scholarly journals The Concern of Energy Companies in Obtaining and Maintaining their Sustainable Value

2022 ◽  
Camelia Cătălina Mihalciuc ◽  
Maria Grosu ◽  

The last years are distinguished by increasing the awareness of companies towards sustainable business, going beyond their traditional role of providing goods and services at competitive prices to meet customer requirements. Thus, companies will have to consider the effects of their best practices on the environment and society, in order to contribute to the progress of society and the protection of the environment, the essence of sustainable development being the coexistence of economic and social relations and environmental protection by implementing economic, social and environmental objectives. We can see that every company that seeks to become sustainable must consider approaches based on sustainable business practices geared to meeting customer needs. For companies listed on the stock market, the index that stands next to each company is the one that shows the level of sustainability, through corporate sustainability, long-term value is created for shareholders, taking into account all social factors, those related to the environment, as well as economic ones. All these considerations have led to the establishment of the general objective of the paper, through which the authors aim to explain and present the importance of sustainability/sustainable development in energy companies in conjunction with the UN guidelines on business and human rights, which will address with priority to the Sustainable Development Goals (SDGs) for 2030.

2020 ◽  
Vol 12 (20) ◽  
pp. 8747 ◽  
Muhammad Ikram ◽  
Qingyu Zhang ◽  
Robert Sroufe ◽  
Marcos Ferasso

Corporate sustainability is considered a fundamental paradigm and solution in creating a prosperous future for organizations. However, social sustainability issues and pandemic problems from COVID-19 have affected corporations and interrupted plans for sustainable development. To date, corporate sustainability frameworks have taken a relatively narrow view of this paradigm. This study highlights serious challenges to corporate sustainability while providing a framework in an attempt to enable more sustainable business practices. To fill the gap in the literature, we have developed a framework to organize and prioritize important sustainability indicators. The first phase of the study involves the classification of 45 sub-criteria of corporate sustainability under nine main categories by using a literature review and novel Fuzzy Delphi method. The resulting categories are Corporate Governance, Product Responsibility, Transparency and Communication, Economic, Environmental, Social, Natural Environment and Climate Vulnerability, Energy Consumption along with Energy Saving, and includes Pandemic COVID-19 as a new aspect of social sustainability. Next, we applied the Fuzzy Analytical Hierarchical Process (FAHP) to help determine the weights and prioritizing the criteria and sub-criteria. The results revealed that the Pandemic, along with the Natural Environment and Climate Vulnerability, ranked higher among the main criteria category. Whereas, emergency response planning, social distances, modification of working hours, and just-in-time delivery are the most influencing sub-attributes among the 45 sub-barriers of different categories. Contributions of this study include new insights regarding corporate sustainability criteria and subcriteria, application of novel methods, and integrated framework for dimensions of corporate sustainability. This study is among the first of its kind to consider the COVID-19 pandemic as an essential category and social sustainability attribute of corporate sustainable business practices. Outcomes of this study can help assist scholars, corporations, and decision-makers in understanding sustainable development initiatives while simultaneously improving social sustainability practices.

2019 ◽  
Vol 25 (3) ◽  
pp. 538-553 ◽  
Christine Vallaster ◽  
Sascha Kraus ◽  
Norbert Kailer ◽  
Brooke Baldwin

PurposeThe purpose of this paper is to give an up-to-date assessment of key topics and methods discussed in the current literature on responsible entrepreneurship. In the past years, sustainable development itself has become a more popular and important topic in the academic literature and hence the field of sustainable entrepreneurship has become a greater topic of interest and opportunity for solution. Therefore, a systematic literature review is conducted to assess new contributions to the field and its potential for the future of sustainable development, with a focus on responsible innovation.Design/methodology/approachSystematic, evidence-informed literature review following Tranfieldet al.(2003).FindingsBased on a conceptual literature review, five streams of research that responsible entrepreneurs distinguish from purely for-profit entrepreneurs are identified and discussed: walking the line between profit creation and value creation for society; business models of responsible entrepreneurs; their role in transforming society; getting ready to innovate responsibly; and the role of market incentives to foster sustainable business practices.Originality/valueThe structured literature review allows to identify future research paths. In detail, ideas as regards the management of upcoming tensions when trying to combine profit creation and value creation for society, and finally, the way innovation processes need to be rethought when innovating responsibly are discussed and outlined.

Wojciech Gonet

The chapter examines the scope of public administration participation in ensuring that entrepreneurs comply with the principles of sustainable development. It was found that the activities of the state administration in this regard may consist in providing entrepreneurs with the status of applying ESG and CSR principles in their activities, then checking compliance with these principles, informing consumers about the consequences of using products and services produced by the entrepreneurs using the ESG and CSR principles. It was determined that the expectation for the application of ESG and CSR principles can also apply to public administration, which in its activity can contribute to environmental protection by reducing energy consumption in various forms, as well as improving social relations by eliminating corruption.

2019 ◽  
Vol 15 (6) ◽  
pp. 772-785
Unai Tamayo ◽  
Gustavo Vargas

Purpose The purpose of this paper is to examine the use of biomimicry to inspire sustainable development in economic systems. The research purpose is to explore the link between ecological systems and economic systems to highlight applied environmental solutions. The goal is to propose some driver to develop sustainable business practices inspired on the principles of biomimicry. Design/methodology/approach This paper provides a theoretical approach that builds the basis for a better understanding of the relationship between nature and sustainable economic decisions. The premise is that in the field of sustainable development, strategies based on “learning from nature” are useful. Furthermore, the concept of biomimicry provides principles and tools specifically aimed at design practice. Findings The complexity of economic systems has shown that high levels of abstraction are required when conceptualising problems and explanations related with nature-inspired solutions. Stakeholder engagement and transdisciplinary collaboration are required to face long-term environmental challenges. Moreover, the exploratory analysis applied in this paper appeared suitable to compile existing literature. Practical implications The study provides some general guidelines and empirical approach through case studies that could help decision makers convert nature-inspired alternatives into valuable strategic business opportunities. Although presented practical cases are framed in the local sphere (i.e. the Basque Country), they can serve as references in other international contexts. Social implications New business models should recognize the positive synchronization between well-managed social, environmental and economic systems. Originality/value The proposed ideas deepen the understanding on the sustainable development and the link between ecological and economic systems. In fact, the concept of biomimetic economy has not been dealt with or developed in depth in previous academic works, nor has it been published thoroughly in the field of research.

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Yury E. Blagov ◽  
Anastasia A. Petrova-Savchenko

Purpose The purpose of this paper is to explore the current status and identify the main trends in leading Russian companies’ corporate sustainability model transformation in the context of achieving the United Nations Sustainable Development Goals (UN SDGs). Design/methodology/approach A theoretical approach is based on the interpretation of corporate sustainability model transformation within the corporate social performance (CSP) framework. The corporate sustainability model is described according to Dyllick and Muff (2016) business sustainability (BST) 1.0-3.0 spectrum. The analysis is settled on survey data collected from leading Russian companies participated in the “Report on Social Investments in Russia” project conducted by the Russian Managers Association from 2008 to 2019. Findings This paper finds that the BST 2.0 is becoming a dominant model based on the “creating shared value” goal. The related CSP is characterized by their orientation to the principles of the UN Global Compact; by the emergence of a coordinating role for specialized departments of corporate social responsibility (CSR) and/or sustainability; and by the regular sustainability reporting. The SDGs are generally correlated with responsible business practices that are already in existence in companies. The emerging trend towards the advanced BST 3.0 model including the SDGs integration into the main business processes is constrained by the lack of active cooperation between companies. Research limitations/implications The research sample includes only large Russian companies with a significant industry diversity, participating in the “Report on Social Investments in Russia” project, thereby restricting the analysis of non-participants. The relatively low repetition of participants in this long-term project does also restrict the degree of generalization. Future research could be based on the findings of this paper to create and test hypotheses via a nationwide study of Russian businesses as well as cross-national comparative studies. Practical implications The analysis of the corporate sustainability model transformation through studying the key CSP framework elements could support Russian companies in creating systemic changes of their principles, processes and outcomes measurements in the context of achieving the UN SDGs. Originality/value This study contributes to existing literature by combining the corporate sustainability model transformation analysis with the CSP framework. It describes the experience of large Russian companies that publicly position themselves as national leaders in the field of CSR and sustainable development.

2015 ◽  
Vol 6 (2) ◽  
pp. 195-214 ◽  
Sitalakshmi Venkatraman ◽  
Raveendranath Ravi Nayak

Purpose – The purpose of this paper is to gain more insight of the nature and strength of relationships among the three triple bottom line (TBL) outcomes, namely corporate environmental performance outcome (CEPO), corporate social performance outcome (CSPO) and corporate financial performance outcome (CFPO) and to evolve a roadmap for integrating sustainable business practices that facilitates in managing and improving their sustainable performance. Literature reports that currently businesses try to achieve economic, social and ecological goals independently resulting in silos. The interrelationships of TBL elements have not been explored and integrated. The literature has already pointed out that to achieve corporate sustainability, managers need to integrate TBL goals in all their business decisions. However, the question remains – how to integrate these three competing goals and this paper attempts to answer this question. Design/methodology/approach – In the research design, the authors use a quantitative research methodology with data collected by means of a survey questionnaire that included both descriptive and exploratory flavour. The empirical study examines the relationships of TBL elements as perceived by 85 different Australian-based large, medium, as well as small business organisations. The data collected were analysed by performing factor analysis on 21 items resulting in three latent factors that were aligned to TBL outcomes and the correlations among them were analysed to assess their interrelationships. Findings – The results of the study report weak, positive relationships existing between the TBL. This result has useful implications well-supported by the qualitative feedback. The paper argues that Australian managers do not see any strategic advantage in pursuing “beyond compliance” sustainable business practices, as they perceive no added value to their organisations’ financial performance outcomes. Integrating economic, social and ecological performances is seen as an additional management burden. Originality/value – While most of the TBL studies conducted worldwide focus on predominantly assessing large organisations toward responsible and sustainable business practices, this paper considers large, medium as well as small businesses. Also, economic, social and environmental issues are explored by organisations individually, while this study investigates their inter-connections. Through the empirical study, this paper provides recommendations and proposes a four-step roadmap with the participation of quality circles that would facilitate the integration of the social responsibility and environment protection practices into the core business operations paving way towards achieving corporate sustainability.

2021 ◽  
Vol 77 (4) ◽  
pp. 48-63
Borys Burkynskyi ◽  
Natalya Andryeyeva ◽  
Nina Khumarova ◽  
Katyeryna Konstetska

According to the Sustainable Development Goals (UN, 2015), making sustainable business decisions should be the driving force in achieving environmentally-oriented improvements. The key document that supports the 10 principles that ensure SDGs is the United Nations Global Compact Strategy 2021–2023 (UN, 2021). Achieving the goals of the Strategy requires the use of an improved business decision-making model that simultaneously increases revenues and revises the distribution of domestic funds for meeting the principles in the sphere of human rights, economic growth, satisfactory working conditions and the environment, and combating corruption as a key driver of corporate sustainability and responsible business practices. The authors have developed a methodological approach to the assessment of business sustainability, which is based on a combination of elements: analysis of world best practices and trends, determination of the impact of business on the social status and environment, quality assessment of relevant certification, and analysis of compliance with social indexes of sustainable development. The analysis of economic indicators of sustainable business (The B Impact Assessment, 2021) for 2020–2021 allowed singling out companies that finance the environmental sphere. Today, a quarter of the world’s countries carry on sustainable business and finance the environmental degradation impact. The 8 leaders include: France, USA, Brazil, India, Germany, Norway, Ireland and South Korea. Methods of rating and expert assessment constitute an applied aspect of research for identification of prospects of sustainable business formation in Ukraine in the regional context. The result shows that only 8 regions are suitable for sustainable business conduct, while the environmental criterion is more than 9.2 points of 10, the economic criterion does not exceed 5, and the social criterion is 4.02–5.02. Therefore, it is necessary to focus on the organization of sustainable business according to the key strategic state priorities in formation of the mechanisms for the investment and the innovation policy of a sustainable development support system through the use of regulatory tools for reformation of existing business approaches to internationally regulated ones, such as business for nature.

Keerthan Raj ◽  
P. S. Aithal

According to the International Institute for Sustainable Development (IISD), sustainable development has been defined in many ways, and it states that: “Sustainable development is a development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” We have seen a lot of focus on sustainable development starting from the initiative of the United Nations which has made all nations focus on Sustainable Goals to be achieved by 2030, to large conglomerates and small business enterprises likewise focussing on sustainable business practices, which if well planned would yield success and growth. In light of the global challenges faced in relation to environmental, economic and social resources sustainable development leading to sustainable success and growth calls for a significant rethinking in the management of resources within the, and external to the organization. In this paper, we propound the furthering of a circular economy concept to management as ‘circular model of management’. Borrowed from the concept of circular economy, a circular economy (as against a linear economy) is an economic system aimed at minimizing waste and making the most of resources. Moving towards a circular economy delivers benefits such as reducing pressure on resources, increases competitiveness, stimulates innovation and boosts growth. This study is developed through extensive work in subsistence communities (base of the pyramid customers) in emerging markets. A circular economy promotes social, environmental, economic and overall restorative and regenerative capabilities, similarly, a circular model of management will as envisaged promote regenerative and restorative capability in the organization which will ensure sustainable growth and success by means of ensuring the reduction of leakage of resources to the minimum and applicability to the maximum.

Dianne Sennoga ◽  
Fathima Ahmed

Environmental management has moved from a policy concept to a proactive strategy defining business responsiveness to stakeholder and market-related pressures towards improved environmentally sustainable business practices. There is increasing business responsiveness through corporate sustainability and environmental management practices. A growing number of environmental regulations make the adoption of environmental management systems such as ISO 14001 more common and this necessitates training. While environmental training is receiving international attention, it is seemingly less prominently investigated in the South African context. In this article, results from an empirical study into the environmental training practices of Durban businesses are presented. By applying the ISO 14001 certification criterion, 24 businesses were identified as research participants. The practice of environmental training was investigated considering three themes i.e. environmental attitudes and culture, training resources and commitment, and impediments to environmental training. In exploring these themes, the main questions of the extent of environmental training and its effectiveness are determined. It was found that environmental training is widely practised across all businesses sampled, with impact-focused training topics supported by positive environmental attitudes. However, other areas emerge as problematic, including limited organisational prioritisation of environmental training as well as insufficient further training topics which can limit the efficacy of training activities.Keywords: environmental training; environmental education; ISO 14001; Environmental Management Systems; corporate sustainability

2021 ◽  
Vol 9 ◽  
Pei Wang ◽  
Zijin Zhang ◽  
Yeli Zeng ◽  
Shucheng Yang ◽  
Xu Tang

Technology innovation has become the main driving force of China’s economic growth. Sustainable development highlights the harmonious symbiosis of the economy and the ecological environment. Renewable energy companies characterized by technology-intensive and environmental friendliness are playing an increasingly important role in achieving economic development while alleviating environmental pressure. Therefore, this paper selects the A-share renewable energy listed companies in China between 2014 and 2019 as samples, using the fixed-effect model and the logit model to explore the effect of technology innovation on corporate sustainability. We find that technology innovation has a positive effect on both financial sustainability (FS) and social and environmental sustainability (SES). Due to the imbalance of regional social and environmental development and different degrees of emphasis placed on environmental and social responsibility, the positive impact of technology innovation on SES is heterogeneous between the east and the central and west regions. Moreover, as the strategic emerging industry, although the renewable energy industry is granted lots of subsidies from the government, the results show that when government subsidies exceed the threshold, the effect of technology innovation on FS is weakened. Government subsidies have a negative moderating effect on the relationship between innovation and SES. Furthermore, we subdivide government subsidies into government subsidies beforehand (GSB) and government subsidies afterwards (GSA). We reveal that the threshold effect of government subsidies mainly comes from GSA, while the moderating effect of government subsidies is caused by GSA and GSB. This paper is an expansion and enrichment of current studies on sustainable development and also puts forward feasible suggestions for the government to formulate precise and effective subsidy policies to stimulate technology innovation.

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