Corporate sustainability has become an influential force in today’s business world. It is generally known as an investment in social, environmental, and cultural sustainability practices meant to create stakeholder value in more ethical ways.
“Sustainable” investments and corporate actions differ by company and industry, but they all try to value the future as much as the present; that is what sustainability really means. And it is changing the way that many mainstream brands now operate.
Some of the biggest brands in the world - such as Apple, Dell, Amazon, and Google - have publicly spoken on a commitment to reducing their carbon footprints, among other social and ethical initiatives. For example, Apple pledged to be 100% carbon neutral for their entire business by 2030, while Amazon launched a $2 billion Climate Pledge Fund investing in companies set to “decarbonize” the earth.
It remains to be seen whether many of these big companies will follow through on announced sustainability initiatives. But the concept is there.
Sustainable strategies intend to be transparent and foster longevity in the respective businesses and their stakeholders. The business education site Investopedia features a summary article of the 3 main pillars of corporate sustainability:
- Environmental
- Social
- Economic
To help solidify definitions of sustainability for our readers -- and to further establish Doshi’s own commitments to them -- we wanted to summarize these three principles.
Environmental Sustainability - Building for the Future
Many companies feature the environmental principle first and foremost in their marketing. It involves emissions, waste, and water usage reduction. Due to public and political pressures, many corporations must now track - and limit - their effects upon the environment in these ways.
The sustainable mantra of “reduce, reuse, and recycle” comes into play for practically every business, no matter its size or industry. Unfortunately, there are many unavoidable externalities in corporate productions. The costs and methods of reducing waste, water, carbon, and animal or plant products are not always easy to define or control.
Overall, environmental sustainability is about meeting the needs of the present without compromising the ability of future generations to meet theirs. Together, companies now hope to help alter the global trends concerning global warming by utilizing more renewable resources in all aspects of their business. Needless to say, veganism is an important aspect of this movement!
Social Sustainability - Focusing on People
According to Investopedia, the principle of social sustainability largely deals with a relatively new concept: social license. It is the idea that a business and its productions must be socially acceptable.
In today’s climate (figuratively, with rising levels of activism, and literally, with the threat of climate change), a business must have the support of its employees, its stakeholders, and the general community it operates within in order to be called sustainable.
In action terms, this means safe labor environments, fair wages, and less overall exploitation of workers, local communities, and animals. No more child labor within the supply chain. No more polluting waters to save money.
To some, these aspects of doing business come as obvious stipulations for operating a company and being a good neighbor (and we couldn’t blame you). But not every corporation has historically abided by the social license - and many still do not.
Doshi, and others within the vegan fashion industry, ardently try to check all the boxes of social sustainability - doing right by communities, customers, and the environment all at once.
Economic Sustainability - Governance and Risk Management
In economic terms, many sustainability initiatives unfortunately go counter to the core motive of corporations and the profit motive. But others actually go with them, especially in the long-term outlook. Economic sustainability deals with corporate governance and tries to ensure the interests of the company choices align with that of the shareholders.
It also deals with transparency in accounting and finance methods, and encourages shareholder votes on the most important social directives that a corporation faces. In some ways, this principle is all about risk management - ensuring that companies stay out of legal, financial, and stakeholder trouble by making choices that are sustainable for the company’s operation as a whole.
Political contributions, conflicts of interest within management, and any illegalities are all within the realm of economic sustainability.
Doshi and all our manufacturing partners prioritize economic sustainability everyday as part of our core business activities.
Sustainability Is All About Action
At the end of the day, an organization must uphold all three principles of sustainability through action. Environmental, social, and economic changes in business practices intend to alter the way that society thinks about the role of our companies in society. It covers the whole supply chain and every stakeholder has a perspective, even if only some people within the company can control its production methods.
Though it has become a bit of a buzzword, truly sustainable companies put their money where their mouth is. Actions like cutting emissions, treating all stakeholders fairly, and promoting greener growth strategies means fulfilling the promise of sustainability.
Vegan fashion products created using more sustainable production methods is our core drive here at Doshi.
We hope that you’ve learned something from this. In the coming future, we will need your help to make all three pillars of sustainability common practice throughout the world.
