Analysis of the Sustainable Development Goals (SDGs)

Analysis of the Sustainable Development Goals (SDGs)

The 17 UN SDGs on climate change, economic inequality, innovation, sustainable consumption, peace and justice have already been adopted by all governments, but the private sector is next.

Companies, private sector organizations, non-governmental organizations and even stock exchanges are starting to build their business strategies on the SDGs. As governments worldwide begin to measure their progress towards the SDGs, national leaders will seek ways to collaborate and partner with the private sector to help their countries achieve their stated goals. The benefits of collaboration with business leaders on the SDGs are that companies aligned with these global goals can enjoy more favourable conditions, business-friendly policies and other competitive advantages.

Who Are the Sustainability Goals For?

The UN SDGs are for everyone: policy makers, civil society, business, academia and every individual. At a political level, they provide the framework for action by policymakers; and government delegations report annually to the UN High Level Political Forum on the progress of each objective. However, it is crucial that, along with the public sector, the private sector and companies are involved in the realization of the SDGs. 

What is the Importance of SDG for Business?​

Different SDGs are directly related to different companies and therefore, the first step is to get to know the SDGs with their sub-goals and understand their importance for sustainable development and its link with a company’s goals.

 

What are the Benefits of SDG for Companies?​

The SDG facilitates the alignment of corporate strategy with the needs of today’s society. They highlight areas of innovation and can help open new markets. The issue of opportunities is therefore very important in the context of the 17 objectives.

For firms addressing the SDG benefits may include:

Recognizing tomorrow’s opportunities: More and more innovations are emerging from changes in consumer behavior, as well as the increasing pressure from social enterprises entering the market with innovative, sustainable solutions. This can lead to further improvement of business processes or products in terms of sustainability, as well as the development of new types of solutions.

New partnerships and synergies: Working with others on SDG is a powerful and unifying element for companies.

Positive reputation of the company: Communicating the company’s relationship with SDG internally and externally convinces employees and external stakeholders and enhances the company’s reputation.