Sustainability as a megatrend in business

The first steps towards business sustainability go back to the early twentieth century as a reaction to industrialization. Since then, the movement has grown in size and scope and now business is also considered a key partner in achieving the Sustainable Development Goals. The progress towards a more sustainable future is clearly visible; however, it is still insufficient considering unfolding climate change, geopolitical unrest and the Covid-19 pandemic. We are now approaching a new phase of sustainability in business. Technological advances, disruptive changes and economic shifts are rapidly rendering traditional business models obsolete. The chapter presents metatrends (technological and social developments) that contribute to sustainability and develop sustainability megatrends for business. A sustainable way forward needs to be economically sustainable and key trends in this dimension include new business models, better risk management, co-innovation, higher financial performance, attractiveness as an employer, growing consumer demand and awareness, and finally the rise of sustainability reporting as a trend in itself.