The adoption of the code of ethics of engineering in the 21st century should involve putting public interest above all others. However, in market economy collective interest is not in the foreground. In the foreground are placed particular interests of employers, i.e. multinational companies. The degradation of the environment and endangering life on Earth, brought about a new philosophy in form of sustainable development, which should include the adoption of the Code of Ethics that puts the public interest above individual, especially when it comes to economic activities. The economy and the environment are equally important for sustainable development in terms of ethics. Engineers have an ethical dilemma that arises from the conflict of ecological and economic conditions of their work. In this article, scientific approach of professor Sharon Beder on this issue is presented. Key words: engineers, ethics, engineering ethics, sustainable development