World Business Council for Sustainable Development

Definition

The World Business Council for Sustainable Development (WBCSD) is a global organization that brings together leading companies to promote sustainable business practices and advance sustainable development. Its mission is to advocate for the integration of sustainable development into business strategies and practices, focusing on environmental responsibility, social equity, and economic viability. By collaborating with various stakeholders, the WBCSD seeks to drive change across industries to create a more sustainable future for all.

5 Must Know Facts For Your Next Test

1. The WBCSD was founded in 1995 and consists of over 200 member companies from various sectors across the globe.
2. The council focuses on promoting sustainable business practices through collaboration between companies, governments, and civil society.
3. WBCSD provides a platform for businesses to share knowledge, tools, and best practices in sustainability efforts.
4. The organization emphasizes the importance of integrating sustainability into core business strategies rather than treating it as an add-on.
5. WBCSD works on several initiatives addressing climate change, resource efficiency, and social equity to drive sustainable development in business.

Review Questions

• How does the World Business Council for Sustainable Development influence corporate strategies in relation to sustainability?
  • The World Business Council for Sustainable Development influences corporate strategies by providing a collaborative platform where leading companies can share best practices and tools related to sustainability. By advocating for the integration of sustainable development into business models, the WBCSD encourages its members to align their corporate strategies with sustainability goals. This collaborative approach helps businesses recognize the long-term benefits of adopting sustainable practices, ultimately shaping industry standards and expectations.
• Evaluate the role of WBCSD in promoting Circular Economy principles among its member companies.
  • The WBCSD plays a significant role in promoting Circular Economy principles by encouraging member companies to rethink their production processes and resource usage. By providing resources and case studies on successful circular practices, WBCSD helps businesses understand how adopting a circular approach can reduce waste and enhance efficiency. This shift not only benefits the environment but also leads to innovative business models that can improve profitability while addressing societal challenges.
• Assess how the initiatives of the World Business Council for Sustainable Development align with the Sustainable Development Goals established by the United Nations.
  • The initiatives of the World Business Council for Sustainable Development align closely with the Sustainable Development Goals (SDGs) as they both aim to create a more sustainable future. WBCSD's focus on climate action, resource efficiency, and social equity directly contributes to several SDGs such as Goal 13 (Climate Action) and Goal 12 (Responsible Consumption and Production). By fostering collaboration among businesses to address these critical issues, WBCSD not only supports the achievement of SDGs but also promotes broader systemic changes needed for sustainable development across industries.

Related terms

Sustainable Development Goals: A collection of 17 global goals established by the United Nations to address various global challenges, including poverty, inequality, climate change, environmental degradation, and peace and justice.

Corporate Social Responsibility: A business model that helps a company be socially accountable to itself, its stakeholders, and the public by taking responsibility for the company's actions and their impact on society and the environment.

Circular Economy: An economic system aimed at eliminating waste and promoting the continual use of resources by designing products that can be reused, repaired, refurbished, or recycled.