Case: Factors influencing the sustainable consumption (IIMR-C28-08/2024)

Abstract

The United Nations used the goals for sustainable development, known as global goals, to eliminate poverty and protect the earth so that people can live with peace and prosperity. A balanced approach may be used on various fronts, like social, economic, and environmental, during any development. United Nations further divided these three areas into 17 sustainable development goals. The growing importance of sustainability has also prompted companies to focus on sustainable consumption and production more than ever. It can provide a niche for their market and help them create brand value. Companies and industries that are key players in undertaking sustainable production are now adopting sustainable practices and also focusing on incorporating sustainability information in their annual reports. Given this, companies can become essential partners in achieving sustainable development goals by working towards and reporting on sustainability. While government policies and a vision for sustainable development play an important role, the development will be difficult to sustain without genuine collaboration with the private sector. Investing in energy-efficient facilities and machinery allows industrial waste to be managed in the most environmentally friendly manner. Given the above, It is concluded that governments' development activities, public sector companies, and private companies should collaborate and adopt sustainable practices to support the 17 sustainable development goals.