Abstract

The discourse on sustainability has reached a point where the present common view is that there is a need for radical transformational change in how human society operates (Ryan, 2013a). This view emerged as a result of studies pointing out the fast declining of terrestrial and aquatic ecosystems with implications on biodiversity, as well as the urgent action needed to mitigate and adapt to climate change (Butchart et al., 2010; Hughes and Steffen, 2013; Rockström et al., 2009). The estimates of economic and social cost of inaction for addressing global, persistent and pressing environmental issues are alarming (MEA, 2005; Stern, 2006). In parallel with the changes taking place in socioecological contexts and increased theoretical understanding of implications of these changes, the response from the broader society in general and from business specifically has also evolved in the past decades with an increasing pace (WBCSD, 2000; 2004; 2010). Currently, studies challenging the traditionally accepted role and responsibilities of business in society and proposing new models for value creation is on the increase (e.g. Loorbach and Wijsman, 2013; Metcalf and Benn, 2012; Parrish, 2007).