The term ‘sustainability’ is gaining more importance with time. Unfortunately, the term tends to be interpreted in a multitude of ways by businesses themselves, government and regulators, non-governmental organisations and consumers. This is leaving many of us unsure as to what direction to take. However, what needs to keep in mind is that sustainability (in whatever meaning it is given) will soon become one of the key pillars of any organisation like quality, cost effectiveness, human resources development, innovation and governance.

For some, sustainability is about climate change, which makes the issue very distant to most of us. For others, it is about reducing the use of plastic and for others it is about reducing the carbon footprint or greenhouse emissions. Then we start discussing as to what causes carbon footprint or greenhouse emissions, leaving us all uncertain about what sustainability is all about.

Sustainability is all about these things, but also much, much more. If we were to use a textbook definition of the term, then it is something which focuses on meeting the needs of the present without compromising the ability of future generations to meet their needs, and is based on three elements – economic, social and environmental.

Will the business activity survive and thrive in the long-term or is it based on speculation aimed at maximising short-term profits? Is the current macroeconomic framework sustainable in the long-term or will future generations have to pay more tax to pay for the wrong policies being implemented today? Is this economic activity causing long-term environmental damage? Is this economic activity thriving today because the business has resorted to child labour and other such labour practices such as reduced worker safety and security?

How does one explain to a customer that one needs to pay a higher price for a product because it is more sustainable?

These are all questions that need to be asked if we want to address the issue of sustainability. They are questions that have to do with the long-term profits, long-term impact on the planet and long-term effects on people and society. Since the breadth and depth of the issue is so wide-ranging, then we tend to pick up aspects of the issue and this leads to the lack of a common understanding.

The aspect of the long-term makes matters more confusing for businesses. If we look at a span of, say, 30 years, there are so many examples of thriving and successful businesses that have ended up being acquired by other businesses or ended up bankrupt. Again, over the last 30 years, we have had a number of business ideas, which turned out to be just fads.

Moreover, how does one explain to a customer that one needs to pay a higher price for a product because it is more sustainable? Or how does one explain to a shareholder or entrepreneur that one needs to accept having less profits to make the company more sustainable in the future? Or how does one explain to voters that there needs to be less government spending now so that the economy becomes more sustainable?

The business of sustainability is so broad-ranging and complex, that in its totality, it can feel rather overwhelming to the point of making one feel helpless and paralysed at the scale of challenges.

For sustainability to win (and it needs to win), it is important that businesses, government and regulators, non-governmental organisations and consumers come together as one unit. We need to have a common understanding of the term and of the issues involved and this is only possible through the right communication. This understanding needs to be based on the common good of both the present and future generations and as such it is not a sectoral issue.

We need to appreciate that we cannot delay any further addressing the issue of sustainability.