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Figure 1: Sustainable Development Goals

Source: OSN, 2022

SDGs focus on key areas of society-wide problems such as poverty, social inequality, water
pollution, climate change, military conflicts, etc., which have emerged or are emerging in the course

of industrial and economic development (which has not given consideration to the environment or
social externalities) (United Nations, 2019; Hummels & Argyrou, 2021).

Sustainability, the triple bottom line principle and the ESG concept

Since the 1980s, the triple bottom line principle has been discussed as a concept of sustainability.
While respecting this principle, a business and its business activities are not focused solely on
achieving profit and economic growth (aspect of profit), but also on the environmental impact of its
activity (aspect of environment, planet) and, last but not least, the social responsibility of its action
(aspect of people). The triple bottom line leads to an intertwining of these three aspects (Roberts

& Cohen, 2002). According to Elkington (1998), the creation of a new economic, environmental and
social partnership is necessary in order to achieve balance within this concept. This partnership
must emerge in both the private and public sector. A graphic depiction of the intersection of this
triple bottom line is provided in Figure 2.

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