Generative Artificial Intelligence (GenAI) rapidly changes modern business. In the recent years, GenAI technologies have not only improved efficiency and innovation in various industries, but also changed the way companies interact with their customers, employees and partners. Sustainable business development becomes increasingly important in the context of global economic, social, and environmental challenges. This means that companies should not only focus on financial success, but also take care of the environmental and social aspects of their activities. The aim of this conceptual paper is to examine the transformation of business models under the influence of GenAI, the economic and market opportunities, the carbon footprint of GenAI infrastructure, ethical dilemmas, the role of regulations and international standards.