The concept of sustainable development has revolutionized the way society views development. In simplest terms, sustainable development is defined as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” This concept connotes that economic, social, and environmental consequences must be taken into consideration with any action taken today.
One key example of sustainable development initiatives is the Triple Bottom Line concept. This theory holds that economic, social, and environmental indicators must all be assessed and measured as part of any development project or corporate decision. This helps ensure that short-term gains are not achieved at the cost of environmental or social damage, which could be carried for generations. For example, a company might consider not only the economic benefit of building a new factory, but also the social implications of its location and the environmental value of the resources used in its construction.
In addition to the Triple Bottom Line approach, sustainable development initiatives are also increasingly focusing on how to create