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Sustainability is a characteristic of dynamic systems that maintain themselves over time rather than a fixed endpoint that can be defined in a short time. Equally, environmental sustainability refers to the long-term maintenance of valued environmental resources in an evolving human context. Different models, formulas, indicators, and principles have been developed and proposed in the literature to guide strategic planning for sustainability measurement, assessment and reporting. The emphasis has mostly been on accounting approaches that focus on the maintenance of capital stocks, the measurement of natural resource depletion, or the determination of whether or not the current rates of resource use can be sustained into the distant future. The emphasis on sustainability assessment, however, should be broader and more policy oriented. This chapter presents contemporary approaches to monitoring, measuring, and reporting sustainability efforts. The application and use of environmental indicators in measuring success toward meeting sustainability goals and objectives are presented, and methods are described for organizations to follow to either develop or adopt benchmarking frameworks as a points of reference for assessing the trends, and to measure their progress toward sustainability. Also discussed are the types, characteristics, and application of the sustainability indicators; benchmarking techniques; and reporting guidelines.

This chapter provides an overview of the theories and concepts of sustainability and sustainable development and their anticipated links to global environmental, economic, and social crises. The theory of climate change and its likely impact on natural resources and their capacity for supporting sustainable economic development are discussed, and a comprehensive analysis of the concepts of sustainability (definition and types) and the sustainable development paradigm is provided. Due to its relevance to the topic of environmental sustainability, an overview of the Natural Capital, Natural Steps, and Factor X rules and definitions are also provided. Scenario-based analysis that has been used successfully in the development of strategic planning exercises and sustainability-related policies, rules, and regulations is discussed. The core thrust of economic, social, and environmental sustainability, emerging strategies, and developing praxis presented in this chapter and throughout the book support the concept of practical sustainability defined here as an integrated approach to long-term environmental sustainability.

Corporate sustainability programs and strategies must balance opportunities and risks associated with sustainability in order to create long-term shareholder values. One of the major barriers to the adaptation of sustainability is the cost increase when sustainability is pursued over a business-as-usual approach. Sustainability, however, is moving beyond risk management to cost reduction and revenue generation. To minimize the risks and the liability, and in the absence of national regulations, many companies have developed voluntary sustainability initiatives and programs, some of which could and have achieved higher returns through higher worker productivity, healthier employees, and reduction in energy, material, and water usage. This chapter provides an overview of the critical and evolving field of sustainability financing and describes why it is crucial to develop clear policies that can attract investor support for sustainability projects. Also discussed are some of the hot-button issues in the finance of corporate sustainability and the financial instruments and potential avenues available for external financing of sustainability projects. Theories and practical applications that financial professionals can leverage to simultaneously earn a profit and positively impact the environment and society are presented and discussed.

Sustainability is becoming a top priority for leaders of governments, businesses, and society. Pursuing sustainability, however, entails careful assessment of the business models in practice, business culture, and value systems. Translating a sustainability concept into actionable steps requires setting priorities, defining principles, and forming strategies for the development of the guidelines and systems as a “business case” that can justify the need, identify the risks, and define the benefits of pursuing sustainability. Although it may vary in style and format, the development of a business case assists businesses in determining what sustainability means to them, what the perceived values are, and how they can create those values via a proper and systematic transformation of their business strategy, structure, and order. Development of an ingenious business case for sustainability will assist businesses with the design of realistic sustainability goals and objectives; identify systematic changes necessary to successfully address sustainability; and design codified methodologies to assess the impact of sustainability on business social, environmental, and financial performance (triple bottom line). This chapter discusses the need, and steps involved in the development of a business case for sustainability.

Consumption patterns could play a central role in promoting sustain-ability. Sustainable consumption is an umbrella that brings together a number of key issues, such as meeting society’s needs, enhancing quality of life, improving product efficiency, minimizing waste, and taking a life cycle perspective, while taking into account the equity dimensions. Discussions on sustainable consumption are focused on the important role of businesses, particularly corporate strategies in developing sustainable consumption and production patterns. The terms, logistics, and factors impacting sustainable consumption are presented and the need for development of frameworks and policies that can enhance consumers’ knowledge and behavior are discussed in this chapter. The emphasis has been placed on the role of government, education, and corporate strategies to promote sustainable consumption in support of sustainable development.

Human activities, industrial activities, production processes, transportation, disposal systems, and every product or service that humans consume has an impact on ecological systems. Greenhouse gas (GHG) emissions from the intensive use of coal-based energy has impacted climates and contributed to global warming and rises in the sea levels. The extensive use of water resources through industrial activities and consumption patterns has compromised the water resources. The concept of an ecological footprint is rooted in measuring how the human appropriation of the earth’s resources relates to the carrying capacity of the earth. Prediction, forecasting, and projection, each with its own methods and outcomes, are common elements of ecological assessment approaches. Footprinting is another approach to estimating human impact on the climate, water resources, and ecosystem changes. The term footprint has been effectively used to design assessment frameworks and develop management strategies for addressing ecological impacts for which individuals, organizations, and nations are responsible. For example, the full carbon footprint encompasses a wide range of emission sources from the direct use of fuels to indirect impacts that can be attributed to an organization’s disposition and practice.

This chapter aims at the strategic tools for achieving sustainability. For methodological and pedagogical convenience a global perspective is employed here, spanning multiple approaches to integrate the core values of sustainability in business decisions and strategic planning. The development of strategic tools that are rooted in sustainability core values assists organizations in reaching their overall sustainability goals without compromising any long-term financial viability. Strategy is subsequently characterized as the process of positioning the sustainability concepts within business goals and objectives; developing guidelines that can delineate how specific tools, techniques, and business models can identify environmental sustainability-related issues, and instituting mechanisms to gather data and formulate economically and socially acceptable solutions. Business drivers for sustainability are identified and discussed in addition to providing a framework for the development and implementation of business models, strategies, programs, and systems rooted in core sustainability values. Case studies are utilized to illustrate the utility of corporate social responsibility, environmental management systems, Occupational Health and Safety Management Systems (OHSMS), Life Cycle Assessment (LCA) and management, product stewardship, and the Practical Sustainability System (Stakeholder, Externality, and Asset [SEA] framework) in assisting organizations to meet their business sustainability goals.