Literature review: Industry 5.0. Leveraging technologies for environmental, social and governance advancement in corporate settings

Abstract

Purpose This research paper explores the transformative potential of Industry 5.0 for environmental, social and governance (ESG) factors within corporate settings. This study aims to elucidate the role of Industry 5.0 and its related technologies in influencing ESG factors, explore potential risks linked to ESG and present strategies for mitigation through Industry 5.0. Design/methodology/approach This paper is the literature review that introduces Industry 5.0 as a pivotal factor in implementing and mitigating ESG and its related risks. It outlines Industry 5.0's characteristics, driven by advanced technologies. Findings Literature reviews suggest that Industry 5.0 has the potential to significantly influence ESG factors within corporate settings. It can promote sustainability, enhance working conditions and offer operational advantages. Practical implications The practical implications of this research paper are twofold. First, it provides valuable insights to policymakers, organizations and regulatory bodies, guiding them in adapting their frameworks to embrace Industry 5.0. This adaptation is essential for achieving ESG goals and facilitating sustainable development. Second, it highlights the critical role of Industry 5.0 in mitigating ESG-related risks, offering a robust structure for sustainable development. Originality/value This research paper contributes to the existing body of knowledge by highlighting the transformative potential of Industry 5.0 in the context of ESG. It offers a comprehensive exploration of the historical evolution of corporate governance, the integration of sustainability and the growing focus on ESG. It also highlights the originality and value of Industry 5.0 as a critical mitigating factor for ESG-related risks, presenting a holistic approach to sustainable corporate practices.