["Business Strategy and the Environment, EarlyView. ", "\nABSTRACT\nIn a macroeconomic environment characterised by systemic disruptions and global uncertainty, companies are forced to reconfigure their sustainability strategies. This study examines the combined impact of geopolitical and climate risks on corporate commitment to and actual progress toward the United Nations (UN) Sustainable Development Goals (SDGs). Through a comprehensive analysis of 5537 companies in 48 countries between 2017 and 2023, we document a consistent and positive relationship. Our findings emphasise the relevance of geopolitical and climate risks, such as macro‐level shocks, that have a strong effect on corporate policies to address the major challenges facing our society. Furthermore, our theoretical contribution unravels the internal governance mechanisms that moderate this response, demonstrating that CEO power intensifies the strategic reaction to geopolitical instability, while exerting a substitutive effect in the face of climate risk, revealing how leadership structures manage resource tensions between crises of different natures. The findings are robust across various methodological specifications and reveal that companies that have signed the UN Global Compact demonstrate superior progress. From a practical standpoint, our findings provide managers and investors with analytical guidance to anticipate operational disruptions, diversify resources and justify sustainability investments not only as a moral imperative but also as a key tool for corporate survival in the face of fragmented global markets.\n"]