The developed countries have developed efficient technologies that permit them to exploit their resources from forests and biodiversity to land and minerals in ways that are sustainable and capable of supporting increase in consumption and GDP. Content Filtrations 6. The doctrine of sustainability aims to maintain the conditions in which nature and humans can survive by appropriately utilizing the natural components of the environment. ... J. D., 2015). By 2050 the world’s population will reach nine billion. Economic developers provide critical assistance and information to companies that … Privacy Policy 8. LCC was initially developed in order to calculate the total price of, for example, long-living products, which also have significant usage or disposal costs besides … Environment: Literally speaking environment means external conditions and surroundings in which person, animals and plants live. Fortunately, we have the instruments to tackle these challenges. Just think about it, if the community is getting involved they should benefit from that. Our environmental standards are set through Government policies aimed at a development process that is environmentally sustainable and ensures well-being of the people. And, using a persistent organic compound like DDT can mean life threatening pollution for human beings and other life forms in the remote polar regions of the world as these compounds are slowly but steadily carried to these regions by the world’s oceanic currents and air streams. If we do not meet this challenge, we will need the equivalent of two planets to sustain us. Specifically, India has been following a development path that takes into consideration the needs of the present generation without compromising the ability of future generations to meet their needs. Sustainability is important for a very simple, very straightforward reason: we cannot maintain our quality of life as human beings, the diversity of life on Earth, or Earth’s ecosystems unless we embrace it. We don’t know what the future holds. Thus economic growth will be sustainable if the stock of capital assets including land remains constant or increases over time. It is evident that meeting the consumption needs of future generations when the world population is estimated to increase by an additional 3 billion by 2050 requires substantial changes in consumption and production pattern. The Relationship of Economic Development with Urbanization and Environment. In this regard, they point out that the sustainable measure of net national product (NNP*) can be obtained as the amount that is consumed during the growth process without any decrease in the overall capital stock during a year, Thus, NNP* stands for sustainable net national product which does not diminish over the course of a year, Dm stands for depreciation of man-made physical capital stock. Sustainability is one of the most important issues currently facing our world. Disclaimer 9. Sustainable development has continued to evolve as that of protecting the world’s resources while its true agenda is to control the world’s resources. These include: Ability to use resources for long-term sustainability. Alternatively, economic policy makers may opt for framing a growth strategy of no net loss of environmental assets so as to ensure sustainable development. In the context of rising consumption standards both in the developing and developed countries along with rapid growth of population in developing countries achievement of the goal of sustainable development is a major challenge facing the world today. Moreover, the effort has been to ensure equitable access to environmental resources and quality for all sections of society, in particular to ensure that poor communities which are most dependent on environmental resources for their livelihoods are assured secure access to these resources. Sustainability for us is not a choice to be made but is a precondition for development. Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Why this is important. destroyed during a year. For business owners, leaders, and administrators, sustainable business practices are becoming imperatives. The world's nations presently define their top economic goal in terms of Gross Domestic Product (GDP). The Government of India, through its various policies, has been factoring ecological concerns into the development process so that economic development can be achieved without critically damaging the environment. Most national and international problem solving efforts focus on only one pillar at a time. Job creation. But this came at a price and was based on unsustainable use of scarce global resources – fuels, metals, minerals, timber, water and ecosystem. TOS 7. Dn stands for decrease in money value of destruction of capital over the course of a year. A noted Indian environmentalist Sunita Narain rightly writes, “The process of ecological globalisation is driven by the fact that levels of production and consumption have reached a stage where what one does in one’s country can have major impact on neighbouring countries or even on the rest of the world. If we are to survive and achieve sustained growth economic development must ensure the growth of green economy. Sustainability can be explored and managed in various references of time and space and within different contexts of environmental, social and economic order. Even simple things like using a refrigerator or an air-conditioner can today destroy the world’s ozone layer, running an automobile or cutting a tree without planting another one can destabilize the world’s climate. Rio conference held in 1992 where 150 countries participated was an important milestone in defining the concept of “sustainable development”. Perhaps the profundity of such interdependence has been buried by our search for happiness through materialism and economic growth; or perhaps we would not know what to do if our nations failed to attai… My view is that with enlightened design, sustainability management and cutting-edge technology we can harness human ingenuity to the practical problems of environmentally sustainable economic development. Sustainable development refers to “meeting the needs of the present generation without compromising the needs of future generation”. Fredericksburg, Virginia 22401 Sustainability is important for many reasons including: • Environmental Quality– In order to have healthy communities, we need clean air, natural resources, and a nontoxic environment. However, in present-day society, although we recognize our dependence on the earth's resources its water, oxygen and other natural elements perhaps we do not recognize the connection between the economy and the earth. Long-term success over short-term gain. According to Pearson and Warford, sustainable development implies that overall capital stock, as defined above, does not decrease in the growth process. The important concepts of environmental, economic, and social sustainability form a basis from which good decisions and actions can be made. The second main reason why businesses now recognise the importance of sustainability and the integration of social and environmental sustainability-related issues into core business activities as an essential part of developing business strategies is because of the Business Case for Sustainability. In practical terms, economic sustainability means that we must use, safeguard and sustain resources to create long-term sustainable values by optimal use, recovery, and recycling. Economists have used the term sustainable development in an attempt to clarify the balance between economic growths on the one hand and conservation and protection of environment on the other. Economic sustainability refers to practices that support long-term economic growth without negatively impacting social, environmental, and cultural aspects of the community. Measures to ensure sustainable development: (i) We should focus on using renewable resources and … Thus the green economy is a means to sustainable development, a strategy to get prosperity for people and the planet, today and to-morrow. Report a Violation, Sustainable Growth and Development of Environment in India. Economic sustainability assessment Economic sustainability is assessed by life cycle costing (LCC). Pearce and Warford have put forward a view which takes into account preservation of environment for sustainability of growth. A company with long-term ambitions should be a sustainable one. 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