The Business Case for The Sustainable Development Goals
When trying to understand how to implement sustainability measures into your business structure and practices, it’s important to incorporate frameworks that act as comprehensive guides. One of the most accepted guides is the internationally recognized blueprint for achieving equitable impact known as the Sustainable Development Goals (SDGs). Although these goals primarily target governments, the SDGs recognize that businesses play a key role for successful sustainable action. Taking the initiative to know these goals is essential in understanding the opportunities and responsibilities they represent for your business.
Understanding the SDGs
As part of the 2030 Agenda for Sustainable Development, forged by the United Nations (UN) in 2015, the SDGs were created as a call to action for all nations to form a global partnership to combat social, economic, and environmental inequities. It succeeds the Millennium Development Goals (MDGs) for 2015, building upon them to be one of the most comprehensive and inclusive plans to date. In total, there are 17 interconnected SDGs, all of which drive the overarching goal of peace and prosperity for people and the planet.
What are the SDGs?
Knowing these goals is critical to understanding intersectionality as it relates to economic, social, and environmental development. Each goal addresses one of these aspects and is outlined below:
No Poverty: end poverty of all kinds and forms
Zero Hunger: end hunger, achieve food security and improved nutrition, and promote sustainable agriculture
Good Health & Well Being: ensure healthy lives and promote well-being for all ages
Quality Education: ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
Gender Equality: achieve gender equality, and empower all women and girls
Clean Water & Sanitation: ensure the availability and sustainable management of water and sanitation for all
Affordable & Clean Energy: ensure access to affordable, reliable, sustainable and modern energy for all
Decent Work & Economic Growth: promote inclusive and sustainable economic growth, full and productive employment, and decent work for all
Industry, Innovation, & Infrastructure: Build resilient infrastructure, promote inclusive and sustainable industrialization, and foster innovation
Reduced Inequalities: Reduce inequality within and among countries
Sustainable Cities & Communities: make cities and human settlements inclusive, safe, resilient and sustainable
Responsible Consumption & Production: Ensure sustainable consumption and production patterns
Climate Action: take urgent action to combat climate change and its impacts
Life Below Water: conserve and sustainably use the oceans, seas and marine resources for development
Life on Land: Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt/reverse land degradation as well as biodiversity loss
Peace, Justice, & Strong Institutions: promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
Partnerships for the Goals: strengthen the means of implementation and revitalize the global partnership for sustainable development
The 17 goals listed each have their own set of actionable targets to help measure their performance and success. They are all interdependent on one another for successful adoption of practices that will lead towards a more sustainable future.
The Business Case
In knowing and aligning the SDGs with business priorities, companies can find new growth opportunities and lower their risk profile. There are a multitude of benefits that can be derived from using the SDGs to shape and steer business activities and goals. The main benefits are explored below:
Identifying Future Business Opportunities
Market opportunities are ever-expanding due to global development challenges, increasing the need for innovative and effective solutions. There is an untapped market for products and services that address these needs. The SDGs are redirecting global public and private funds towards such developments in order to grow the market and increase the opportunities for businesses.
Enhancing the Value of Corporate Sustainability
Research shows that embedded sustainability efforts increase the value of a corporation. By weaving in sustainable development practices, businesses can benefit through increased sales, strengthened brand image, new market segments captured, improved operational efficiency, incentivized innovation, and reduced employee turnover.
Strengthening Stakeholder Relations and Keeping Up with Policies
The SDGs are considered one of the most comprehensive plans due to the global perspective the UN took into account during its creation. These goals already reflect stakeholder sentiments and are guiding current global and regional policy building. In aligning company goals with the SDGs, relations with key stakeholders, employees, and customers will be strengthened, and legal and reputational risks will be reduced.
Using a Common Language and Shared Purpose
The use of the SDG framework allows companies to communicate their impact and effects more clearly with stakeholders. Having a unified sense of priorities through the SDGs can also help to foster effective partnerships with governments and organizations all around.
Stabilizing Societies and Markets
The SDGs have the ultimate goal of helping societies thrive -- without action, markets will fail, causing hostile environments for business. Investing in the SDGs ensures that there is actually a future for business.
The business case for incorporating the SDGs is clear -- its value aligns with both company and society. At RyeStrategy, we hope to assist in the realization of this agenda by tackling the 13th goal of Climate Action — helping companies see and understand the benefits of becoming carbon neutral. We know how important it is to work collectively to further sustainable development for the future. In taking the time to understand this agenda, we hope that you are able to put sustainability and global priorities at the heart of your business strategy.
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About RyeStrategy
Based in Seattle, RyeStrategy is a CDP-accredited, mission-oriented company specialized in carbon accounting, mitigation coaching, and climate disclosure solutions for organizations at any point in their sustainability journey. Learn how RyeStrategy helped Salesforce, Ideascale, and Wazoku achieve their sustainability goals.
From exhaustive carbon footprinting and mitigation coaching, to setting science-based targets and reporting climate data to CDP, SBTi or custom reporting platforms, RyeStrategy acts as a hands-on extension of the team, custom-tailoring services to fulfill climate disclosure requirements easily and accurately.
Meet with a sustainability specialist to learn more about RyeStrategy solutions.