Defining Sustainable Business Practices: A Taxonomy Ranging from "Business as Usual" to "Real" Sustainability
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Abstract
Even though big businesses are increasingly using sustainability management, assessments tracking the planet's condition do not account for the effects of their operations. This leads to what is known as a "big disconnect." In this piece, we tackle two primary questions: "When is business truly sustainable?" and "How can business effectively contribute to addressing the sustainability challenges we are facing?" We must differentiate between businesses that successfully contribute to sustainability and those that do not in an era when an increasing number of organizations claim that they operate sustainably. By elucidating what business sustainability means, we provide a solution. With an emphasis on practical contributions to sustainable development, we examine well-established methodologies and create a typology of corporate sustainability. Business Sustainability 2.0 (Managing for the Triple Bottom Line), Business Sustainability 3.0 (True Sustainability), and Business Sustainability 1.0 (Refined Shareholder Value Management) are the three levels of this typology.
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