Chapter 1 sets the stage for understanding how sustainability accounting has evolved into a key tool for performance management and strategic decision-making. To this end, it offers a comprehensive overview of the historical development of the sustainability concept, both at the institutional level—tracing the path towards the Sustainable Development Goals—and at the corporate level, illustrating the transition from voluntary, fragmented disclosures to increasingly standardised and regulated reporting frameworks. By examining the drivers behind the emergence of new reporting standards, the chapter analyses the interplay between global initiatives, corporate practices, and academic perspectives. This systemic lens reveals the internal tensions and opportunities that shape the sustainability accounting landscape. The final section explores the current frontiers of sustainability accounting, with a focus on standardisation efforts. Despite significant progress, a central issue remains unresolved: the question of materiality. What should be disclosed, to whom, and why? How do these choices influence corporate strategy, legitimacy, and performance? These questions are essential to unlocking the transformative potential of sustainability accounting, not as a compliance exercise, but as a lever for change. This historical reconstruction prepares the ground for a deeper reflection on materiality, which will be the focus of Chap. 2 .