Sustainability refers to the practice of meeting present needs without compromising the ability of future generations to meet their own needs. It involves finding a balance between social, environmental, and economic considerations to ensure long-term well-being and environmental stewardship. Sustainability will be critial to futue business models as it not only helps protect the environment and contribute to social well-being, but also ensures long-term profitability and resilience in the face of evolving market demands and regulatory requirements.
US Center for Advanced Manufacturing CEO Cynthia Hutchison writes about the need for the manufacturing industry to embrace leaders in sustainability. According to the World Economic Forum, the manufacturing industry represents nearly 30% of global greenhouse gas emissions and consumes 54% of the world’s energy sources.