Sustainability concerns are increasingly influencing companies' strategies, business models, and governance practices. One major reason for this is the need to comply with comprehensive regulations like the EU Taxonomy and the Corporate Sustainability Reporting Directive (CSRD).
There is also a growing demand from investors and other financial market players to enhance and disclose companies’ sustainability performance, and companies are encountering broader stakeholder expectations for improved social and environmental performance from consumers, NGOs, and local communities.
These advancements pose considerable risks for companies, encompassing reputational, litigation, and regulatory risks, among others. Nevertheless, the rising prominence of sustainability, along with new technologies and business models, also implies substantial opportunities for those companies that are successful in integrating sustainability concerns into their strategies and operations.
For these reasons, sustainability is becoming a strategic priority for small and large companies across all industries and sectors. However, a transition to sustainable practices and business models requires new knowledge and skills, and most companies have to make considerable changes to turn their unsustainable business models into sustainable ones.
This course is divided into two modules to offer a thorough framework for addressing this knowledge and practice gap, and it equips the students with the critical skills and insights necessary to design and implement sustainable business models effectively in real-world scenarios.
Module 1:
This module provides an overview of key concepts and frameworks necessary for understanding sustainability in the context of business strategies and operations. It starts with the basics of the business model framework, including its components and the role of innovation in promoting sustainability. The module then covers the concept of sustainability, focusing on its social, environmental, and economic aspects relevant to businesses.
Students will also learn about the regulatory environment affecting companies, with an emphasis on the importance of double materiality assessment for identifying and prioritizing sustainability issues. The module offers insights into practical approaches for addressing questions related to value proposition, delivery, and capture within the framework of sustainable business model design.
The module explores the circular economy as a sustainable alternative to traditional business models. Additionally, it introduces other environmental, social, and governance (ESG) considerations that influence business model innovation. It also emphasizes the critical role of ethical considerations in shaping sustainable business practices.
Module 2:
This module focuses on the practical application of sustainability concepts learned in the first module, emphasizing innovation in business models for enhanced sustainability. This involves refining existing models to be more sustainable and developing new models that better align with sustainability goals without compromising profitability.
The module delves into strategy formulation, leadership, organizational design, and management control that support sustainability performance. A significant aspect of this module is its hands-on approach, featuring case workshops conducted in collaboration with Norwegian companies. These workshops provide real-world experiences in experimenting and piloting sustainable business solutions, offering students insights into the challenges and opportunities of implementing sustainability in practice.
The module also covers effective methods for disclosing sustainability efforts, focusing on sustainability reports and other means of internal and external communication.