Working towards a sustainable future goes beyond green practices. The initiatives of many companies to become sustainable will be presented in Manila Bulletin’s first sustainability forum on Nov. 23-24.
Speakers from top companies in the Philippines will discuss how they worked to make significant changes to follow the path of sustainability through lifestyle, leisure, business – to leave behind a world that will sustain the next generations.
All the attention on sustainability has created concepts, words, phrases and organizations. To understand the language of sustainability, we have put together definitions of often used terms.
Sustainability— The meeting the needs of the present without compromising the ability of
future generations to meet their own needs. (United Nations Brundtland Commission)
By-product—The “secondary or incidental product of a manufacturing process (e.g.,
scrap or emissions). (United States Environmental Protection Agency (U.S. EPA))
Carbon footprint –The amount of carbon dioxide (CO2) emissions associated with all
the activities of a person or other entity (e.g., building, corporation, country, etc.). (Encyclopedia Britannica)
Carbon offsets – The ‘tradable ‘rights’ or certificates linked to activities that lower the amount of carbon dioxide (CO2) in the atmosphere. (Research scientist Angelo Gurgel of Massachusetts Institute of Technology (MIT) Climate Portal)
“By buying these certificates, a person or group can fund projects that fight climate change, instead of taking actions to lower their own carbon emissions. In this way, the certificates ‘offset’ the buyer’s CO2 emissions with an equal amount of CO2 reductions somewhere else.” (Gurgel, MIT Climate Portal)
Carbon Neutrality – The idea of achieving net zero greenhouse gas emissions by balancing those emissions so they are equal (or less than) the emissions that get removed through the planet’s natural absorption; in basic terms it means we reduce our emissions through climate action. (United Nations Framework Convention on Climate Change)
Circular Economy – A model of production and consumption which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. In this way, the life cycle of products is extended. This economic model departs “from the traditional, linear economic model, which is based on a take-make-consume-throw away pattern. This model relies on large quantities of cheap, easily accessible materials and energy.” (European Parliament)
Conference of Parties (COP) – The decision-making body responsible for monitoring and reviewing the implementation of the United Nations Framework Convention on Climate Change. It brings together the 197 nations and territories – called Parties – that have signed the Framework Convention. (World Meteorological Organization)
Corporate Social Responsibility (CSR) – The management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.” (United Nations Industrial Development Organization (UNIDO))
Cradle-to-cradle manufacturing – An approach to the design of products to be essentially waste-free; all materials used are designated as either technical nutrients, which are non-toxic synthetic materials that are reused in continuous cycles and biological nutrients, which can be disposed of into natural environments to decompose into the soil. (U.S. EPA)
Environmental Impact Assessment (EIA) –An assessment of the impact of planned activities on the environment, including impacts on biodiversity, vegetation and ecology, water, and air.” This assessment “can be seen as a process of identifying, predicting, and evaluating the likely environmental, socioeconomic, cultural and other impacts of a proposed project or development to define mitigation actions—not only to reduce negative impacts but also provide positive contributions to the natural environment and well-being.” (International Institute for Sustainable Development (IISD))
Environmental, Social, and Governance (ESG) Investing –The set of standards for a company’s behavior used by socially conscious investors to screen potential investments.” (Investopedia)
“Environmental criteria consider how a company safeguards the environment, including
corporate policies addressing climate change, for example. Social criteria examine how it
manages relationships with employees, suppliers, customers, and the communities where it
operates. Governance deals with a company’s leadership, executive pay, audits, internal
controls, and shareholder rights.” (Investopedia)
Greenwashing –The process of conveying a false impression or misleading information
about how a company’s products are environmentally sound.” (Investopedia)
It is “an unsubstantiated claim to deceive consumers into believing that a company’s products are environmentally friendly or have a greater positive environmental impact than what is true.” (Investopedia)
Triple Bottom Line – A business concept that posits firms should commit to measuring
their social and environmental impact—in addition to their financial performance—rather than
solely focusing on generating profit, or the standard ‘bottom line.’ This concept can “be broken
down into three –profit, people, and the planet.” (Harvard Business School Online)
(Alexa Basa)