Sustainable = Profitable = Responsible = Social, does this equation work?

The covid19 health, economic and social crisis has shown the weaknesses of both the developed and the emerging world. It is not surprising that the World Economic Forum, which started 50 years ago as a platform for public-private partnership is now calling for the Great Reset initiative. It is an attempt towards a more holistic approach in economics. We have in fact a small window of opportunity towards building a better world. The noble prize winner Professor Muhammad Yunus has called for not going back to the old world but for building a new and sustainable world. But how can sustainability, profitability, responsibility and social justice be integrated? Are they contradictory and excluding forces or can they be integrated into our behaviour and how we adapt the way we make choices or take decisions? Are we really capable of building a better world? Are we willing to consistently change our consuming habits when it comes to food, cloths, transport, etc.?

The United Nations are promoting the 17 Sustainable Development Goals and the banking and accounting sector is being revolutionized as there is an increasing political pressure (such as the European Green Deal and the Paris Agreement) to connect the ability to receive credits to the fulfillment of the carbon dioxide values. Environmental, Social and Governance (ESG) driven investments are becoming the new standard. Circular Economy is a new way of consuming and producing that aims at reducing waste.

But are all of these just buzzwords or are we really serious about this? The consequences of climate change do not leave space for doubts. We have no choice.

Professor Klaus Schwab, Founder of the World Economic Forum and Harvard Business School Professor Rebeca Henderson are working hard on reviewing capitalism. How is it going to be possible to regulate the free market? Isn′t this a contradiction? Hasn't capitalism been a way to reduce poverty in the world?

There is no doubt that a lot depends on education. It starts at home, learning to admire and respect nature, learning to be cautious when it comes to waste and recycling and it continues at the universities and business schools where we can teach and learn how to run a sustainable business. These challenges require thoughtful leadership and thorough leaders, true personalities! 

This is a matter of choice in life and a matter on deciding what kind of lifestyle we want to adhere to. During the year 2019 and onwards Greta Thunberg has been challenging the establishment with the Fridays for Future movement. I have my doubts that not going to school would the best way to fight for the environment. It is however right to ask ourselves what kind of world we want to leave in the hands of the next generation and we must allow ourselves to be asked by the younger generation how we want to deal with this task.