Business Economics

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Sustainable Development

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Business Economics

Definition

Sustainable development is a holistic approach to economic growth that seeks to balance the needs of the present without compromising the ability of future generations to meet their own needs. It emphasizes the importance of integrating environmental protection, social equity, and economic viability into development strategies, ensuring that natural resources are used responsibly and conserved for long-term benefit.

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5 Must Know Facts For Your Next Test

  1. Sustainable development is often summarized by the three pillars: economic growth, social inclusion, and environmental protection, which must be pursued simultaneously.
  2. The United Nations has established Sustainable Development Goals (SDGs) that consist of 17 global goals aimed at addressing challenges such as poverty, inequality, climate change, and environmental degradation.
  3. Sustainable development encourages practices like sustainable agriculture, renewable energy usage, and waste reduction to minimize negative impacts on the environment.
  4. A key aspect of sustainable development is stakeholder engagement, which includes involving communities in decision-making processes to ensure that development efforts are equitable and effective.
  5. Policies supporting sustainable development often promote technological innovation and investment in green infrastructure as means to enhance economic growth while protecting the environment.

Review Questions

  • How does sustainable development integrate economic growth with environmental protection?
    • Sustainable development integrates economic growth with environmental protection by promoting practices that do not deplete natural resources or harm ecosystems. It seeks to create economic opportunities through renewable energy projects and sustainable agriculture while ensuring that natural resources are conserved. This balanced approach aims to foster long-term economic stability alongside a healthy environment, ultimately benefiting both current populations and future generations.
  • Discuss the role of stakeholder engagement in achieving sustainable development goals.
    • Stakeholder engagement plays a crucial role in achieving sustainable development goals by ensuring that diverse perspectives and needs are considered in decision-making processes. Involving local communities, businesses, and government entities helps build consensus around development strategies that are equitable and effective. Engaged stakeholders are more likely to support initiatives when they see their interests represented, which leads to more successful implementation of sustainability efforts.
  • Evaluate the impact of sustainable development initiatives on local economies and environments.
    • Sustainable development initiatives have a profound impact on local economies and environments by fostering resilience and reducing vulnerabilities. By promoting practices like renewable energy production or sustainable agriculture, these initiatives can create jobs and boost local economies while preserving vital ecosystem services. Additionally, they encourage communities to invest in their environments, leading to healthier ecosystems that provide essential resources and improve overall quality of life. Ultimately, these efforts contribute to a more balanced relationship between human activity and the natural world.

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