I think I can see your point about the big 'S' vs the small 's' as it relates to sustainability.

There is always the question of whether "business sustainability" (by whatever title) is interpreted to mean that a business sustains its market space and profit margins, or alternatively, that the business moves towards practices that are more sustainable (from an environmental and social perspective); especially since corporate policies proclaiming the latter are often motivated by the former. For example, policies and documents paying lip service to the "Triple Bottom Line" while showing genuine interest in the traditional one.

But, the recent world economic events, are symptomatic of, for example, the stock markets becoming too far removed from the reality that everything used in human activities has to come from "somewhere" -- extracted from the environment -- whether it is a renewable or non-renewable resource. So commodities can never be completely virtual (which would seem to be a potential downside of carbon credits and carbon trading, regardless of its intention).

Energy in itself is one of the major resources that orginates on (or within) the environment of the Earth. In fact, energy can be considered as the "currency" that creates and sustains the resources of the natural environment, and defines the scope and viability for their "development". And this is a major issue with regard to fossil fuels -- companies involved in the exploration and production of crude oil are in a capital-intensive industry to the point that traditional economic efficiency is not a major requirement, they can afford a much higher degree of inefficiency since, from their short to medium term perspective, there will always be "more"; these patterns are likely to be exacerbated at times of higher oil prices.

On the other hand, it is probably easier for the oil companies to put aside money and resources to dedicate to CSR-type initiatives, without the need for the requisites that other industries would need to follow (in terms of improving their performance). They can purchase support from environmental NGOs or community groups, and participate in community events in a very high profile way, depsite the fact that their industry by its very nature is one of the most inherently unsustainable (in the physical resource availability sense) and among the largest contributor to carbon emissions (among other potential environmental issues).

However, for other sectors (even those "downstream" of the primary hydrocarbon extraction) slides in the economy essentially force them into a position of improved efficiency or cost-effectiveness, whether or not the actual motivation is environmental performance or "green" consciousness, etc.

Great points about sustainability and what it really means and how it is engaged. As we refer to sustainability, I agree that a Triple Bottom Line strategy is essential in addressing the profitability (sustainable) of a business, the environment and its stewardship, and the social and community aspect. However, this shift in mindset is yet to happen.

Stephen Covey Jr recently authored a book about Trust. It is an interesting concept to consider as so much of the financial crisis is now based on a lack of trust: banks not lending to one another, stakeholders withdrawing support, politicians scrambling and pointing fingers, etc. The same applies to the political decisions that are made. Trust gives all parties something greater to aspire to, success through relationship, communication and mutual interest. With trust as a more "sustainable" methodology for conducting business and political relationships, the what's in it for me (WIIFM) mantra takes second place.

Now how do we get there? CSR must start somewhere - businesses are the stewards of change in our global economy at this point. So we must start by rewarding businesses that can shift away from backroom lobbyist deals to practices supporting global citizenship: How wil my products benefit people and employees? Are my products safe for the environment? How will my profits be used to expand the business in a way that my employees, the community and wall street agree with?

These are the questions we need to be asking ourselves as business owners and political leaders.