Sustainable development

Environmental governance advocates sustainability as the supreme consideration in managing all human activities-political, social and economic. The concept of sustainability relies on sustainable development. Sustainable development can be explained in various ways, but the most widely recognized definition was phrased by the Brundtland Commission in 1987:

“Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”

Sustainable development is based on the three pillars of sustainability: economic, environmental and social sustainability. It is only achieved when there is balance or a trade-off between these three aspects (see figure below)

However, some authors have expanded this approach and added a fourth pillar (for example cultural, political or institutional), it is most important to understand that sustainable development is a holistic, integrated approach, meaning that in order to achieve sustainable development, there needs to be a balance between different spheres of life.

At the United Nations Sustainable Development Summit in 2015, world leaders adopted the 2030 Agenda for Sustainable Development, which includes a set of 17 Sustainable Development Goals (SDGs) aimed at ending poverty, fighting inequality and injustice and tackling climate change by 2030. These 17 goals, listed below, are all accompanied by specific targets -169 in total.

Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

10. Reduce inequality within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its impacts

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels.

17. Strengthen the means of implementation and revitalize the global partnership for sustainable development.

IMPORTANT LINK

• What is Meaning of Analysis of Financial Statement? Its objectives and importance
• IMPORTANCE AND LIMITATIONS OF FINANCIAL STATEMENTS
• Meaning and Definitions of Financial Statement | Nature of Financial Statements | Characteristics of an Ideal Financial Statement
• What is the scope of management accounting?
• Procedure of Financial Statements Analysis
• Comparative Financial statement Analysis | Advantages of Comparative Financial Statements | Limitations of Comparative Financial Statements
• IMPORTANCE AND LIMITATIONS OF TREND ANALYSIS IN HINDI

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