Sustainability is a continually evolving concept, which includes sustainable economic development, environmental protection, and enhancement as well as social inclusion, progress, and governance. More recently, progressive organizations have added cultural vitality as a dimension to sustainability, focusing on the culture and core values of the organization. Sustainability objectives are also very closely tied with the concept of “value” (created through use of its tangible and non-tangible assets) as defined by stakeholders.
Sustainable Development requires that Asset Management processes, decision making, Asset Management objectives and Asset Management activities are consistent with the organisation’s sustainability framework.
Factors to be considered in these processes include:
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Environmental Impact of Asset Management.
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Social Impact of Asset Management.
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Economic Impact of Asset Management Plans.
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Optimizing environmental, social, governance and financial impacts.
To achieve sustainability in Asset Management all activities, including asset life cycle activities, undertaken to achieve the organisation’s environmental, social and governance objectives should support this goal.
This is critically important at the closure stage of the asset life cycle. Resiliency may be considered part of an organisation’s strategy to support sustainability; however, this only represents the organisation’s ability to overcome challenges and adversity.
Sustainable development is enhanced when it acknowledges the local knowledge, cultural and heritage significance, and engages with local communities, especially Indigenous communities, in the areas where it functions.