‘‘Societal Innovations for Global Growth‘‘, 2012, No. 1(1) ISSN 2335-2450 (online) 775 SOCIAL RESPONSIBILITY OF BUSINESS – IMPORTANT INSTRUMENT IN IMPLEMENTING SUSTAINABLE ENERGY DEVELOPMENT Prof. dr. Dalia Štreimikienė Department of International Trade and Customs Department of Economics Faculty of Economics and Finance Management Mykolas Romeris University Ateities st. 20, LT-08303, Vilnius, Lithuania E-mail: daliastreimikiene@mruni.eu Doct. Dalia Karlaitė Department of International Trade and Customs Faculty of Economics and Finance Management Mykolas Romeris University Ateities st. 20, LT-08303, Vilnius, Lithuania E-mail: karlaitedalia@gmail.com Lect. Ilona Ališauskaitė-Šeškienė Department of Economics and International Trade Faculty of Economics and Management Kaunas University of Technology Laisvės Av. 55, LT-44309, Kaunas, Lithuania Department of Economics Faculty of Economics and Finance Management Mykolas Romeris University Ateities st. 20, LT-08303, Vilnius, Lithuania E-mail: i.alisauskaite@gmail.com Abstract This article analyzes the importance of social responsibility of business in order to ensure a sustainable development and to evolve concepts of sustainable energy through its main elements – use of renewable energy sources and energy efficiency improvement, which not only helps to solve the issues of energy exclusion and climate change problems, but also makes it possible to fight poverty and ensure welfare of future generations. For decades, the growth of welfare has been synonymous with the ability of using resources intensively. Recently the dual challenge was raised and it has required urgent solutions – not only to satisfy the needs of current generations but also not to reduce the