SUSTAINABLE DEVELOPMENT AND ECOLOGICAL RESPONSIBILITY OF BUSINESS

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  Viktoria Krykun

Abstract

Today sustainable development is a widely used term, which has been increasingly influential in recent years. Debates about sustainability no longer consider sustainability solely as an environmental concern, but also incorporate economic and social dimensions. However, while a social and economic dimensions of sustainable development are widely discussed, environmental degradation becomes more and more crucial each year and is likely to reduce human well-being all across the world within the next few decades. The purpose of the paper is to analyse ecological ‘pillar’ of sustainable development, its historical background, main steps towards implementation of ‘new global environmental rules for society. Methodology. The paper is based on statistical information from public sources, reports of different international organizations and institutions, which are used to stress and underline main crucial points of research. Results of the survey show, that environmental quality, economic development and social well-being are interdependent and the main aim of international institutions, independent countries, businesses and society is to achieve environmentally sustainable development. Environmental issues make strong impact on modern economy. Responsible global strategy of development provides the whole society with rules, how ‘wise’ technological changes and economic policy can make industrial production processes less polluting and less resource intensive but yet more productive and profitable. Practical implications. Strategy of sustainable development and it’s three basic dimensions have found practical implication in one complex model, which illustrates the level of development of each country – the Human Development Index, which is focusing on three basic dimensions of human development: life expectancy at birth, mean years of schooling and expected years of schooling and gross national income per capita. Another data, which is used on the basis of sustainable development indicator’s’ is Environmental Performance Index – method of quantifying and numerically marking the environmental performance of a state's policies, which was designed to supplement the environmental targets set forth in the United Nations Millennium Development Goals. All these indicators and indexes should be a platform for modern successful socio-economic development of Ukraine. Value/originality. The theme of sustainable development has long history and levels of development, but yet it is very popular and important for each country and the world as a whole. Many issues of this strategy of development depend not only from governments, but from the engines of economic growth – companies. Today the aim for businesses is to create higher standards of living and quality of life, proper ecological situation in the communities in which they operate, while still preserving profitability for stakeholders.

How to Cite

Krykun, V. (2016). SUSTAINABLE DEVELOPMENT AND ECOLOGICAL RESPONSIBILITY OF BUSINESS. Baltic Journal of Economic Studies, 2(1), 65-71. https://doi.org/10.30525/2256-0742/2016-2-1-65-71
Article views: 227 | PDF Downloads: 165

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Keywords

sustainable development, ecological responsibility, business social responsibility, indicators of sustainable development, Human Development Index, Environmental Performance Index.

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