Define the following terms: Sustainable Value Added (SVA)

Sustainable development is a normative concept laid out as the combination of economic prosperity, environmental integrity and social equity. Value is created whenever benefits exceed costs. There are two approaches to measure corporate contribution to sustainability i.e. Absolute Measures and Relative Measures. Sustainable Value Added takes into account both, the efficiency and the absolute level (effectiveness) of resource use. It has never been more important for businesses to use their economic, environmental and social resources efficiently. Conceptually, SVA stresses the complementary disposition of economic, environmental and social resources. Sustainable Value Added is the extra value created when the overall level of environmental and social impacts is kept constant.