Sustainability refers to the long-term preservation of resources and the environment to meet the needs of the present without compromising the ability of future generations to meet their own needs. Businesses need sustainability for several reasons:
Environmental responsibility: By adopting sustainable practices, businesses can reduce their negative environmental impact and take responsibility for their actions.
Cost savings: Sustainable practices can lead to cost savings by reducing waste and improving energy efficiency.
Attracting and retaining customers: Consumers are becoming increasingly aware of sustainability issues and are more likely to support companies that have environmentally-friendly practices.
Compliance with regulations: Governments worldwide are imposing regulations to reduce the negative impact of business operations on the environment. Adopting sustainability practices can help businesses comply with these regulations.