Abstract
We define the new field of sustainability management in reference to the more well-known concept of sustainable development. We argue that a sustainability management lens—predicated on the preservation of manufactured and natural capital (and integrative of concepts of weak and strong sustainability)—is vital in advancing academic and practical aspects of sustainable development. Sustainability management embodies the activities and processes required to reach the goal of sustainable development. The field of sustainability management is ultimately framed as fundamental in advancing environmental and corporate governance systems aimed at providing current and future generations with an equitable level of access to manufactured and natural capital. We identify the need to develop a practice of sustainability management that guides political, economic, social, technological and legal aspects of human activity towards sustainable development.
Highlights
Sustainable development (SD) and sustainability management (SUSM) are related but distinct concepts
By contrasting the two sides of the weak sustainability (WS) and SS spectrum, we propose that a SUSM lens accepts that current and future generations require equitable access to both manufactured and natural capital and siloed approaches, as evidenced in the WS/SS dichotomy, are unable to balance the needs of SD stakeholders
We argued in this paper that a SUSM lens—predicated on the preservation of manufactured and natural capital and integrative of concepts of weak and strong sustainability—is useful in advancing the practice and study of environmental and corporate governance systems aimed at providing current and future generations with an equitable level of access to both natural and manufatured capital
Summary
Sustainable development (SD) and sustainability management (SUSM) are related but distinct concepts. We apply a SUSM lens to corporate governance systems based on stakeholder theory to demonstrate potential synergies between the private sector and the preservation of manufactured and natural capital Corporate sustainability practices such as shared value creation (SVC), environmental management systems, and life cycle assessments (LCAs) provide examples of how the private sector can support continued operations as well as the preservation of manufactured and natural capital. Concerns pertaining to the value of corporate social responsibility (CSR) programs—as well as greenwashing and lobbying—highlight that corporate governance systems cannot ensure alignment between corporate business practices and the preservation and harmonization of manufactured and natural capital In this case, a SUSM lens reveals the need for continued scholarship on flexible corporate governance systems that better operate on a weak and strong sustainability spectrum. Our discussion stresses that a multifaceted SUSM lens is useful in advocating for continued scholarship in adaptive governance and practices that better protect manufactured and natural capital for current and future generations
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