Principles of Sustainable Business: Frameworks for Corporate Action on the SDGs

Companies are essential to adding value to society, but they are also criticized for not contributing sufficiently to societys grand challenges. The Sustainable Development Goals (SDGs) provide a framework for companies to contribute to sustainable development and confront systemic challenges. This book provides a timely account of the challenges that need to be addressed to enhance the effectiveness of corporate involvement in society and presents innovative tools embedded in a coherent sequence of analytical frameworks that can be applied in courses for students, be put into practice by business professionals, and used by action researchers to help companies contribute to the Decade of Action.

Format: Hardback
Length: 1020 pages
Publication date: 21 November 2022
Publisher: Taylor & Francis Ltd

Companies play a vital role in adding value to society, recognizing that profits are a means to an end rather than an end in themselves. Their ability to innovate, scale, and invest provides them with a powerful foundation for positive change. However, companies are also criticized for not adequately addressing society's grand challenges. In an increasingly volatile, uncertain, complex, and ambiguous (VUCA) world, governance gaps emerge, requiring innovative approaches to regulation and business practices.

The Sustainable Development Goals (SDGs) serve as a critical framework to drive this ambition. Adopted unanimously in 2015, the SDGs define a comprehensive set of global goals and targets, along with foundational principles to guide meaningful action toward their achievement by 2030. Multinational companies have embraced the SDGs as their long-term business plan, recognizing the immense opportunities they offer for investment, growth, and job creation. However, progress has been slow, highlighting the societal inability to address pressing human, ecological, economic, and health crises while underutilizing the vast potential for societal value creation.

This book aims to address these challenges by providing a timely account of the systemic, strategic, and operational factors that need to be considered to enhance corporate involvement in society. It utilizes the SDGs as a leading principles-based framework for actionable, powerful, and transformative change. Principles of Sustainable Business is designed for graduate and postgraduate (executive) students, policymakers, and business professionals seeking to understand the complexities of sustainable business and its role in addressing societal challenges.

In Chapter 1, the book explores the concept of sustainable development and its relevance in today's world. It defines sustainable development as meeting the needs of the present generation without compromising the ability of future generations to meet their own needs. The chapter also highlights the interconnectedness of social, economic, and environmental factors and the need for a holistic approach to addressing societal challenges.

Chapter 2 delves into the role of companies in driving sustainable development. It discusses the responsibilities of companies in promoting social well-being, environmental sustainability, and economic growth. The chapter emphasizes the importance of corporate governance, transparency, and accountability in ensuring that companies operate in a socially responsible and sustainable manner.

Chapter 3 examines the challenges faced by companies in implementing sustainable practices. It discusses the barriers to sustainable innovation, such as limited resources, regulatory complexities, and cultural resistance. The chapter also highlights the importance of collaboration and partnerships between companies, governments, and other stakeholders in overcoming these challenges.

Chapter 4 explores the strategies and tools that companies can use to achieve sustainable development. It discusses the importance of integrating sustainable practices into business operations, such as resource efficiency, waste reduction, and sustainable supply chain management. The chapter also highlights the use of technology, such as renewable energy and digitalization, as a means to drive sustainable innovation and growth.

Chapter 5 examines the role of corporate social responsibility (CSR) in driving sustainable development. It discusses the importance of companies engaging in socially responsible and ethical practices, such as philanthropy, community development, and environmental stewardship. The chapter also highlights the importance of measuring and reporting CSR performance to ensure transparency and accountability.

Chapter 6 examines the impact of sustainable business on society and the environment. It discusses the benefits of sustainable practices, such as reduced greenhouse gas emissions, improved air quality, and enhanced social well-being. The chapter also highlights the challenges of sustainable development, such as the need for sustainable consumption and production patterns and the need to address the root

In conclusion, Companies play a critical role in adding value to society and addressing the grand challenges facing our world. The SDGs provide a comprehensive framework for driving sustainable development and offer a roadmap for companies to operate in a socially responsible and sustainable manner. By embracing the principles of sustainable business and collaborating with other stakeholders, companies can contribute to the well-being of society and the planet. However, progress is too slow, and more concerted action is needed to realize the full potential of sustainable development. Principles of Sustainable Business provides a valuable resource for students, policymakers, and business professionals seeking to understand the complexities of sustainable business and its role in creating a more sustainable and equitable future.

Dimension: 246 x 174 (mm)
ISBN-13: 9780367565589