Strategies for environmental sustainability: analyzing the green and digital transitions

Abstract

Purpose

Green and digital transitions (twin transition) help in achieving climate neutrality, cutting down the pollution level and reviving biodiversity. Organizations can mitigate their ecological footprint, improve their digital portfolio and fulfil their ethical responsibilities by fostering a sustainable global community and adhering to a well-defined plan. In such backdrop, this study aims to propose strategies by identifying the strengths, weaknesses, opportunities and threats of the twin transition and to categorize and evaluate the internal and external factors for achieving environmental sustainability.

Design/methodology/approach

Following a comprehensive review of the literature, 27 factors have been identified and analyzed using the strengths, weakness, opportunities and threat matrix (SWOT). Threats, opportunities, weakness, strength matrix analysis approach is used to limit risk, overcome weaknesses and take advantage of opportunities. Effective strategies are designed and implemented using strategic planning action and evaluation matrix (SPACE) and quantitative strategic planning (QSPM) approach.

Findings

The study found that aggressive strategies considering economic strength and global opportunities must be used to accomplish green growth objectives. Out of three strategies, the focus on green technological innovation by taking advantage of financial mechanisms at the international level is highly recommended to achieve environmental sustainability.

Research limitations/implications

Through promoting green and digital transformation, the current study provides insightful policy recommendations for economic development. It may help to improve operational efficacy and to obtain a competitive edge by successfully limiting their adverse environmental effects in the global market through the implementation of twin transition. The process of developing a strategy aids stakeholders, including society, workers and other parties, in giving environmental sustainability a top priority while making financial decisions.

Social implications

Strategy development helps society, employees and all the other stakeholders to prioritize their green and digital transition decisions for environmental sustainability.

Originality/value

The current study identifies the factors formulating strategies using SWOT, TOWS, SPACE and QSPM matrix analysis for achieving environmental sustainability in the pervasive twin transition.

Citation

Kharb, R., Shri, C., Saini, N. and Kumar, D. (2024), "Strategies for environmental sustainability: analyzing the green and digital transitions", Sustainability Accounting, Management and Policy Journal, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/SAMPJ-04-2024-0328