when did the concept of sustainable development come into existence
Sustainable development While the modern concept of sustainable development is derived mostly from the 1987 Brundtland Report, it is also rooted in earlier ideas about sustainable forest management and twentieth century environmental concerns. As the concept developed, it has shifted to focus more on economic development, social development and environmental protection for future generations. It has been suggested that "the term 'sustainability' should be viewed as humanity's target goal of human-ecosystem equilibrium (homeostasis), while 'sustainable development' refers to the holistic approach and temporal processes that lead us to the end point of sustainability".[1] The modern economies are endeavouring to reconcile ambitious economic development and obligations of preserving the natural resources and ecosystem, the two are traditionally seen as of conflicting nature. Instead of holding climate change commitments and other sustainability measures as a drug to economic development, turning and leveraging them into market opportunities will do greater good. The economic development brought by such organized principles and practices in an economy is called Managed Sustainable Development (MSD).
Environmental governance Public goods are non-rivalrous—a natural resource enjoyed by one person can still be enjoyed by others—and non-excludable—it is impossible to prevent someone consuming the good (breathing). Nevertheless, public goods are recognized as beneficial and therefore have value. The notion of a global public good thus emerges, with a slight distinction: it covers necessities that must not be destroyed by one person or state.