The three pillars of sustainability are fundamental to understanding sustainable development. These pillars are economic, environmental and social. In order to reach sustainability goals, action on each individual pillar is necessary.
The economic pillar involves activities such as risk management, proper governance, and compliance. It provides a firm foundation for sustainable business operations.
Environmental pillar actions include reducing energy consumption and carbon emissions. In addition, automated controls can be used to minimize energy loss or costs.
Social pillar actions include good corporate governance and communication strategies. Companies that implement these pillars can build a stronger brand image. They can also help ensure that their shareholders’ interests are aligned with those of the community.
Companies that focus on the green pillar usually also address the other two pillars. This is because the two pillars are interrelated.
As a result, it is important to consider all three pillars when designing products or services. For example, a website developer should consider high quality media and smaller files to increase efficiency. Similarly, a software engineer should focus on writing code that reduces energy and carbon emissions.
Despite the lack of a global standard, many companies already engage in three-pillar sustainability. However, many studies focus on only one or two of the pillars.
There is no clear answer to the question of whether or not companies need to focus on all three pillars. Consumers, however, prefer to see a company implement the three pillar concepts.