Sustainable Development Goals
The attainment of Sustainable Development Goals is one of the key aims in every company in different countries. Sustainable Development Goals commonly abbreviated as SDGs represent a collection of 17 global goals that are designed by 193 member states of the United Nations to act as blueprints in the achievement of a better and more sustainable tomorrow for every individual (Hák et al. 565) In addition, the SGDs act new set of goals which embody the United Nations member state’s political policies and national agendas until 2030. Developed with the pledge to leave no country and its people behind, the SDGs are designed with the common purpose of improving the lives of individuals by bringing to an end hunger, AIDS, poverty, the discrimination of girls and women around the world (Bule and Cristina 119). With sustainable development goals being the key to achieving a hunger free, AIDS free, poverty free, and discrimination of girls and women free environment around the world, it is therefore the responsibility of every company to adopt roles such invention and innovation and implement actions such as investing in government that will contribute towards the achievement of these Millennium development goals.
Hák et al. suggests that it is imperative that companies should be first in line towards embracing sustainable development goals as a useful reporting framework for their sustainability development efforts (567). With flourishing societies comes flourishing business success. The achievement of sustainable development goals creates an environment of thriving stakeholders or societies in which organizations providing goods and services depend for their success and survival. As a result, it therefore the responsibility of companies to embrace and adopt various actions and roles that contribute towards sustainable development goals (Bule and Cristina 119).
Companies have roles that contribute towards the achievement of Sustainable Development Goals. Invention and Innovation is one of the major roles that companies should embrace towards the SDGs (Rashed and Afzal 9). Invention and innovation of new technologies which are crucial for economic growth and development leads to increases in productivity, creation of wealth as well as the economic well-being. Additionally, invention and innovations also promotes transformation of economies creating jobs that help reduce cases of poverty and hunger. It is also evident that the invention and innovation role of companies helps toward SDGs by reducing climate change through creation of technologies that are environmental friendly.
Investing in governments through payment of taxes is one of the major actions taken by companies to contribute in the achievement of Sustainable Development Goals (Bule and Cristina 119). Investments play a significant role in raising standards of living especially through creation of jobs, development of skills and technology, and distribution of wealth. Therefore, through investments, companies are able to provide opportunities such as jobs that help avoid case of hunger and poverty thus contributing to the achievement of Sustainable Development Goals. However, irresponsible business activities that are carried out illegally without payment of taxes erode both investment and business environments. As a result, this leads to environmental degradation, economic loss, injuries, deaths, and poor labor conditions all of which result to increased poverty and hunger. Responsible business practices such as payment of taxes result to government investment in various sectors which in one way or another contribute to the achievement of SDGs (Bule and Cristina 119).
Lobbying for actions that contribute towards the achievement of SDGs is another major action that companies can adopt to contribute towards the attainment of these goals (Hák et al. 565). Business entities around the world have significance influence on government policies, politicians, and political processes. With such amount of influence, it is advisable for companies to adopt lobbying as one of the major actions in addressing SDGs. For instance, a company can lobby for various policies and strategies that accelerate towards the transition into a low carbon economy. Also companies can provide support in the election of politicians and individuals with platforms that contribute to the achievement of SDGs for instance, the Green New Deal which supports all Sustainable Development Goals (Bule and Cristina 119). By lobbying for low carbon economy, companies are able to protect the environment against pollution thus reducing cases of drought and hunger brought about by climate change.
Investing in SDGs friendly companies is another major action that a company should take in order to contribute in the achievement of these Millennium development goals (Schramade 90).Big financial companies such as State Street, Vanguard, and Blackrock manage billions of dollars of investment in companies. Pension fund companies invest in member contributions while organizations such as banks invest in depositors’ money. By investing such amount of money in Sustainable Development Goals friendly companies, these companies will able to provide a boost in SDG progress. By ensuring proactive sustainable finances in support of SDG-friendly companies, this will lead to a low carbon emission and an SDG compliant economy (Bule and Cristina 119).
Purpose driven impactful business models provide companies with an opportunity to create social and environmental values through their products, services, and restorative operational business practices that aid others contribute towards the achievement of SDGs (Hák et al. 567). For instance, they may manufacture and install affordable solar panels which help organizations and societies at large reduce their carbon emission footprint in support of achieving SDGs through the clean and affordable energy. In addition, a company can also support SDGs by reducing poverty through the use of fair trade supply chains which provide an opportunity for decent work for the underserved populations. On the other hand, companies such as banks can provide preferential rates to borrowers who work and commit to the Sustainable Development Goals. It is therefore imperative for a company to adopt the SDGs impactful business models as one of the actions in addressing these global goals (Bule and Cristina 119).
In conclusion, Sustainable Development Goals (SDGs) are global goals that call for a universal plan of action to bring to an end hunger and poverty while also providing protection to the planet. Bearing this in mind, it is therefore the role of companies to come up with different strategies such as invention and innovation that aid in reducing these challenges and help achieve SGDs in every context. Additionally, companies also have the responsibility to take various actions that address and contribute towards the SDGs. These actions include, investing in government through payment of taxes, lobbying for action on the Sustainable Development Goals, and the provision of investments to companies that are SDG friendly. Therefore, it is only through these roles and actions that companies can contribute towards the SDGs which are designed to bring the world to a safety and more habitable place.
Bule, Tihana, and Cristina Tebar Less. “Promoting sustainable development through responsible
business conduct.” (2016): 119-136.
Hák, Tomáš, Svatava Janoušková, and Bedřich Moldan. “Sustainable Development Goals: A
need for relevant indicators.” Ecological indicators 60 (2016): 565-573.
Rashed, Abdulkarim Hasan, and Afzal Shah. “The role of private sector in the implementation of
sustainable development goals.” Environment, Development and Sustainability (2020): 1-18.
Schramade, Willem. “Investing in the UN sustainable development goals: opportunities for
companies and investors.” Journal of Applied Corporate Finance 29.2 (2017): 87-99.