What is Sustainability?

While the concept of sustainability is discussed in different areas with various applications, leaving future generations a livable world which is ecologically, economically and socially sustainable is the shared purpose in all. The textbook definition of sustainability is ‘making the life of humanity permanent while ensuring the continuity of production and diversity’.

To that end, social and environmental issues must be tackled with the same sensitivity shown to economic issues in line with economic growth. Sustainability has economic, environmental, and social dimensions, all of which require very comprehensive and technically-sound management.

Various sources note that the search for solutions to sustainability crises can be observed in human-dominated ecosystems throughout history, whenever there are increasing needs and consumption as against limited resources.

We know that the concept of sustainability first emerged after the Industrial Revolution, as production processes required more energy and the increasing population started to consume more of the limited resources.

The term itself was used for the first time during the “United Nations Conference on the Human Environment” held in Stockholm in 1972. The concept of sustainability was introduced to the public with the “Our Common Future” report published in 1987 by the UN World Commission on Environment and Development. This report defined sustainable development as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” With this definition, the concept of sustainability that is based on the protection of natural resources was transformed into a multi-faceted concept in the form of sustainable development.

Sustainability is built on three main pillars — economic, environmental, and social. These three pillars of sustainable development were discussed for the first time at the United Nations Conference on Environment and Development, held in Brazil in 1992, five years after the “Our Common Future” report was published. Accordingly, sustainability was defined with the requirement of being economically developable. While sustainability focuses on the efficient use of resources in the long term, it also envisions the preservation of ecological balance in actions and activities. Equality, diversity, inclusiveness, sustainable living and democracy are absolutely necessary for a socially sustainable society.

In short, environmental, economic and social pillars are all equally important, interrelated and interconnected in terms of sustainability. All these concepts should be evaluated together to leave future generations a livable world.

Yapı Kredi is fully aware of the environmental and social responsibilities that the financial sector has to assume. Our corporate identity has been an example for our industry and country for many years. With our financing solutions, we facilitate our customers' business and sustainability transformation. We also strive to create a common awareness of sustainability.