AI’s Role in Sustainable Business Practices and Environmental Management

Prisca Ugomma Uwaoma, Tobechukwu Francisa Eleogu, Franciscamary Okonkwo, Oluwatoyin Ajoke Farayola, Simon Kaggwa and Abiodun Akinoso
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Prisca Ugomma Uwaoma: Department of Finance, Hult International Business School, Boston, USA
Tobechukwu Francisa Eleogu: Total Energies Marketing Nigeria PLC, Nigeria
Franciscamary Okonkwo: Onesubsea (a SLB CCompany), Nigeria
Oluwatoyin Ajoke Farayola: Financial Technology and Analytics Department, Naveen Jindal School of Management, Dallas, Texas, USA
Simon Kaggwa: Department of Finance, Hult International Business School, Boston, USA
Abiodun Akinoso: Sheffield Hallam University, United Kingdom

International Journal of Research and Scientific Innovation, 2024, vol. 10, issue 12, 359-379

Abstract: This paper delves into the critical role of Artificial Intelligence (AI) in fostering sustainable business practices and enhancing environmental management. At the heart of this study is the exploration of how AI technologies are revolutionizing the approach towards sustainability in the business world, addressing environmental challenges with innovative solutions. This study aims to comprehensively understand AI’s integration, impact, and challenges in sustainable business practices and environmental stewardship. Through a methodological approach grounded in an extensive literature review, this study eschews fieldwork and statistical analysis, focusing instead on a qualitative synthesis of existing research. This approach facilitates a deep understanding of the historical evolution of AI in business, its response to global sustainability challenges, and the theoretical frameworks guiding its application in this domain. The findings reveal that AI significantly enhances energy efficiency, waste management, and sustainable supply chain operations. AI’s ability to process large datasets and provide actionable insights is instrumental in optimizing resource utilization and minimizing environmental impacts. However, the study also identifies key barriers to AI implementation, including data integration challenges, a lack of AI literacy, and resistance to technological change. Conclusively, AI emerges as a potent tool in achieving environmental sustainability goals. However, its full potential can only be realized by overcoming implementation barriers through collaborative efforts, robust governance, and ethical considerations. Future research is recommended to explore AI’s role in emerging sustainability areas and assess its long-term environmental impacts. The study concludes with a call for proactive engagement with AI technologies, advocating for their strategic adoption in pursuit of a sustainable and environmentally responsible future.

Date: 2024
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