Final answer:
The term is 'sustainable development', which focuses on the sustainable use of resources to ensure the viability for future generations, balancing growth with environmental protection, and requiring global commitment to environmental conservation and equitable resource use.
Step-by-step explanation:
The term that refers to meeting the needs of the present without compromising the ability of future generations to meet their own needs is known as sustainable development. This concept emphasizes the sustainable use of natural resources to ensure environmental, economic, and social stability for future generations. An important aspect of sustainable development is carefully balancing the growth imperative with environmental protection and equitable resource distribution.
Competing goals, such as economic development and environmental conservation, often require tradeoffs, as seen in issues like deforestation, resource competition for water and fuel, and climate change. Amidst these challenges, innovation plays a key role in achieving sustainable solutions. Engineers, policymakers, and corporate executives alike must work within the physical limits of our planet to fulfill humanity's needs while preserving the Earth's resources.
Achieving sustainable development requires a global commitment to crafting and implementing a coherent plan that addresses foundational problems affecting our natural environment. This is essential not only for the well-being of current populations but also to secure the prospects of generations to come.