Environmental Sustainability

1007 Words5 Pages
2. Previous to the current decade, the concept of sustainability was largely synonymous with environmental sustainability alone. Based on this widely accepted notion, the most common definition of sustainability stood: “the process of meeting present needs without compromising the ability of future generations to meet their needs”. As a result of increased consumer awareness as well as observed impacts of businesses outside of the environmental realm, sustainability as a concept has since been broadened to include economic and social considerations, as well as environmental concerns. Consequently, sustainability today can be defined as “the long term maintenance of systems according to environmental, economic and social considerations. This recent view of sustainability is often conceptualized as a model commonly known as the ‘three pillars’ of sustainability. The environmental ‘pillar’ of sustainability theory concerns issues such as dealing with and the use of sustainable resources, the pollution of air and water, reducing greenhouse gas emissions, using fewer materials and recycling them. The ideas surrounding this pillar look at how the earth’s wellbeing can be sustained so that it is not damaged or lessened for future generations. The economic pillar of this sustainability theory surrounds the operation of the economy and how that affects people within the economy. Adequate employment opportunities for people, incentives and stable levels of supply and demand are all issues which the economic pillar of sustainability concerns. Social justice for people is the main idea behind the social pillar. Issues around employment, their ability to earn and live to an adequate standard all relate to this realm. The complete sustainabilit... ... middle of paper ... ...are focused on growing our business responsibly, managing risks rather than taking them and approach our role in society with a heightened sense of duty and care towards our customers and the communities we serve.” ANZ say they ‘understand the importance of our role in supporting our customers to manage their social and environmental impacts.’ In practice, ANZ run Social and Environmeal Risk training, which is mandatory for all International and Institutional Business and Commercial employees who have approval to make credit decisions. This training incorporates multiple systems which ANZ use to uphold socially and environmentally responsible pratices, including the Coportae Sustabaility Framework, Sensitive Sector policies and their own approach to human rights. The training also assists in identifying potential issues to report to the Reputation Risk Committee.
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