Abstract

Despite the significant attention gained by the concept of creating shared value (CSV) over the past decade, there is a lack of empirical research on corporate practices that achieve social and environmental benefits through CSV dynamics. Through an in-depth single case study, this research explores open innovation (OI) practices contributing to the grand challenge of climate change and their role as microfoundations in the three CSV dynamics proposed by Porter and Kramer: (1) reconceiving products and markets; (2) redefining productivity in the value chain; and (3) enabling local cluster development. Building on a 3-year (October 2019–October 2022) interaction with Enel—a very large company in the renewable energy sector—we collected qualitative data on the OI practices implemented in the construction, operating, and repurposing phases of three of its industrial sites. Employing a three-step data analysis process, the study identified 29 OI practices across the sites, which have been grouped into 11 CSV microfoundations. Our findings contribute to understanding the organizational factors in sustainable value creation by bridging the gap between CSV and OI literature and confirm the effectiveness of OI models for addressing societal challenges like climate change.