I n a 1970 essay for the New York Times , Nobel Prize- demands. New green industries, for example, could be worth $10.3 trillion to the global economy by 2050, according to a 2023 estimate from Arup and Oxford Economics. Aware of the challenges surrounding sustainability, students are part of the push for change. In the UK, a 2022 Prospects study found that 91 per cent of graduates want to “make a difference” in their job. Yet, more sustainable practices will be not only be in demand; they will also be mandated. In line with the European Union’s Corporate Sustainability Reporting Directive (CSRD), large and listed companies in the bloc must now digitally disclose information on risks and winning economist Milton Friedman stated that “the social responsibility of business is to increase its profits”. More than half a century later, global business faces a whole new set of socio-economic and environmental MBA students are changing and so are their expectations. Johanna Clancy from JE Cairnes School of Business & Economics explains how an experiential learning module puts ethical and responsible management at its core. With additional input from professor of business & society Kate Kenny and school dean Alma McCarthy Conscious to the core
opportunities arising from social and environmental issues, including greenhouse gas emissions. As students, consumers and governments alike continue to demand more sustainable business practices, ‘business as usual’ will clearly no longer suffice. There are always gaps to bridge between talk and action, so the JE Cairnes School of Business & Economics at the University of Galway has made sustainability a priority in creating an ecosystem that maximises the public good. As a signatory to the United Nations’ principles for responsible management education (PRME), the school has already taken tangible steps to embed sustainable and ethical practices throughout its research, teaching and learning. Example initiatives in this area include Leading Ireland’s Future Together (LIFT), new MSc programmes in sustainability leadership and global environmental economics, plus a transition from bolt-on modules to integrated learning objectives. We have also undertaken an extensive mapping project to anchor the school around the United Nations’ sustainable development goals (SDGs). As a school that forms part of a research-led institution perched at the edge of Europe and the Atlantic Ocean, creativity and lateral thinking are built into the University of Galway’s ethos. This creative approach was recently recognised with an award for innovative teaching practices from the PRME’s UK and Ireland network for our executive MBA module on responsible management. What distinguishes responsible management? While we are now familiar with modules focused on ethics and sustainability, these are traditionally incorporated as bolt-on
16 | Ambition | SEPTEMBER 2024
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