What is Sustainability?

The concept of "sustainability" is one we have been hearing more and more in recent years. The acceleration of industrialization, in parallel with the increasing world population, has led to the faster, uncontrolled, and, in some ways, ruthless consumption of natural resources. Sustainability, in essence, aims to put a stop to this trend; it is a philosophy focused on ensuring the more controlled use of these resources and minimizing, or even eliminating, the damage caused to nature.

As the name suggests, sustainability aims to ensure the continuous existence of all living beings on Earth. The ultimate goal is to build a world where we can maintain our current standard of living without compromise, while allowing future generations to benefit from these resources just as much as we do, using them responsibly and living in a healthy and happy environment. For this, every effort must be in harmony with nature. No action, whether at an individual or corporate level, should disrupt the balance of nature; on the contrary, it should contribute, directly or indirectly, to the preservation of this balance.

What is Corporate Sustainability?

The concept of corporate sustainability plays a significant role in business strategies. Essentially, it focuses on all details at environmental, cultural, or financial levels, aiming to create long-term stakeholder value for the organization. The strategies developed form a sustainable and efficient working model. This is also a crucial process for employee development. In terms of corporate sustainability, businesses operate by considering their environment and target audiences above all. Today, most companies generally have a short-term economic mindset. It eventually becomes evident that such an approach is unsustainable. Companies that neglect the environmental or social impacts of their strategies while pursuing financial goals face serious disadvantages.

A New Management Philosophy

It would not be incorrect to describe corporate sustainability as a kind of management philosophy. Without a certain level of determination or insistence from top management, corporate sustainability cannot be successful. This understanding should be considered a necessity in today’s corporate world. Achieving the required integration for corporate sustainability leads to a noticeable increase in business performance. At the same time, solid steps are taken to ensure the longevity of the company.

Today, corporate sustainability is among the top priorities and agenda items for companies. Financial success alone is no longer the sole measure for businesses. People now expect companies to be mindful of the environment and human well-being as well.

Unfortunately, significant losses in biodiversity are a reality today. Additionally, the rapid depletion or pollution of resources is further exacerbated by the growing population. Humanity is naturally seeking solutions to these negative developments. Within corporate sustainability, company policies are integrated with principles related to economic, environmental, or social matters. Pursuing only profit is incompatible with corporate sustainability approaches. Companies must act ethically and responsibly while making profits. In other words, aligning with the interests of society is also crucial at this point.

Various performance criteria are emphasized in corporate sustainability. New decisions made for the company should be shaped entirely according to these principles. Instead of offering products without sustainable value, companies should provide environmentally friendly and efficient products that contribute to society. They should act with a sense of responsibility, not viewing competition solely through an economic lens. The approach to competition should not be defined only by economic parameters. Environmental and social interests must be prioritized above everything else.

Today, sustainable policies are viewed as a priority for both individuals and businesses. The growing social awareness has enabled the achievement of results from sustainability policies. The emergence of environmental issues and the increasing awareness of resource depletion have had a significant impact on the advancement of sustainability. Today, the world's leading and most respected corporations have managed to set an example by developing pioneering policies in this area.

How to Create a Corporate Sustainability Policy?

For this, environmental, social, and economic issues should be evaluated together. For example, to address environmental problems, plans should be developed to reduce packaging waste, carbon footprint, and water usage. These changes should be implemented not only within the company’s own facilities but across the entire supply chain. The social aspect of sustainability pertains to a company's impact on people, including employees, customers, and local communities. A socially sustainable company considers equal opportunities, diversity, human rights, and ethical labor practices. Another important social sustainability goal could be ensuring that everyone in the supply chain is provided with a fair living wage and a healthy, safe working environment.

Economic sustainability focuses on achieving economic growth without causing negative cultural, social, or environmental impacts. This can be achieved by reducing or completely eliminating the use of limited resources within the company while maintaining transparency to the public. An ideal economic strategy will not only reduce environmental footprints but also increase company revenues. One of the quickest and most effective ways to address economic sustainability could be transitioning from fossil fuels to renewable energy. However, this should be done gradually, provided it is more profitable in economic terms.

The Importance of Sustainability for Corporate Policy

Corporate sustainability can be defined as a strategy through which a company offers its goods and services in an environmentally sustainable, socially responsible, and economically growth-supporting manner.

Corporate sustainability prioritizes long-term growth through sustainable methods rather than focusing on short-term financial gains. This approach can only achieve its purpose when it becomes a core company policy. Such a policy should commit to responsibly using natural resources, investing in the long-term well-being of our planet, and ensuring fair treatment for all individuals involved in the business process.

The philosophy of corporate sustainability has emerged from the concept of sustainable development. This idea is based on the principle of growth and development that meets present needs without compromising any natural resources that future generations depend on. Companies must fulfill their duties and responsibilities for this grand goal through consistent, transparent, and effective sustainability policies and practices.

The concept of sustainability is a modern approach aimed at sustaining life and supporting and improving our planet in every aspect. In practice, it is based on the principle of addressing today's needs while protecting the natural resources of our world. When discussing sustainability, there are other important issues, alongside environmental problems, that must be considered together. Sustainability is generally addressed under three headings: environmental, economic, and social. A company with high awareness of corporate sustainability evaluates all these areas together to develop sustainability policies.

Corporate sustainability and corporate social responsibility (CSR) are both crucial in terms of business ethics. Although they may seem the same or similar, there are fundamental differences between them. In the context of corporate sustainability, the term corporate social responsibility falls within its scope. While corporate sustainability refers to the strategy or plan implemented to achieve business goals in an environmentally friendly manner (which also includes social and economic issues to some extent), the scope of CSR is broader. CSR is a type of self-regulation method within business plans to ensure that all efforts are made to leave a positive impact through its activities. While corporate sustainability typically focuses on what can be achieved in the future, CSR often centers on the outcomes of a company’s sustainability efforts.

Three Key Dimensions of Sustainability

Corporate sustainability can vary depending on business structures, job descriptions, or industries. This is somewhat a result of the business structures themselves. However, every company in any sector has the potential to make a contribution to sustainability. Focusing on environmental needs rather than the company's own needs is one of the most important criteria. There are three fundamental pillars of sustainability. These can be listed as economic, social, and environmental