TO achieve the Sustainable Development Goals (SDGs) of the United Nations, companies were urged to integrate the goals in their core business strategies.
In a report, titled “Transformational Business,” integrating the SDGs in core businesses means transforming corporate social responsibility (CSR) efforts into programs that can also create value for shareholders.
“This will entail developing new business concepts and transforming philanthropic and CSR programs into actual business models that deliver value both for society and the company,” the report stated.
If firms also form partnership with the government, they can significantly address regional disparities and inequities through target-based solutions that also bring in profit for shareholders.
This means reallocating resources to underserved municipalities and grow them into stronger markets, thereby enabling them to deliver substantial returns on investment later on.
Further, it said firms need to collaborate at the same time invest in monitoring and reporting.
“This could also unclog urban centers and allow the smoother and equitable flow into other locales,” the report stated.
“Companies can reach a wider market base and achieve value at scale by partnering with other companies, as well as the government and civil-society groups,” it added.
According to the World Business Council for Sustainable Development, achieving the SDGs would unlock $12 trillion a year globally in business value across four economic systems alone.
These are energy and materials, food and agriculture, cities and urban mobility and health and well-being.
The SDGs or Global Goals is a set of 17 socioeconomic goals that 193 United Nations member-countries like the Philippines committed to meet by 2030. The goals are composed of around 169 targets and over 300 global indicators. The SDGs were adopted in September 2015.
The Global Goals aim to end poverty and hunger, promote universal health, education for all and lifelong learning, achieve gender equality, sustainable water management, ensure sustainable energy for all, decent work for all, resilient infrastructure, and reduce income inequality between and among countries.
The goals also include create sustainable cities, ensure sustainable consumption and production, take action against climate change, conserve and sustainably use oceans and marine resources, reduce biodiversity loss, achieve peaceful and inclusive societies, and revitalize global partnership for development.