While sustainability is often thought of within an environmental framework, a holistic approach that encompasses its true impact across three essential categories has gained wide-spread acceptance.

Fittingly, these categories have become known as the three pillars of sustainability, encompassing planet, people, and profit. What does this framework entail and how is it used? We explain this below.

What is corporate sustainability?

Corporate sustainability is a business approach that helps companies create long-term stakeholder value while ensuring accountability.

It's about understanding how business operations affect economic, social and environmental impacts, and managing them responsibly over time

Key components when it comes to corporate responsibility

Let's take a closer look at the key components or responsibilities of corporate sustainability:

Economic responsibility

Companies ensure their financial stability and growth, making decisions that drive profit, but not at the expense of the environment or society.

Social responsibility

Companies act ethically and contribute positively to community wellbeing, including factors like employee rights, fair trade, and community development.

Environmental responsibility

Companies minimize their negative impact on the environment by reducing waste and emissions, using resources efficiently, and adopting green technologies.

The ultimate goal of corporate sustainability is to operate in a way that protects the future viability of the business and the communities it serves, while respecting and caring for the planet.

By balancing economic success with social progress and environmental stewardship, companies can achieve true sustainable growth.

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The triple bottom line or 3 pillars of sustainability

The three pillars of sustainability, often referred to as the 'triple bottom line', consist of social, environmental, and economic dimensions.

The social pillar, or 'people,' emphasizes fair business practices for employees and the community.

The environmental pillar, 'planet,' encourages responsible use of resources to protect the environment.

The economic pillar, 'profit,' involves creating economic value that also considers environmental and social costs.

Now, let's dive into the specific pillars and their implications.