In light of the recent pandemic the world has been thrust in with the emergence of COVID-19, the topic of sustainability and its relation to economic practices has come to the forefront of societies’ consideration.
Prior landmark targets set globally by the Paris Agreement encouraging sustainable global transformations have been largely neglected by nations prior to the current outbreak of COVID-19—and has only served to worsen further as countries scramble to maintain a semblance of normality in these trying times. With this in mind, FluidLytix Asia would like to provide our take on the need to champion sustainability in business as our economic fundamentals are reset for the long-term.
Firstly, the necessity of sustainability in a world post COVID-19 arises from the need to address the current growing issue of increased production levels of goods & services that are inherently liable to increase pollution levels worldwide. This is clearly evidenced from the invoking of Governmental Legislations such as the Defence Production Act in the US that sees mandatory increases in production of Personal Protective Equipments (PPE)—items which are made mainly of traditional plastics that are hard to dispose and rarely able to be recycled.
While the appropriate response in the short-term, one must question if these practices are able to be sustained long-term—especially in the face of inevitable environmental damage that comes with disposing these items. Instead, businesses should think Big Picture and focus on innovation and research into incorporating eco-friendly materials as main inputs into these common items, thereby achieving the goal of output that simultaneously benefits our environment.
Secondly, sustainability is a crucial means of approach to economic fundamentals in the long-term as its practices are already being implemented in this current economic climate, therein serving as a feasible benchmark to use to obtain our future economic goals. The rise of telecommuting and its effectiveness in continuing the bulk of business operations has led to lower carbon-related emissions and pollution rates.
The success of such drastic initiatives can be used as an effective signal to companies and governments alike as to the appropriateness of long-term implementation of such practices, for the betterment of society.
Thirdly, sustainability should serve as one of the most important aims of our post-pandemic world as the positive effects it brings about can be justified with the conducive financial environment we currently live in. With interest rates historically low, the monetary costs normally attached with pursuing sustainable initiatives have taken a nosedive thereby allowing businesses a prime opportunity to continuously engage in R&D into eco-friendly measures that also exhibit cost-savings in the long run.
In short, sustainability is no longer a ‘lofty’ ambition relegated to being accommodated by organisations—it is a viable and necessary consideration for the long-term stability of the global economy.