As environmental degradation and climate change become more widespread, the desire to live a greener lifestyle has recently become less of a trend and more of a necessity.
The global shift toward green consumption has forced traditional business models to “adapt” to satisfy new market demands.
Sustainability does not just focus on climate change; sustainable business strategies help address things such as income inequality, depletion of natural resources, fair working conditions, human rights issues, pollution and racial and gender inequality.
However, sustainability in business is not completely altruistic, despite how it may sound.
You can’t use business to improve the world if you’re not doing well financially, Harvard Business School Professor Rebecca Henderson points out in the online course Sustainable Business Strategy.
Business strategies that are successful combine both doing well and doing good.