Towards the end of September, the Sustainable Development Goals (SDGs) will be adopted by member states at the United Nations General Assembly in New York. Especially SDGs referring directly to economic growth, sustainable industrialization, innovation and sustainable production have attracted a lot of attention within major industries. World Bank Investor Newsletter, accessed 17 May 2017. remain diverse and produce everything it needs for the ecology to remain in balance The Sustainable Development Goals (SDGs) set out the UN agenda for people, planet and prosperity, achieving a prosperous, inclusive and sustainable society for all by 2030. 3. According to BNP Paribas, which arranged the bond as part of its own SDG initiative, the return on investment of the bonds is directly linked to the stock performance of companies included in the Solactive Sustainable Development Goals World Index of recognized leaders in their industries on socially and environmentally sustainable issues. Taking action on the Global Goals The Sustainable Development Goals (SDGs) were born at the United Nations Conference on Sustainable Development in Rio de Janeiro in 2012. The 2030 Agenda for Sustainable Development provides a global blueprint for dignity, peace and prosperity for people and the planet, now and in the future. ‘The beauty of the goals is that everyone can contribute, and every contribution, small or big, will make an impact on our world. For example, when beverage companies invest in improved watersheds by working to replenish the aquifer water they use, thereby also committing to provide access to clean water to people in those water-stressed regions, their strategy aligns with SDG No.6 – Clean Water and Sanitation. Companies are facing challenges that limit their potential to grow, such as scarce natural resources, weak financial markets, limited local buying power and lack of qualified talent. 10) and lack of development in some regions (SDG Nos. The forum will bring together organisations and individuals across business, civil society, academia and government who are leading in building and supporting sustainable partnerships to progress the achievement of the United Nation’s Sustainable Development Goals (SDGs). Investors are increasingly paying attention to environmental, social and governance (ESG) risks when making investment decisions. … Companies that publicly commit to the SDGs; link their strategic priorities to the SDGs; and measure, communicate and report on their progress toward the SDGs send a strong message to investors about their capabilities to manage ESG risks and create competitive advantages related to ESG performance. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. Our commitment to help create a world that runs entirely on green energy is our commitment to help limit climate change, which is central to progressing action on the UN Sustainable Development Goals (SDG). There are three primary goals of sustainable development: 1. However, financial institutions have an … DK - 9000 Aalborg - Denmark, Environment, Climate Change and Green Growth, Urban Development and Social Infrastructure, Quality and Business Integrity Management. 1. These goals will continue to guide national priorities and influence strategy within the business sector … The Sustainable Development Goals (SDGs) are the fundamental cornerstone to secure future economic and business growth by eradicating poverty in an inclusive way, while protecting the environment. Essay On Importance Of Communication In Business | LOOK SITE: BestEssays.space. A report by the Business & Sustainable Development Commission revealed that sustainable business models related to the SDGs could open economic opportunities worth up to US$12 trillion and increase employment by up to 380 million jobs by 2030.2. However, public disclosures show that the types of CSR and sustainability goals and targets used by businesses vary … The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. The SDGs were adopted by 193 states at the United Nations in September 2015. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. According to the third EY Investor Survey (2017),3 weak corporate governance, poor environmental performance, resource scarcity, climate change and human rights risks are most likely to alter investors’ decisions. In … The 17 SDGs are accompanied by 169 specific, global and universally applicable targets. With 193 governments agreeing to deliver 17 goals tackling major world issues by 2030, change lies ahead for business, not only to rethink strategy and business behaviour to align with the goals, but also to assess and evidence their impact. 8, 9 and 12 refer directly to economic growth, employment, sustainable industrialization, innovation and sustainable production, many of the other SDGs also offer business advantages through expanding into new markets, attracting talent and reducing risk from operations. The purpose was to produce a set of universal goals that would help combat the urgent environmental, political and economic challenges facing our world. It is unlikely a single company can solve any of these problems on their own, and collaboration is vital, both within sectors and across different industries. The UN estimates that the cost of achieving the SDGs will be approximately US$3.3 to US$4.5 trillion per year.4 We believe that innovative finance models will be developed, based on our experience with: The World Bank has committed US$23.5 billion through 115 projects to help developing countries find solutions to SDG-aligned challenges.5 It also recently released €163 million worth of equity-index linked sustainability bonds financed by institutional investors in Europe to support the financing of such projects. In this short article, NTU’s Managing Director, Lars Bentzen, explains why the SDGs are pivotal in helping to break down silos between work of different actors and geographies – thereby opening space and opportunities for new forms of working with specific agendas or problems. Integrating the SDGs in the core business and reporting cycle can help companies to focus on creating visible shared value. The Paris Agreement alone has helped open up US$ 23 trillion in business opportunities for emerging markets for climate-smart investments.’, ‘Working primarily in developing and transitional countries, we see the impact, both the negative impact of the changing environment and the growing inequality, but also the positive impact of the goals and how they are helping create better opportunities for the local communities. 16), inequality (SDG No. Investors, regulators and — more broadly — society are increasingly demanding greater transparency around nonfinancial performance of organizations to assess their true long-term value. ‘Lately, we have started seeing a project specific focus on gender equality, where there is a need for applying practices to reduce inequality. Be Intentional About Sustainability. But lately, SDGs aimed towards improving human rights have garnered more attention as well. What elevated levels of political risk mean for business in 2021. We see a clear business case for companies to harness the SDGs to create opportunities to address these challenges across four key themes: growth, risk, capital and purpose. Will your digital investment strategy go from virtual to reality? In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. For purpose to be activated, to resonate and ultimately to reach its potential, purpose should have business relevance, be implementable and have a transformational impact. Sustainable Development Goals – how will they impact your business? BUSINESS AND THE SUSTAINABLE DEVELOPMENT GOALS © Copyright 2018 Gold Standard The Sustainable Development Goals (SDGs), also known as the ‘Global Goals’, lay out a roadmap to end poverty, reduce inequality, and tackle climate change, among other ambitions. Collaboration will likely be the main enabler for successfully addressing the SDGs and scaling up efforts. The SDGs will likely have an important impact on the purpose of many companies around the world. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. KPMG reports that 90 per cent of the world’s largest companies now report on aspects of their sustainable development performance. remember settings), Performance cookies to measure the website's performance and improve your experience, Advertising/Targeting cookies, which are set by third parties with whom we execute advertising campaigns and allow us to provide you with advertisements relevant to you,  Social media cookies, which allow you to share the content on this website on social media like Facebook and Twitter. 1, 2, 3 and 4) limit the potential of these emerging markets. When the series of 17 Sustainable Development Goals (SDGs) were adopted by all United Nations Member States in 2015, it was a universal call to action designed to instigate global change. 2. Contributing to the SDGs is a way to create shared value for all stakeholders and therefore businesses will be a strong driving force to galvanize stakeholders around a common shared outcome. Assisting communities to achieve the SDGs also creates opportunities for investors to manage their own risks and build out their portfolios. Ørsted and the UN Sustainable Development Goals At Ørsted, our entire business is focused on addressing the climate emergency, the most pressing societal challenge of our time. One of the frequent questions about the SDGs – why we need one more framework when there are international conventions, national level policies and strategies that address issues targeted in the 2030 Agenda. UNITED NATIONS TRANSFORMING OUR WORLD: THE 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT sustainabledevelopment.un.org A/RES/70/1 Business growth in general is tied to the achievement of the SDGs at a macro level; however, to take action at a local level, companies should identify how they can contribute to meeting the goals in a way that drives financial performance in the markets they operate in. When companies focus on a purpose that is rooted in creating value for others, improving the world we live in and inspiring the organization at all levels, they may increase their ability to drive profits and create sustainable value. Review our cookie policy for more information. On 25 September 2015, a process led by the United Nations (UN) resulted in the 193 Member States adopting 17 global Sustainable Development Goals (SDGs)1 seeking to end poverty, fight inequality and injustice, and tackle climate change by 2030. The SDGs can help a company define its aspirational purpose in a way that is relevant and inspiring to stakeholders, allow purpose to become the foundation for its strategy, and ignite long-lasting positive change that may increase shareholder value over the long term. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. A critical step for companies will be to identify how the goals directly and indirectly relate to their business. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. They define the agenda for inclusive economic growth through to 2030 and were developed with inputs from business, academia and nonprofit organizations globally. Companies should consider identifying areas where: The SDGs provide a framework for generating revenue, providing business growth opportunities and fostering innovation in products and services. I was fortunate to attend the UN Summer Academy in Bonn, Germany from August 22-26 to learn more about the Sustainable Development Goals (SDGs). Show article references#Hide article references, Business & Sustainable Development Commission, Nonfinancial reporting advisory and assurance, Building better engagement for the new Sustainable Development,”, World Bank Launches Financial Instrument to Expand Funding for Sustainable Development Goals,”, Climate finance where government and private sector cash has flowed to projects through climate-focused multilateral public funds, Innovative private sector financial products, such as green bonds that have been launched, Identifying the SDGs that have the biggest impact in terms of risk and opportunity over the long term and where the company has the biggest ability to contribute to the progress toward the goals, Determining the levers available to scale impact through changes to business models, procurement strategies, products and services, Publicly committing to the SDGs to tackle relevant goals, Establishing targets and KPIs that are closely aligned with the relevant SDG, Aligning any existing targets and monitoring and measurement methods with these new targets and KPIs, Sustainability strategies are realigned to achieve both corporate goals and the SDGs, Identifying underserved geographies and segments of society, which could benefit from innovative products and services developed in a sustainable way, Investing in education, capacity building and work opportunities to stimulate the economy through increasing the local economic power while preserving the environment, Reducing the link between economic growth and intense use of natural resources and materials through energy and water efficiency, lower carbon, and circular economy ideas, Identifying collaboration opportunities with peers, customers, suppliers, academia and nonprofit organizations, as well as across industries, to achieve mutually beneficial solutions, leverage networks, achieve scale and share responsibility, Partnering with governments, cities and civil society to deploy the financial, technological and human resources of business to promote development, stability and trade, Aligning existing reporting and communication with the SDGs to both discuss performance in the context of the expectations set by the SDGs, and also align disclosures with the language of the SDGs to establish a common dialogue among stakeholders, Developing systems to integrate the management of SDG issues into everyday business decision-making. Sustainability needs to be incorporated into corporate strategies … Reducing inequality has always been an important part of our work because we work in the local communities and we see how important it is.’, ‘Gender inequality is unmistakably one of the biggest obstacles to overcome poverty because it subjects women to discrimination which, in many cultures, results in denial of rights to education, to positions of power, and any real voice in decision-making in the society. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. The SDGs cover broad challenges such as economic inclusion, diminishing natural resources, geopolitical instability, environmental degradation and the multifaceted impacts of climate change. It is not possible to have a strong, functioning business in a world … © 2020 EYGM Limited. The Sustainable Development Goals (SDGs) provide both a stimulus and a framework for corporate sustainability efforts: This is reflected in the 2018 BSR/Globescan State of Sustainable Business Survey, where more than 70 percent of business leaders surveyed said that they are using the SDGs as their strategic north star in setting sustainability targets. The Sustainable Development Goals provide a powerful aspiration for improving our world — laying out where we collectively need to go and how to get there. In this post, I will discuss what the sustainable development agenda covers and why it matters. By working through the process of identifying the most relevant SDGs and setting targets and KPIs, it is important for companies to reassess how well existing practices are aligned with the issues and targets. If the SDGs are to be met, business is likely to play a major role and may also have a lot to gain. This demonstrates how companies with SDG-aligned business models can benefit directly from new sources of capital.6. Leading companies have begun to recognize that they can only address the complex sustainability challenges by scaling up their efforts through collaboration with peers, industry and sector organizations, customers, governments, nonprofit organizations, and society. Breaking inequality is pivotal, and I think we will see rapid improvement within science, politics and business when we successfully include more women.’, NTU International A/S Published: 12:00 AM Are you running an analogue supply chain for a digital economy? The purpose was to produce a set of universal goals that would help combat the urgent environmental, political and economic challenges facing our world. Organizations worldwide are increasing their efforts to help achieve the goals. We view the latter 6 Goals as relevant to our entire business and management strategies,making an impact on corporate sustainability. To create development that can be maintained and sustained without causing further harm to the environment. While SDGs Nos. Companies should take a strategic approach and align their corporate priorities with the relevant SDGs to better engage with customers, employees and stakeholders to make a positive impact. Many companies have also been working to address environmental, social and economic issues. The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by all United Nations Member States in 2015 as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030. All companies stand to gain from more resilient communities, reliable access to natural resources, and an educated and healthy population to support their workforce. The Goals were adopted by all member states of United Nations formally in 2015, for the period 2016–30 to address the overwhelming empirical and scientific evidence that the world needs a radically more sustainable approach. The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by all United Nations Member States in 2015 as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Realizing the Sustainable Development Goals will improve the environment for doing business and building markets. As companies identify their priority SDGs and begin to consider their strategy, they should set their own clear targets and key performance indicators (KPIs) to monitor and communicate progress. This is shaped around 3 main factors, being the economy, the social community and the environment. SDGs offer a road map for companies to engage with stakeholders on how to create sustainable strategies that can transform business models, products and services, and the communities where they operate. By identifying new business models, products or services that drive progress toward the goals, it is likely that more resilient and prosperous communities will emerge, markets will expand and new ones emerge, and consumer bases will grow. For more information about our organization, please visit ey.com. The Sustainable Development Goals (SDGs) or Global Goals are a collection of 17 interlinked goals designed to be a "blueprint to achieve a better and more sustainable future for all". Sustainable Development Goals provide business risks lens. Test your knowledge of the SDGs. The SDGs were set in 2015 by the United Nations General Assembly and are intended to be achieved by the year 2030. The SDGs can focus a company’s purpose on challenges that act as a catalyst for innovation, engage and motivate employees, open up new markets and opportunities, and may future-proof the company against a wide range of risks. The 17 goals and 169 specific targets of this 2030 Agenda for Sustainable Development Goals and targets to advance corporate social responsibility (CSR) and sustainability have been widely embraced by the private sector. By helping drive progress toward these outcomes and creating shared value, companies can help to secure their ability to generate capital and shareholder value over the long-term. Vestre Havnepromenade 5 In our industry, we have seen how the goals have shaped the business environment, and for the better. Each SDG represents a risk area that is already presenting challenges to businesses and society, and these risks are likely to only continue and grow if not addressed. Support for companies and workers in addressing the health risks of the pandemic through access to protective equipment, guidance and financial support; 2. 12, 13, 14 and 15. The Sustainable Development Goals (SDGs) were born at the United Nations Conference on Sustainable Development in Rio de Janeiro in 2012. We have to use this momentum and keep pushing towards achieving the goals, so we can create a better world for us all.’. The SDGs provide a universal and visionary framework for this global cooperation and action, bringing all stakeholders together to proactively address and solve these challenges. Supply chains are particularly exposed to the effects of climate change and depletion of natural resources, which align with SDG Nos. The main goal of sustainable development is to create an equal balance between economy and the environment to avoid the depletion of natural resources. Companies may not be able to continue to create capital over the long term if natural, social, financial and manufactured capital is being eroded elsewhere. We are optimistic that the SDGs offer a road map for companies to engage with their internal and external stakeholders on how to create sustainable strategies that can transform not only their business models, products and services, but also the communities where they operate. Our pragmatic business approach helps organizations build new evaluation frameworks that measure and value financial and nonfinancial outcomes. These goals will set the tone and direction for development and aid over the next 15 years. More than three and a half years since the launch of the United Nations Sustainable Development Goals (SDGs)—a set of 17 Global Goals and many more targets—governments, companies, and organizations around the world are busy planning, implementing, and partnering around the goals. Focusing purpose. Unlike their predecessor, the Millennium Development Goals, the SDGs explicitly call on all businesses to apply their creativity and innovation to solve sustainable development challenges. Business has been accused of ignoring the UN’s sustainable development goals, despite its key role in achieving them. The surveyed investors use a wide range of nonfinancial information across all stages of their investment decision-making. Addressing these and other risks can make good business sense as stakeholders hold companies accountable for their role in creating or exacerbating these risks. According to the IFAC's (The International Federation of Accountants) Sustainable Framework 2.0, accounting is important in the sustainable development process. From ending poverty to reducing hunger, from improving access to education and healthcare to fighting against inequalities, the SDGs are “an urgent call for action by all countries – developed and developing – in a global partnership,” the UN says. The goals provide … We recognize that the SDGs may require a new way of thinking. Multidisciplinary professional services organization. The goals are complex and interconnected, and their success likely depends on new partnerships between business, governments and civil society. We expect to see a redirection of investment flows (both public and private) toward the global developmental challenges framed around the SDGs. Because we are active in a broad range of business fields, we believe we can contribute extensively to the achievement of the SDGs other than the 11 Goals identified. Since their launch five years ago, the U.N.’s Sustainable Development Goals have been the topic of conversation in corporate sustainability. 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