In September 2015, the United Nations General Assembly was held, at which 193 countries decided to work towards 17 common goals that should be achieved by 2030. Sustainable Development Goals (SDGs) guide the world in response to global challenges.
SDGs focus on sustainable development in social, environmental, and economic terms. They are aimed at all of us, both individuals and companies. Businesses and the private sector must work together to achieve the Sustainable Development Goals listed below.
Source: Read more about Sustainable Development Goals
Why are sustainable development goals relevant for businesses?
SDGs help companies create a business strategy that meets the requirements of modern society. They identify areas of innovation and lead to the recognition of upcoming opportunities resulting from changes in the behavior of consumers, who often choose sustainable solutions.
Companies implementing the Sustainable Development Goals attract not only customers but also new, talented employees. More and more people consider the company's social responsibility when choosing a workplace.
Companies implementing SDG have a positive impact on the company's reputation and more significant opportunities for synergies and partnerships with other organizations that share similar goals.
Among the most significant Sustainable Development Goals for organizations are numbers 9 and 12 because they have the greatest impact on the company's development. Let's take a closer look at them.
- Goal 9: Industry, Innovation, and Infrastructure. This SDG focuses on building resilient infrastructure and investing in sustainable industrialization and innovation.
- Goal 12: Responsible Consumption and Production. In this case, the goal is to work towards ensuring sustainable management over production patterns and sustainable consumption.
Challenges When Companies Are Committed to Sustainable Development
Nowadays, a critical challenge faced by entrepreneurs and business managers is introducing sustainable practices into the core functions of an organization. So far, companies have focused mainly on sustainable development's ecological and economic aspects. The social aspect of sustainability has often been overlooked. But that is slowly changing.
Today, more and more companies face the challenge of taking into account sustainable social development, choosing values such as equality, organizational culture, poverty, commitment, and education.
Another significant challenge facing companies striving for sustainability is the circular economy. It means that waste should become a resource input that reduces the depletion of primary resources and decreases the pollution generated. Adopting a circular economy requires the implementation of advanced, innovative technologies and the establishment of cooperation between different sectors.
Another challenge is the lack of political signals in the government's actions. The role of the government is to create a framework that encourages companies to make efforts to achieve sustainable development. It is the only way to see system-wide change supporting SDGs. So far, global political uncertainty is slowing down corporate sustainability efforts.
Which companies support the Sustainable Development Goals?
More and more companies are trying to introduce numerous changes to fight the climate crisis and act for sustainable development. Below you will find some of the leading corporations that support SDGs.
- Nike. Their mission, called Move to Zero, aims to generate zero carbon emissions and zero waste. Nike uses more and more recycled materials in its products, which reduces pollution - one of the main problems of the fashion industry.
- JetBlue. Air travel and air transport are one of the largest carbon-emitting industries. JetBlue strives to reduce CO2 emissions and works towards carbon neutrality. The company compensates for its emissions and is working on an innovative solution enabling the use of renewable jet fuels.
- Huawei. Their TECH4ALL initiative aims to fight digital inequality by increasing the digital inclusion of people with disabilities and refugees.
- Hilton. This company aligns with SDG 11, which focuses on sustainable cities and communities. Hilton hotels have implemented a corporate responsibility measurement system that tracks and analyzes each location's social and environmental impact.
