Sustainability in business is simply how a business impacts the environment or society. Companies develop a sustainability strategy to have this impact. Companies like Apple, Google, Meta, and Uber have sustainability strategies.
Take Apple, for instance; the company’s sustainability goal is to lessen the effect of climate change. To achieve that goal, Apple is investing in some fantastic ideas for Carbon removal. For production, Apple wants to use clean energy across its supply chain and aims to reach net-zero carbon emission by 2030.
It doesn’t have to be about climate like Apple; businesses can focus on several other global issues for their sustainability strategies.
Like income inequality, human rights issues, fair working conditions, pollution, racial injustice, and gender inequality. As a business, it’s essential to show concern about issues affecting your environment and communities and act on those concerns.
Businesses often focus on financial profitability. How do we make more money, sell more products, and get more customers? While these are also pertinent questions in businesses, having a sustainability strategy is of more importance.
This is why the Triple Bottom Line theory was created; to reflect the importance of sustainability in business. The Triple Bottom Line is a business concept that asserts companies commit to measuring their social and environmental impact. It is broken down into three profits, people and the planet. The final component of the Triple Bottom Line concept is the one that talks about sustainability.
Why is sustainability in business important? We look at five reasons.