Sustainability is often misunderstood to be the latest phenomenon, a new trend in the business world. But the concept of sustainability was already introduced as early as the late nineteenth century. It was in 1987 that the UN Brundtland Commission coined the phrase “Sustainable Development” which quickly gained traction. Although it was slow to catch up, sustainability, today, is a guiding principle for many of the corporate’s biggest players. But what is sustainability and why are businesses giving it attention?

A Background on Sustainability

In broad terms, sustainability refers to doing business without adversely impacting the environment, community, or society. The UN Brundtland Commission defined “Sustainable Development” as meeting present needs without compromising the ability of future generations to meet their own needs. Sustainability has largely been a much-ignored issue as businesses continued to exploit the natural resources and the communities for a hefty bottom line. Throughout the years, the world has witnessed some of the worst ecological disasters, such as Japan’s ‘Four Big Pollution Diseases’, Oil pollution in the Niger Delta, the Dioxin cloud in Italy, and arguably the most talked of: the degradation of Amazon rainforests.

Parallel to the slew of unfortunate events of large-scale pollution leading to severe health effects and even death, the world was seeing the emergence of a collective movement to address the long-standing climate change issue. It was in the 1970s that the world could see tangible steps towards resolution. Protests and marches, in the developed economies, against indiscriminate corporate practices were rampant. The establishment of Earth Day was a way to force sustainability into the global agenda. The late 1970s also saw the emergence of companies that took the first steps in integrating corporate social responsibility in their policies.

Sustainability in the Modern Era

With the growing focus on climate protection, businesses were quick to reform their manufacturing, processing, and waste disposal practices and adapt to the changing scenarios. This was also rendered possible due to the technological advancements in recent years. Today, a majority of the businesses publish their sustainability reports and announce their sustainability goals.

Some of the landmark achievements by companies in their sustainability endeavors were:

• In 2016, Allergan, an American pharmaceutical company, won the Environmental Protection Agency's Energy STAR award for sustainability initiatives.
• In 2020, Bosch, a leading German conglomerate, reached climate-neutral status, meaning it has net-zero carbon emissions.
• Also in 2020, Amazon announced a $2 Billion Climate Pledge Fund to invest in companies engaged in building products and services to decarbonize the economy.
• In 2021, McDonald’s and Huhtamaki Oyj collectively won the “Bio-Based Award” for designing plastic-free sundae cup and cold cup lid.

The introduction of various sustainability awards and events have also contributed to a global culture of rewarding corporates for their innovations in climate protection.

Sustainability Trends in the Future

As companies invest in technologies and services for reaching their sustainability goals, new pathways of innovation are uncovered that allow a more efficient system for climate protection. The year of 2023 is already witnessing several innovations in sustainability:

• Rise in eco-friendly packaging
• Mass adoption of renewable energy
• Integration of AI and Data-driven systems with logistics and supply chain.
• Emergence of circular economy
• Sustainability impact measurement

The journey towards sustainability is a collective endeavor, where companies have the power to drive positive change, not only in their operations but also in the world at large. Sustainability in business is not a passing trend, but it's a transformative force that empowers enterprises to thrive in a changing world, leaving a legacy of responsible and ethical practices for years to come.