Question

Part 1: What are the economic arguments for and against environmental sustainability initiatives? Provide relevant examples from your reading/research on the topic

Part 2: What are the economic arguments for and against social sustainability initiatives? What personal choices have you made as a consumer with respect to environmental or social sustainability? Provide specific examples from your reading/research

Answer 1

1) The economic arguments for environmental sustainability initiatives are as follows:
Environmental sustainability initiatives are absolutely vital for the long term viability of businesses. Current economic practices have already caused massive damage to the environment and depleted the natural resources of the planet. If such practices are carried on into the future as well, it will make all business unviable in the coming decades and make the planet unlivable. The current economic activities have degraded the environment causing large scale air pollution and increased global temperatures causing global warming. These environmental changes are on the verge of becoming irreversible and if sustainable environmental initiatives and use of renewable energy sources are not promoted, the human race itself may face mass extinction. Examples of sustainable environmental initiatives include going green by using renewable sources of energy like solar power, adopting recycling initiatives of waste products, and using energy-efficient production methods.

The economic arguments against environmental sustainability initiatives are as follows:
Most businesses argue that sustainable environmental initiatives are very cost-intensive and the switch to eco-friendly processes will put unnecessary financial burdens on the businesses. Secondly, sustainable environmental initiatives don't have a very large market yet and hence switching to such practices would mean that businesses run the risk of losing out on existing customers.

2) The economic arguments for social sustainability initiatives are as follows:
Social sustainability initiatives promote the general well-being of the society and ensure improvement in the standard of living of the community. Therefore, from an economic point of view, such a healthy society leads to better human resources and skillful labor force. This results in greater efficiency of businesses, an increase in profitability and improved risk management. Such social sustainability initiatives also help businesses to unlock new markets. promote innovation at work and build brand loyalty. Examples of social sustainability initiatives are ensuring fair labor practices at work, diversity hiring, promoting work-life balance, etc.

The economic arguments against social sustainability initiatives are as follows:
The biggest argument against social sustainability initiatives is that they don't yield immediate results. Social sustainability initiatives are long term measures and thus its benefits are seen only in the long run. Most businesses as such find it reluctant to invest in social sustainability initiatives.

As a consumer, the personal choices that I have made with respect to environmental and social sustainability is that I have started using more eco-friendly products, switched to more renewable sources of energy, and engaged in community efforts for the improvement of the society.