Hello everyone,
Economic Sustainability-The First Pillar will take you a bit deeper into the overall concept of Sustainability. And help you in understanding the diversity of this idea. The whole realm of this area is enormous and will have to be understood from ground zero.
Let’s Jump Right in
In my first blog on this vital topic, I briefly touched upon the meaning of Sustainability. And its three main pillars, namely- Economic, Social, and Environmental. Adapting to a lifestyle that protects the above three is crucial for the Planet and its species. The most important reason being that global warming is indeed a reality. And we can’t undermine the catastrophic effects of the same.
An overall policy to reduce water consumption and wastage. Pollution, population, and a drastic reduction in the use of non-renewable sources of energy have to be impressed on every segment of society.
Also, long-term efforts and strategies have to be assumed to restore what we have taken from Earth.
What is Economic Sustainability?
Even if someone is not a part of Wall Street or Dalal Street, he has his economics to manage. The growth and progress of an individual, state, country or the world depend on the different financial scenarios. Today’s segment would be focusing on the first Pillar -Economic Sustainability. To understand the correlation between natural resources and economic growth.
Economic Sustainability- basically emphasizes utilizing the available and finite natural resources to ensure their availability to our future generations. It also implies the need to maintain a balance between businesses and natural capital.
Umm…Natural Capital??
Income of Natural Capital?? What is that? To tell you, the first time I read this, I had the exact question in my mind. These terms are mind-boggling. Aren’t they?? But to explain in simple terms, for folks like us: Natural Capital signifies the limited resources on the Planet. That man uses for his development. So, these include fisheries, fertile soil, metals, minerals, and many more. It also consists of the air that we breathe in and the water used for our consumption.
The products obtained can be termed as Income on this capital. Examples like plants, fish, timber fit the bill.
In plain business terms, a company aims at never exceeding its Capital Amount. In the same way, the utilization of Income generated through Natural Capital should not exceed the limited amount available for humanity to consume.
A separate blog has been dedicated to this section.
Sadly, humans are eating into non-renewable sources.
The idea of undertaking Economic Sustainability can aid in maintaining equilibrium. And in the long run, help in restoring the Earth’s priceless facilities…
Economic Sustainability-Why is it important?
Economic Sustainability ensures mutual harmony between nature and humanity’s ongoing efforts to grow in absolute layman terms. In light of the temperature rise, melting glaciers, and mass extinction, industries or businesses can no longer take undue advantage of the limited resources.
It has become imperative that they cut down CO2 emissions, avoid polluting water bodies with industrial wastes, incessant deforestation, etc.
In terms of financial gains, the growing demand for an eco-friendly and bio-degradable product has made the entire business fraternity realize that this is the way forward. However, to ensure continuous growth, they will have to adapt to the sustainable production of products.
Popularizing community-driven initiatives to become an Economically Sustainable company or industry has become the need of the hour. Those companies who fail to do so gradually slip into oblivion. The primary reason for the surge is the unprecedented demand for these eco-friendly products.
Probable Solutions
To ensure the continuity of Sustainability, concepts like Recycling, Upcycling, and Green Architecture have caught people’s fancy. In recent times, several startups are filling the market with such products. Alongside, various automobile companies are working on giving the world a substitute for petrol and diesel drove cars-Electricity driven Vehicles like cars and scooters.
Millennials have also undertaken the responsibility of educating people and customers regarding Sustainability and its practices. Reduction in non -renewable sources and switching to alternative energy sources like windmills, solar panels, and hydroelectric power generation geothermal energy is also gathering speed.
In conclusion, I would like to say that there is one aspect which everyone has to understand. There is only one planet that supports life.
That is Earth.
Instead of looking for life outside the Planet, let us all work towards returning the Planet to its erstwhile glory. And acquiring Economic Sustainability is the way forward in this endeavor.
Here’s me signing off…
See you all soon…
Till then stay safe
Do share your insights….
Thank you
BBye!!!
