The Future of Sustainability: Have Your Say!

Week Three - “The New Economy and Biodiversity”
Comment / Comentario / Commentaire

Shuaihua Wallace CHENG, China Programme Officer, International Centre for Trade and Sustainable Development (ICTSD), Geneva

Moderating team: Shuaihua Cheng supports the idea that market approaches to sustainability are necessary though the myths of the market should be avoided, such as voluntary market approaches which have had limited impacts. Responsible business can make money while doing good with well defined boundaries and stakeholder roles.

Shuaihua Cheng apoya la idea de que un enfoque de mercado a la sostenibilidad es necesario, pero evitando ciertos mitos. Los negocios responsables pueden ser rentables y sostenibles, siempre que cuenten con límites y roles claramente definidos.

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Good to see Dr Lu Zhi’s perspective to incorporate business approach to sustainable development into this discussion. It is even more important to see what we can do this in and with emerging markets like China, India, Brazil etc.

Two points. One, we do have lessons and policy experiences to learn from developed countries, such as ethic trading initiative and Fair Trade Labeling, Forestry Stewardship Council, Greening Consumer movement (see John Elkington’s book). In this regard, we need all stakeholders from business, government and civil society to cooperate.

But on the other hand, we shall avoid the myth of market. So far all these voluntary/market approach has a very limited scale, e.g. Fair Trade labeling are only limited a handful of goods and total trading volume are only amounted GDP300 million. The transparency, creditability and real benefits to sustainable development are open to question although they do raised awareness on responsible business.

Market approach to sustainability is a good idea and a necessary path into future. But we shall avoid another myth of market. We need to clarify the boundaries of this approach and to see what are roles of governments, international agencies, non-governmental organizations, citizens as well as those of businesses. If regulated and incentived well, business can make money while doing good.