Think tank calls for "sustainability principles" to underpin policy and regulation

In the face of the public health, climate and biodiversity crises and extreme and unpredictable weather, a new set of principles is needed for policy makers and regulators to build a more resilient future, according to think tank Sustainability First.

In a new paper, A question of principle? Economic policy makers and regulators need to adopt a set of sustainability principles if we are to survive and thrive in the disrupted world, the think tank argued that reviewing the principles that guide economic decision making is vital if we are going to get the more flexible approach that is needed to cope with deep uncertainty.

Director, Sharon Darcy, explained: “The current principles used by economic policy makers and regulators are often narrowly focused on short-term consumer interests and non-existent ‘average’ users. These fail to recognise the lived experience of many citizens and communities and future needs.”

Sustainability First proposed eight ‘Sustainability Principles’ to better frame policy and regulatory decisions around essential services. These included:

• giving appropriate weight to the well-being of the next generation;

• systems and ‘joined-up’ thinking; and

• diversification and participation.