Has you or your business been engaged with the UN's Global Goals for Sustainable Development? (SDGs) If you haven't, you should because this could be the opportunity for you to start making some real changes.

Businesses that have involved the SDGs into their strategy are showing growth while improving their sustainability practices, but many businesses just aren’t engaging with the SDGs, and as a result, they’re losing out on some golden opportunities. These are the findings from the Ethical Corporation’s State of Responsible Business 2016 report.

Without private business involvement, the SDGs won’t be realised

Analysts estimate a global investment gap totaling $3 trillion if the SDGs are to be realised in the next 15 years indicating need for active investment on the part of businesses as well as governments, yet less than 50% of businesses are engaging. However, their failure may yet alienate their consumer base. 81% of millennials feel that businesses should strive to play their role in achieving the SDGs, but the failure of businesses to do this is creating trust issues.

Lord Mark Malloch-Brown of the Business and Sustainable Development Commission says that apart from businesses that are simply ignoring the SDGs, all too many see it as an “add-on” rather than a core part of their strategy.

Who is doing the most, and what’s their focus?

Ironically, continents with the least resources are way ahead of the developed world in their Global Goals engagement. Africa, Latin America and the Middle East lead the pack, while Ethical Corporation found that engagement in the US was lowest overall, with only 37% of businesses focusing on the Global Goals. This said, giants like Microsoft are showing solid engagement, and the US is notorious for being among the last to react to UN initiatives.

In the developed world, climate action (SDG 13) is getting the most attention while Africa sees a greater focus on quality education (SDG 4). In surveys of corporate representatives, 63% felt that climate action was the most important goal to work towards, followed by economic growth and good employment opportunities (SDG 8). Companies in large-scale production generally rated responsible production and consumption highly, but poverty reduction and an end to world hunger enjoyed the least support across the board.

Building competitive advantage through SDGs

Risk management company DNV GL has taken a closer look at 17 companies including Unilever, Siemens, Marks & Spencer and Danone that are taking strong action in working towards the SDGs. What sets them apart? DNV GL says that these companies have the vision to see how business growth and sustainability can be combined.

As an example, it highlights Kenyan telecommunications business, Safricom, which is extending financial services across Africa by providing the M-Pesa platform that allows consumers to send money using their cell phones. As a result, solar energy company M-Kopa Solar is able to provide clean energy to 400,000 people in East Africa, who simply pay for their power using their phones.

Unilever’s sustainable brands, which integrate sustainable products into consumer lifestyles, are growing 30% faster than all their other brands, and Unilever’s CEO says that the SDGs present the “greatest economic opportunity of a lifetime”.

Adapt now or struggle later?

Apart from the profits that can be realised through “doing the right thing”, there may be losses for businesses that are slow to adopt the SDGs. Governments are already introducing legislation and regulatory processes that could present a serious threat to businesses that are too slow to clean up their acts. Meanwhile, unrealised opportunities may be available, and the smartest businesses stand to gain by grasping them.

Global Goals Australia Campaign is engaged with businesses to help them work towards becoming part of the implementation and achievement of the Global Goals in Australia and by Australia by 2030. Please feel free to contact us here if you would like to know how.