Sustainable Economic Development. It means that development should take place without damaging the environment, and development in the present should not compromise with the needs of the future generations.
This concept stresses the role of the environment as capital that, if exhausted, cannot be replaced. It requires preservation of human capital, physical capital and natural capital.
United Nations Conference on Environment and Development (UNCED) defined sustainable development as ‘Development that meets the need of the present generation without compromising the ability of the future generations to meet their own needs.’