles. -
What challenges do countries face when trying to achieve sustainable economic growth?
Countries face multiple challenges in achieving sustainable economic growth, including balancing economic advancement with environmental preservation and social equity.
Some challenges include:
* Conflicting Objectives Economic, social, and political goals may be inconsistent with each other, making evaluation complex.
* Environmental Impact Growing populations and increased industrial activities lead to pollution, threatening natural resources and human health.
* Emission Reduction Developing countries face pressure to reduce greenhouse gas emissions while simultaneously promoting economic development.
* Social Costs Undesirable side effects of industrialization include traffic congestion, pollution, and the despoiling of landscapes.
* Poverty, unemployment, inequality, and food security Interconnected social and economic issues that limit the countryās development and affect peopleās quality of life, social well-being, and opportunities for growth.
* Vagueness. The generality and vagueness of sustainable development has led to debates over which forms or aspects of development qualify as "sustainable".6 Britannica SourcesCreated from Britannica articles using AI. AI can make mistakes, so verify using Britannica articles.
sustainable development, approach to social, economic, and environmental planning that attempts to balance the social and economic needs of present and future human generations with the imperative of preserving, or preventing undue damage to, the natural environment.
Sustainable development lacks a single detailed and widely accepted definition. As a general approach to human development, it is frequently understood to encompass most if not all of the following goals, ideals, and values:
- A global perspective on social, economic, and environmental policies that takes into account the needs of future generations
- A recognition of the instrumental value of a sound natural environment, including the importance of biodiversity
- The protection and appreciation of the needs of Indigenous cultures
- The cultivation of economic and social equity in societies throughout the world
- The responsible and transparent implementation of government policies
The intellectual underpinnings of sustainable development lie in modern natural resource management, the 20th-century conservation and environmentalism movements, and progressive views of economic development. The first principles of what later became known as sustainable development were laid out at the 1972 United Nations Conference on the Human Environment, also called the Stockholm Conference. The conference concluded that continued development of industry was inevitable and desirable but also that every citizen of the world has a responsibility to protect the environment. In 1987 the UN-sponsored World Commission on Environment and Development issued the Brundtland Report (also called Our Common Future), which introduced the concept of sustainable developmentādefining it as ādevelopment that meets the needs of the present without compromising the ability of future generations to meet their own needsāāand described how it could be achieved. At the 1992 United Nations Conference on Environment and Development (also called the Earth Summit), more than 178 countries adopted Agenda 21, which outlined global strategies for restoring the environment and encouraging environmentally sound development.
" height="20" alt="HEW Logo">
Since that time, sustainable development has emerged as a core idea of international development theory and policy. However, some experts have criticized certain features of the concept, including:
- Its generality or vagueness, which has led to a great deal of debate over which forms or aspects of development qualify as āsustainableā
- Its lack of quantifiable or objectively measurable goals
- Its assumption of the inevitability and desirability of industrialization and economic development
- Its failure to ultimately prioritize human needs or environmental commitments, either of which may reasonably be considered more important in certain circumstances
Although the implementation of sustainable development has been the subject of many social scientific studiesāso many, in fact, that sustainable development science is sometimes viewed as a distinct fieldāa number of public intellectuals and scholars have argued that the core value of sustainable development lies in its aspirational perspective. These writers have argued that merely attempting to balance social, economic, and environmental policymakingāthe three āpillarsā of sustainable developmentāis an inherently positive practice. Even if an imbalance of results is to a certain extent inevitable, it is better that policymakers at least attempt to achieve a balance. Abandoning the notion of sustainable development altogether, they argue, would likely worsen social, economic, and environmental conditions throughout the world, thus undermining all three pillars.
Despite widespread criticism, sustainable development has emerged as a core feature of national and international policymaking, particularly by agencies of the United Nations. In 2015 the United Nations General Assembly adopted the 2030 Agenda for Sustainable Development, which included 17 sweeping goals designed to create a globally equitable society alongside a thriving environment.