Seventeenth International Conference on Environmental, Cultural, Economic & Social Sustainability

Abstract

Private Sustainability Standards are the standards that incorporate elements from all three components – Economic, Social as well as Environmental spheres in order to create a form of development that is inclusive, holistic, and all-rounded. The main aim of these standards is to integrate all the units within a value chain, from the small-holder market population to the high-end consumers, in order to construct a system that mutually benefits all the levels of the series- by ensuring more income for the small-scale producers to allowing the retailers to sell the products at a higher price premium to providing the consumer with a high-quality, ethically-produced and sustainable product. These also guarantee that the rights of the worker population are fulfilled such as the number of hours, wages, overtime, etc., along with making sure that issues such as child labor and sexual harassment are handled and eliminated from the workplace. There has been a shift in the preference of consumers over the years, they are now opting for eco-friendlier products and are willing to pay a higher rate for the same. These standards also have various targets that may correspond to the targets set by the Sustainable Development Goals or the SDGs. However, it remains to be seen if these standards can in fact have as much of a positive effect as is being projected or if they will end up being a burden on the small-scale producer population.