A review of the potential opportunities and challenges of the digital economy for sustainability

Asif Raihan

Innovation and Green Development, 2024, vol. 3, issue 4

Abstract: This study investigates the relationship between the concepts of digital economy and sustainability. The increasing popularity of these concepts can be attributed to the growing recognition of climate change and the subsequent advancements and acceptance of technological innovations. Researchers, professionals, and policymakers are currently exploring the various uses of digital technologies to address sustainability issues. This study conducted a systematic literature review to identify research efforts related to the opportunities and challenges of the digital economy concerning sustainability. The study has identified prospects for the interconnection of renewable energies and sustainable technological solutions, the use of big data analytics to promote sustainability, consumer empowerment and value co-creation, sustainable urbanization, circular economy principles implementation, sustainable consumption promotion, and the adoption of socially responsible business models. Companies can adopt sustainable business strategies and develop sustainable products by utilizing digital technologies. However, the digital economy faces obstacles that could hinder the achievement of sustainability goals. The challenges encompass the increase in electronic waste, higher energy consumption and carbon emissions, the presence of a digital divide, job insecurity, the growth of monopolies, and concerns about data protection. To advance sustainability through the digital economy, it is crucial to address these challenges.

Keywords: Digital economy; Sustainability; Circular economy; Technological innovations; Sustainable production and consumption (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ingrde:v:3:y:2024:i:4:s2949753124000511

DOI: 10.1016/j.igd.2024.100174

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