Corporate Strategies for Sustainable Development and Adoption of New Technologies

Abstract

Digital technologies and innovative solutions play a crucial role in promoting sustainable development. However, it is important to acknowledge that these technological advancements may positively and negatively impact sustainability (Gray, 1994; Al-Emran, Griffy-Brown, 2023). In 2015, the United Nations (UN) adopted the 2030 Agenda for Sustainable Development as a plan of action to end poverty, protect the planet, and ensure prosperity for all people worldwide (UN, 2015). The Agenda contains 17 integrated sustainable development goals (SDGs) and 169 specific measurable targets. It emphasizes the private sector’s role in facilitating the advancement and achievement of the UN’s sustainable development initiatives, working in partnership with governments, civil society, and other stakeholders (UN, 2015). Even before adoption of this agenda, several social, environmental, and technological developments have impacted the operations and functions of companies. One of these developments is the emergence of green sustainability (Gray, 1994; Abbas, 2019), which helped evaluate companies’ overall performance and shaped the creation of customer value. The corporate (as well as institutional) responses to the emergence of green sustainability have provided an impetus for companies to develop relevant business models compatible with these developments and to share these models with shareholders and society at large. This impetus, in turn, has made it possible to implement sustainable development practices coherently and nurtures a new culture consistent with a large-scale transition to a green, sustainable future. Digital communications effectively eliminate the geographical boundaries for businesses and their customers, so the latter can quickly contact different suppliers worldwide, and locate substitute goods that fulfil their needs (Singh, 2020; Mather, 2020). This trend has thus made acquiring and maintaining competitive advantage a real challenge for companies. This challenge involves the task of achieving the UN Sustainable Development Goals (SDGs) and aligning business strategies with these SDGs. Hence, companies successfully adopt multiple strategies and generate knowledge to satisfy the needs of their customers and achieve their SDGs. The private sector’s contribution to the achievement of the SDGs can be realized through the integration of principles into corporate strategies and operations. In this context, given that the development and implementation of corporate strategy is the responsibility of the firm-level green sustainability model (including environmental, social, and governance aspects), it is essential to provide an understanding of whether and how, green sustainability models affect or influence the corporate sector’s engagement with SDGs (Mangena, 2012; Pirzada et al., 2017).