In an address to the World Economic Forum in Davos, Pope Francis said “we must praise the steps being taken to improve people’s welfare in healthcare, education and communications and we must recognise the fundamental role business activity has had in bringing about these changes, by stimulating and developing the immense resource of human intelligence”. But the pope also emphasised the importance in promoting an inclusive approach that takes into consideration the dignity of every human and the common good.
Undoubtedly everyone can see Malta’s fast rate of economic development. The property market has boomed at an incredible pace, with prices beyond new couples’ reach. Roads have been rebuilt to cater for more traffic flow, but we still experience the nauseating chaos of traffic every morning on our way to work.
Economic sustainability entails evaluating the environmental impact of economic activity and devising sustainability goals to create a more liveable future. It is a broad set of decision-making principles and business practices aimed at achieving economic growth without the harmful environmental trade-offs. Ideally, sustainable development creates operational systems that consume natural capital slowly enough that future generations can also use them.
Sustainable practices can tackle the problem of humans’ collective ecological footprint in several ways. They can focus on reducing the depletion of the natural environment find ways to reduce waste, limit carbon emissions, and use solar energy. The unifying principle behind economic sustainability is rejecting wasteful short-term processes and embracing the planet’s long-term well-being.
Creating the infrastructure for economic sustainability is a complex process that involves the full cooperation of both the private and public sectors. On the individual level, however, retail investors can direct their money toward companies whose values and practices align with their own. Citizens can also encourage their elected officials to create economic plans that include sustainable development goals and caps on greenhouse gas emissions. Ultimately, it’s only through large-scale action and an overhaul of the financial systems that constitute the global economy that society can achieve environmental sustainability.
Ultimately, it’s only through large-scale action and an overhaul of the financial systems that constitute the global economy that society can achieve environmental sustainability
Sustainable development is the pathway to the future we want for all. If offers a framework not only to generate economic growth, but most of all it should factor in social justice and exercise environmental stewardship. All economic and financial activity should be guided within an ethical approach that is truly humane. It should be guided by high ideals of fairness, generosity and concern for the authentic development of the human family.
The government has a crucial role to protect and promote individual and corporate private property rights but it should also seek to implement collective justice and promote the common good. The earth is not just a source of economic resources that are often abused, but also a home for all God’s creatures.