What Sustainability Stands for at SpringRock
Sustainable development is of fundamental importance to the long-term success of the Company and it is directly in line with the primary goal of SpringRock, which is to create value for its shareholders and stakeholders.
Sustainable development describes an approach to planning and decision-making that aims at achieving a real and lasting reduction of social and economic disparities, as well as protecting the environment. For SpringRock, it brings an increasing focus on the balanced consideration of economic, social and environmental aspects in making business decisions.
This sustainable development policy is intended to be complementary to the strategies of our partners, collaborators and customers with similar objectives.
This policy has been developed as first concept with input from management representatives.
The term “sustainable development” is defined as integration of economic growth, community and social development, and environmental protection in such a manner that we meet the needs of the present without compromising the ability to meet the needs of future generations.”
Sustainable development is an integrated concept involving all human actions down to the local level.
The core tenets of SpringRock Sustainable development:
- Aims to improve the quality of life of both current and future generations, while safeguarding the earth’s capacity to support life in all its diversity;
- We lay emphasis on social justice, democracy, the rule of law and respect for fundamental rights including freedom, equal opportunities and cultural diversity;
- We promote high levels of employment in an economy whose strength is based on education, innovation, social and territorial cohesion and the protection of human health and the environment; and
- We aspire to provide a long-term vision for the society. Activities to meet present needs may still have short-term horizons, but they must, in addition, always include a long term perspective.
Advancement of Mankind
Economic wellbeing and the social progress of mankind is directly linked to energy. Energy provides the basis for improved standard of living be it in the provision of living comfort, support of telecommunication, ability to travel, support of modern industries etc. And SpringRock in its line of business plays a measurable role in the provision of energy.
We not only impact provision of energy through our direct business activities but we also support the economic growth of our operating environment, return benefits to our stakeholders, pay taxes to government and also support the advancement of our host communities through our various sustainability programs discussed herein.
The 3 Dimensions and 6 Pillars of SpringRock Sustainable Development
The many elements of sustainable development in SpringRock are organised into three dimensions: Community (Social); Environmental and Economic CEE. There are different approaches to how these three dimensions relate to each other, whether they are dimensions on the same level or three different but closely linked dimensions of sustainable development.
Sustainability at SpringRock is mapped as shown in the diagram below
By championing our sustainability around these 3 dimensions and 6 pillars, SpringRock contributes to the sustainability goals of the society while managing our business activities, our impact on the community, society at large, environment and the economies of the place we operate.
- the environment is the necessary basis for sustainable development
- the economy is the tool to achieve sustainable development
- the good life for all (the social dimension) is the target of sustainable development.
The natural environment – the ecosystem – is under strain from human activity. Fulfilling present needs while reducing the impact of human activity is a challenge requiring new ideas.
It is a fundamental part of this challenge to secure the living and physical environment, including natural resources, processes and balances. Some simple, yet fundamental, aims have to be formulated, such as:
- Controlling and limiting emission of persistent chemical pollutants;
- Halting loss of biodiversity;
- Returning to natural nutrient cycles; and
The need to limit global warming clearly illustrates how the environment is the basis for any sustainable development. The only logical way to control global warming is to significantly reduce the emissions of fossil carbon over a relative short time. If the climate really comes out of its current balance, it may not be possible anymore to create the good life of the social dimension with all economic and other tools available.
Economic sustainability is the ability of an economy to support a defined level of economic production indefinitely. Economic prosperity is a very important element of sustainable development; it allows the combating of poverty, to finance remediation of old burdens, thus making changes in our development.
However, not all economic growth implies improvement for sustainable development. Only economic growth at reduced environmental impact can be defended as being part of sustainable development. In other words, economic growth and environmental impact must be decoupled through improved eco- efficiency.
Economic policy and market mechanisms must be applied in support of sustainable development and not against it. Without denying the importance of tools such as legislation, public awareness etc. the economy is a very powerful tool for sustainable development. Used in the right way, it provides efficient incentives to make choices for sustainable development.
These incentives need to be on all levels of society, they must work in favour of sustainable development by:
- Making sustainable investments both in the public and private sectors profitable;
- Channeling research into knowledge and solutions for sustainable development, as well as; and
- Influencing consumption decision on all levels.
Making the economy into such an efficient tool implies that all the costs for any activity must be taken into account when economic and business decisions are made. This includes in particular, long term environmental costs as well as social costs.
These true costs must be reflected directly in market prices. This can be achieved through fiscal measures and through the establishment of markets where environmental goods and services are traded at real cost.