Economic sustainability is one of the three types of Sustainability
Economic sustainability is a broad set of decision-making principles and business practices aimed at achieving economic growth without engaging in the harmful environmental trade-offs that historically company growth. Ideally, sustainable developments create operational systems that consume natural capital (also known as natural resources) slowly enough that future generations can also use those resources. 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 or come at the issue from the other direction by finding ways to reduce waste, limit carbon emissions and utilize solar energy. The unifying principle behind economic sustainability is rejecting wasteful short-term processes and embracing the planet's long-term well-being.
Why is economic sustainability important?
- The longevity of the global economy: The worldwide reliance on unsustainable practices has a necessary date since the planet's natural resources are not infinite. Developing new processes and investing in different resources is essential for any commercial activity to continue for the long haul
- The preservation of human life