Artificial Intelligence has immense potential to assist in the fight against climate change however, the increased use of AI technologies in business operations by Corporations have presented significant challenges. The increased carbon footprint, global inequalities, and excessive consumption has severe impact on environmental sustainability. Further, the corporations have also increasingly used AI technologies for nudging consumer behaviour and make unsustainable claims for products and services. These ethical and social issues need to be addressed through different assessment and mitigation strategies adopted by the corporations in their sustaiability reports. Additionally, meaningful collaborations between all the stakeholders including corporations, state regulators and policymakers will drive effective and efficient use of AI technologies in business operations for sustainable growth and future.