Revised economic model to incorporate sustainable homestead into current economic system.

1. Waste Management

This dimension focuses on minimizing waste production and maximizing waste recovery, encouraging practices like recycling, composting, and the redesign of product life cycles (cradle-to-cradle approach). Businesses would assess how efficiently they manage waste and aim to achieve zero waste or circular economy standards.

2. Energy Consumption

The goal would be to reduce overall consumption and shift towards renewable energy sources. Metrics could include energy efficiency ratings, the percentage of renewable energy used, and innovations in reducing energy use across operations.

3. Natural Resource Consumption

This dimension would assess the sustainability of the raw materials and natural resources a company uses, including water, minerals, and biological resources. Sustainable sourcing, efforts to use renewable or recyclable materials, and measures to reduce the intensity of resource use would be key metrics.

4. Human Labor

This dimension would focus on the conditions, fairness, and sustainability of labor practices. This includes not just avoiding exploitative practices, but actively improving employee well-being, ensuring equitable labor rights, and fostering a supportive and enriching work environment.

5. Human Knowledge

This dimension recognizes the value of education, training, and knowledge sharing as critical components of sustainability. Metrics could include investments in employee training, contributions to educational initiatives, and the development of knowledge-based assets that benefit wider communities and future generations.

Implementation Strategies:

• Integrated Reporting: Developing a comprehensive reporting system that includes these dimensions alongside financial performance. This could involve modifications to existing frameworks like the Global Reporting Initiative (GRI) or creating new standards that better reflect these priorities.
• Stakeholder Engagement: Actively involving stakeholders—including employees, communities, customers, and suppliers—in the process of defining, measuring, and improving these dimensions.
• Policy and Governance: Establishing policies that explicitly address each dimension, supported by governance structures that ensure these policies are effectively implemented and monitored.
• Innovation and Technology: Leveraging technology and innovation to improve performance across these dimensions, such as through better data tracking and analysis tools, sustainable product design, or more efficient resource management systems.