Barriers and limitations to effective measurement of business sustainability

Nikolas C. Kakogiannis

Chapter 2 in The Elgar Companion to Energy and Sustainability, 2024, pp 39-56 from Edward Elgar Publishing

Abstract: This chapter explores the multifaceted barriers hindering accurate sustainability measurement, encompassing the selection of relevant metrics and the lack of consensus on appropriate frameworks. Additionally, it delves into data-related limitations, including issues of availability, collection, data fragmentation, and verification. Moreover, the chapter uncovers the barriers stemming from inadequate stakeholder awareness and understanding, insufficient integration of sustainability into corporate culture, and limited resources and expertise. To surmount these barriers, organizations and the community should implement pragmatic strategies such as the adoption of standardized frameworks, implementation of legislation and financial incentives, while adopting and leveraging innovative technologies (Sustainability Management Platforms and Artificial Intelligence) to enhance environmental, social, and governance (ESG) data management. By overcoming these barriers, organizations can improve their sustainability measurement practices, foster transparency, and drive positive transformations regarding their sustainability performance.

Keywords: Business and Management; Development Studies; Economics and Finance; Environment; Geography; Innovations and Technology; Law - Academic; Politics and Public Policy Sustainable Development Goals (search for similar items in EconPapers)
Date: 2024
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