Sustainability, Commerce and Economics: How to Create the Right Balance – Andy Hoffman Quoted in Business Today

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Sustainability, Commerce and Economics: How to Create the Right Balance – Andy Hoffman Quoted in Business Today

We may be losing the war against climate change, as we fail to approach sustainability-related issues in the right manner.

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In a recent article 'The Invisible Hand Won't Solve the Climate Crisis. Capitalism Must Evolve', US professor Andrew J. Hoffman well articulates the perils of global unsustainability and the need to redefine the role of corporation and market. The Economist magazine also warns us against the dire consequence of not addressing the sustainability and climate change related issues in its August month's cover story 'In the line of fire - losing the war against climate change'. Both the articles represent a view that is increasingly gaining strength - a view that suggests that despite all the tall talks over sustainable development, we may be losing the war against climate change, as we fail to approach sustainability-related issues in the right manner. The reason is that all the standards - in global trade, in bilateral negotiations, industrial and investment policies and the framework for private and inter-governmental bodies - that we have been setting all the while, have been production oriented, and not consumer-centric.

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Keywords: Sustainable Development Goals | Andy Hoffman | Business Today | Climate Action | Economic development | Environment | Erb Institute | Market Transformation | Responsible Production & Consumption | consumer engagement | university of michigan