The best way to predict the future is to create it, and feasibility helps in making strategies that help in creating a sustainable future.
A feasibility study for sustainability evaluates the system’s potential effect and attempts to identify the project’s strengths and limitations. As a result, it must be undertaken objectively to offer data on which decisions may be made. In its most basic form, the two criteria for determining feasibility are the required cost and the value to be obtained. A well-designed feasibility study should include information on the project’s history, operations and management, marketing research and policies, financial statistics, legal needs and tax duties, among other things. This study’s findings might help take more potential decisions that promote sustainability.
Sustainability strengthens our quality of life while also safeguarding our environment and natural resources for future generations. In the business sector, sustainability is linked to a company’s holistic strategy, which considers everything from manufacturing to logistics to customer service. Going green and sustainable is not just good for business; it also enhances the long-term advantages of an environmental emphasis.
Feasibility is crucial because it enables project managers in determining the feasibility of a project or business endeavour by identifying the variables that can contribute to its success. The analysis also depicts the possible return on investment as well as any threats to the venture’s success.
The Sustainability – Feasibility connection
Climate change and rising wealth disparity have emerged as two major dangers to modern living standards, peace and democracy. In most policy agendas, these two issues are addressed independently.
Well, to manage a fair low-carbon transition, a new generation of innovative approaches has been offered. In this spirit, a dynamic microscopic simulation model is always needed to do feasible study for analysing the long-term implications of three scenarios: green growth, social equality measures and de-growth.
Green growth, which is based on technological advancement and environmental laws, significantly reduces greenhouse gas emissions at the price of growing economic disparity and unemployment.
Direct labour market interventions that result in environmental performance comparable to green growth while maintaining economic development are among the strategies for the social equality scenario.
Despite the implementation of a wealth tax, the de-growth scenario adds a fall in consumption and exports, and achieves a bigger reduction in emissions and inequality with a higher public deficit. We believe that revolutionary social policies are both economically and politically feasible and can combine social prosperity with low carbon emissions.
SDGs and the Feasibility of Sustainable Development
Adopted by the United Nations General Assembly in 2015, the 17 ‘Sustainable Development Goals’ (SDGs) are the blueprint for achieving a better and more sustainable society for all by 2030. These objectives are a rallying cry for action to solve a slew of global issues, including poverty, inequality, climate change, environmental degradation and justice.
The best way to predict the future is to create it, and feasibility helps in making strategies that help in creating a sustainable future. Feasibility and sustainability are intertwined. Feasibility aids in the analysis of facts in order to make long-term, sustainable judgments while keeping the goal in mind. These SDGs were formed only as a result of the feasibility research, as the outcomes of this study only assisted in making more possible decisions that support sustainability.
Will SDGs be Relevant Post-pandemic?
Only if governments recast the goals to be part of the fabric of people’s lives can the SDGs remain relevant during and beyond the COVID-19 pandemic. The SDGs can survive and even thrive feasibly as they address the dire situation faced by many communities across the world, including people with disabilities, in the same way that the Goals arose from stories at the grassroots level around the world.
Overall, sustainable development is feasible, or we may argue that sustainability and feasibility go hand in hand. Global development and conservation goals together are indeed possible. We can minimise our exploitation of natural capital while encouraging economic growth and can also confront climate change. The human species is the most unstable and possibly disruptive element in the design. Humans, using contemporary technology, can cause far-reaching and irrevocable changes in the environment, whether purposefully or accidentally. If left to its own devices, the environment can sustain life for millions of years.
(Nidhi Yadav is the founder of Aks Clothing)