Business executives today are struggling to determine and articulate what sustainability means for their firm. And it is important to define an overall vision of sustainable business to create a strong foundation for action, success and credibility. Most core business audiences judge firms on their performance rather than the stories they tell, for, needless to say, actions speak louder than words. The September 2011 research report “Defining Sustainable Business” by Verdantix, an independent analyst firm, aims to help these executives jump the hurdle by providing an array of sustainability definitions with a review of prominent descriptions of sustainable business.

This report acts as a fine guide for executives who need to understand how the conceptions of sustainable business diverge despite common underpinning. There is no single accepted definition and there is no one-size-fits-all sustainable business vision, but a variety that differs by sector. Relevant impacts and risks differ from industry to industry, opportunities to directly address environmental or social challenges vary, and expectations of business audiences vary depending on the sector a firm operates within.

Descriptions of sustainable business are often entangled with ideas of the role of business in society, need for firms to operate within identified ecological and planetary boundaries and a reliance on eco-efficiency. Societal perceptions of the role of businesses have shifted markedly in the last two decades. While the core function of the business remains innovation, technology development, capital investment and wealth creation, businesses are increasingly being looked upon as a bringer of solutions to global problems. Thus creating a need for businesses to expand and define boundaries of their new role and manage societal expectations proactively. Most conceptions of what a sustainable business looks like focus on challenges such as: rising population and consumption, the accessibility of earth’s resources, the consequences of social change and long term success.

A few examples in the report talk about how some top-notch companies define their own vision for sustainable vision. Shell commits to contributing to sustainable development as part of its business principles. This requires integrating economic, environmental and social considerations into business decision making. Unilever has developed the “Unilever Sustainable Living Plan” that will enable job and income creation, billions of people to increase their quality of life without increasing their environmental impact. Interface aspires to become the first company to be fully sustainable with zero negative impact, calling it “Mission Zero”. These formulations reflect the variation in motivations for action which include a combination of belief in sustainability as a source of competitive advantage and a moral obligation to respond to global challenges.

The report is an eye-opener that outlines not only the definitions and descriptions but also the importance of going down this path and what are the steps that executives should take to compete, transform businesses and adapt to a rapidly evolving world. Undoubtedly, the successful businesses of tomorrow will be those that lead and create value both inside and outside of the company.

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“A brand new city that boasts the wide boulevards of Paris, a 100-acre Central Park reminiscent of New York City, a system of pocket parks similar to those in Savannah, a modern canal system inspired by Venice and convention center architecture redolent of the famed Sydney Opera House.” Come explore Songdo Internal Business District (IBD), a city that has embraced sustainability with an ultimate goal to become an international economic hub and one of the greenest cities of the world.

In 2003 South Korea’s government designated the Incheon Economic Zone (IFEZ) to create a leisure, logistics and international business hub and attract foreign investment in the country. Located on 1415 acres of reclaimed land, Songdo IBD officially opened for business in 2009.

Incorporating sustainability at each step of the planning process and taking a balanced approach, Songdo IBD offers economic incentives, an easily accessible location and high quality services. What stands out loud and clear is Songdo IBD’s sustainable urban development strategy. The master plan inspired by some of the greatest cities of the world will encourage low carbon transport options within Korea’s car-centric culture with 15 miles of cycling lanes and pedestrian corridors connecting public spaces. The developers have designed integrated water management systems to reduce the use of fresh water in the city as well as a centralized pneumatic waste collection system. The city’s building designs will feature on-site solar panels and wind turbines to reduce energy costs and carbon emissions. The city and its residents will be connected with Cisco’s IT network infrastructure and Telepresence units across homes and businesses helping realize its vision of a Smart+Connected Community.

This highly attractive example is in front of all those new and existing cities looking to build sustainable development projects and stand out on the global stage. City authorities and developers need to wake up now and balance local, global ecological interests and economic growth early in the project planning process.

Cutting edge technologies, high performance buildings, and integrated service infrastructures in Songdo IBD come together to create a dynamic, vibrant global community for business professionals and their families. Apart from being an international business hub, the city promises to create a rich cultural fabric with a stunning opera house, concert hall, museum and aquarium; a range of shopping, dining and entertainment experiences, as well as public and private schools and state-of-the-art health care facilities. A Jack Nicklaus championship golf course - one of only 25 in the world - is under construction with plans already in the works for high-profile events, including a PGA Championship Tour event.

Now, who needs greener pastures?