Sustainability - Lecture 5

Question 1

What is sustainability?

Answer 1

Development that meets the needs of current generations without compromising the ability of future generations to meet their own needs

Question 2

What are the three key sustainability challenges?

Answer 2

1. Replace fossil fuels with renewable
2. Develop a circular production and consumption economy to eliminate waste
3. Use nature’s products at or below a rate which it is able to regenerate

Question 3

What are some less key areas the Network for Business Sustainability has identified?

Answer 3

.Climate change monitoring
.Government action
.Poverty and youth unemployment
.Impacts of action on sustainable development goals

Question 4

What do companies need to respond and and adapt for sustainability?

Answer 4

.Adapt their business models and reporting practices to incorporate sustainability challenges
.Improve transparency

Question 5

What are the areas associated with the ‘triple bottom line’?

Answer 5

.Economic viability
.Environmental responsibility
.Social responsibility

Question 6

How would organisations embed sustainability into corporate reporting?

Answer 6

.Organisation’s value and governance model
.Links between strategy and commitment to sustainability
.Key component of and benefit from adopting integrated reporting

Question 7

What reporting frameworks involve sustainability?

Answer 7

.Global reporting initiative - pioneered sustainability since 1997
.IFAC sustainability framework 2.0

Question 8

What are the internal organisational benefits of sustainability reporting?

Answer 8

.Enhanced understanding of risks and opportunities
.Influencing strategy and policy
.Reduced costs, improved efficiency
.Avoidance of negative publicity, scandals

Question 9

What are the external organisational benefits of sustainability reporting?

Answer 9

.Mitigating negative environmental and social impacts
.Enabling external stakeholders to better assess value creation
.Demonstrate sustainability leadership

Question 10

What do financial statements and economics still not capture in relation to sustainability?

Answer 10

They do not capture the full costs of resource consumption and environmental degredation

Question 11

What are the 5 elements of the sustainable value framework?

Answer 11

.Sustainable value
.Internal
.External
.Future
.Present