Delineating Business for Sustainability: Contextual Evolution and Elucidation

The concept of sustainability has become a fundamental consideration at various levels and functions of a business as it deals with economic, social and environmental impacts. A successful sustainable business often requires continuous effort in replacing existing practices with new models and approaches. In the long term, business sustainability contributes to environmental protection, since businesses can reduce their negative impact on the environment. Also, business sustainability is likely to bring about a range of economic benefits, by reducing costs and using resources more efficiently. Social responsibility is equally important as businesses have a responsibility to act in the best interest of society. Therefore, business sustainability can help corporations address social and ethical issues. Taken together, turning towards sustainability can enhance businesses’ long-term viability, and help businesses be more resilient and adaptable to changes in the market. Within this context, the current chapter gives an overview of the contextual evolution and theoretical grounds of business for sustainability.