In an address by Pope Francis to the World Economic Forum in Davos, the Pope said that “We must praise the steps being taken to improve people’s welfare in areas such as healthcare, education and communications and that we must also recognise the fundamental role that modern business activity has had in bringing about these changes, by stimulating and developing the immense resource of human intelligence.”

However, the Pope also emphasised the importance that the various political and economic sectors have in promoting an inclusive approach which takes into consideration the dignity of every human person and the common good.

Undoubtedly the fast and furious rate of economic development in our Maltese islands can be evidenced by all. The property market has boomed at an incredible pace, with prices beyond the reach of budding couples. Roads have been rebuilt to cater for the increased traffic flow, but we still experience the nauseating chaos of traffic every morning on our way to work.

Economic sustainability entails evaluating the environmental impact of economic activity and devising sustainability goals to create a more liveable future. It is a broad set of decision-making principles and business practices aimed at achieving economic growth without engaging in the harmful environmental trade-offs that historically accompany growth. Ideally, sustainable development creates operational systems that consume natural capital slowly enough that future generations can also use those resources.

Sustainable practices can tackle the problem of humans’ collective ecological footprint in several ways. They can focus on reducing the depletion of the natural environment or come at the issue from the other direction by finding ways to reduce waste, limit carbon emissions, and utilize solar energy. The unifying principle behind economic sustainability is rejecting wasteful short-term processes and embracing the planet’s long-term well-being.

Creating the infrastructure for economic sustainability is a complex process that involves the full cooperation of both the private and public sectors. On the individual level, however, retail investors can direct their money toward companies whose values and practices align with their own. Citizens can also encourage their elected officials to create economic plans that include sustainable development goals and caps on greenhouse gas emissions. Ultimately, it’s only through large-scale action and an overhaul of the financial systems that constitute the global economy that society can achieve environmental sustainability.
Sustainable development is the pathway to the future we want for all. If offers a framework not only to generate economic growth, but most of all it should factor in social justice and exercise environmental stewardship. All economic and financial activity should be guided within the horizon of an ethical approach which is truly humane. It should be guided by high ideals of fairness, generosity and concern for the authentic development of the human family.

The role of the Government is crucial to protect and to promote individual and corporate private property rights but should also seek to implement collective justice and promote the common good. The role of the earth is not just a source of economic resources which are often abused off, but the role of the earth is a home for all God’s creatures.

Published on Sunday Times of Malta in October 2022 (Gordon Vassallo)