Generative AI (Gen AI) has made significant advancements in the past two years, enabling the design, training, and deployment of AI at large scales. Gen AI has the potential to positively impact sustainability and achieve the 17 UN Sustainable Development Goals (SDGs). Already, Gen AI is being used to promote social good, equality, and environmental protection. However, global challenges such as climate change, geo-political conflicts, and economic instability have hindered progress on sustainable development. To bridge this gap, Gen AI must be developed and used responsibly to accelerate business impact and innovation. Gen AI can provide critical capabilities to overcome challenges, including supply chain optimization, ESG reporting, and data collection. Additionally, Gen AI can drive decarbonization and renewable energy, and serve as a circular enabler to promote a circular economy. To realize this potential, stakeholders must collaborate to ensure access to talent, data solutions, and scalable Gen AI applications.