A sustainable business community essentially requires two key things: the co-operation of government, businesses and consumers, the compliance of businesses and consumers with green legislation laid out by government, and a way for that compliance to be assessed and progress monitored. For example, in the EU we have the EU taxonomy as one piece of green legislation, and the EU Taxonomy technical report acting as it’s means of compliance verification and progress tracking.
This setup sees European government oblige a number of businesses, from all kinds of different industries to comply with the rules laid out by the EU Taxonomy and compile a regular EU Taxonomy technical report, showing how their business is doing it’s bit to help the environment and the planet on which we live, in a way that’s backed by actual real-world data concerning their activities.
Another way to see a sustainable community is through public participation, public programs and initiatives. Via the EU Taxonomy technical report the way these companies run (and even the way they're funded) is put out in the open, and they’re able to be held accountable by investors and other stakeholders. This transparency could be a great tool to get companies to acknowledge or act on sustainability issues, at the possible cost of losing public support (and their good reputation) or third-party funding.
Focusing on the EU Taxonomy Technical Report
In the context of sustainability, there are literally thousands of guidelines and standards that dictate how an organisation should operate. As mentioned above, the newest arrival to these guidelines and standards is the EU Taxonomy, which mandates the creation of an EU Taxonomy technical report for certain types of businesses operating within the EU.
This EU Taxonomy technical report needs to include a number of different things, including (but not limited to) the way in which which a company purchases raw materials and the cleanliness of its facilities, the amount of greenhouse gases and other harmful emissions produced by current business practices and what is being done about them, and what efforts are being made to make those business practices even more environmentally-friendly.
The standards are constantly changing to reflect the interactions between consumers, governments and political and social organisations. As the issues emerge, new standards and guidelines are being put in place by public policy, political and social action groups.
Focusing on The Use of Natural Resources
On the other hand, the public also has an interest in determining how these problems are solved when they are faced by businesses. The planet’s resources are being used by both businesses and the public after all. Both sides need to work together to ensure that Peter isn’t robbed to pay Paul, and that means that the public should get a say in how the planet’s resources are used for business. Frequently, this decision is turned over to some level of government to make choices on behalf of the public, and the EU Taxonomy technical report is a valuable tool in accessing up-to-date, relevant information concerning the sustainability of business activity across Europe - information which is needed to serve as a sound basis upon which those decisions can be made by European government.
Both approaches have their advantages and disadvantages. A government agency could try to make the change in social and policy directions to the point that it cuts into the amount of tax revenue, changes in energy consumption and the need for current preservation programs. However, using an approach focused on the public good and a sustainable community creates a successful long-term plan for the identification and resolution of issues with a focus on what’s good for the people and the planet, not what turns the most profit.
In conclusion
At the end of the day, sustainability in business should be centred around socially and environmentally responsible ways of doing business. Conventional and technological innovations that can increase efficiency and reduce costs, or legislative measures like the EU Taxonomy and EU Taxonomy technical report will only be helpful as far as they make this change possible, a great deal of resources can be salvaged by changing the incentives offered by government agencies who enable policy change.
Because of this, the unpredictability of traditional forms of sustainability could be avoided by engaging in both a public way of policy and a public way of behaviour. If initiative controllers - such as the EU and EC, with their European Green Deal, EU Taxonomy and EU Taxonomy technical report, as well as a number of other similar campaigns being used to emphasise the need for environmental change - can show the people at large all the benefits of employing sustainable business practices, the ball will start rolling, gather momentum, and clear the way for a cleaner, greener future across the board.