Business and Sustainable Development Goals

This essay explores the benefits that businesses can get from understanding the concept of sustainable development goals. It discusses how businesses can gain customer trust and loyalty, lower costs through efficient resource use, improve communication and collaboration, reduce risks, focus on their purpose, and attract capital.

Running head: BUSINESS AND SUSTAINABLE DEVELOPMENT GOALS
Business and Sustainable Development Goals
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Introduction
Sustainability refers to the process that helps in maintaining the change within the
balanced environment. It helps in ensuring that exploitation of the resources along with the
technological development are in harmony that can help in enhancing the future potential that
can help in meeting the human needs. Sustainable Development Goals (SDG) is called Global
Goals that helps in ending the poverty and protecting the planet. It helps in ensuring that the
people in the world enjoy the peace along with the prosperity. In the year 2015, General
Assembly took recourse to 2030 Agenda for the Sustainable Development that wanted to
offer protection to the planet. It was built on the principle of not leaving anyone behind and
emphasized holistic approach that can help in achieving the sustainable development for all
the people on the planet (Schaltegger, Hansen & Lüdeke-Freund, 2016) The SDG laid focus
on transforming the world by laying focus on the element of poverty, good health, quality
education, gender equality, sanitation, clean energy along with the climate action. The United
Nations Development Programme (UNDP) lays emphasis on the key areas like the poverty
alleviation, peace building, disaster risk along with the climate change that can prove to be
useful for the people of the future generations. UNDP is instrumental in providing support to
the government so that they would integrate SDG in that of the national development plans.
The SDG needs partnership of that of the government, civil society along with the private
sector that can pave the path for the creation of better planet that can serve the future
generations. This essay throws light on the benefits that the business can get from the
understanding of the concept of the sustainable development goals.
Customer trust and the loyalty
The consumers in the present age are concerned about the sustainability credentials of
the company and the consumers in the present age are willing to pay more for that of the

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sustainable goods. The customers of the modern age are aware about the different kinds of
factors like the environment, packaging, marketing along with the price. The customers are
careful about the aspect of health along with the weakness in the present age that drives the
customers towards the business that keep in mind the sustainable development goals.
Companies should be able to demonstrate credible commitment to that of sustainability that
can help in drawing the customers. It can help in strengthening the reputation of a company
that can increase their popularity in the world. The business in the present age being able to
measure the impact and implement the initiatives can help in providing a good basis for the
dialogue. It can help in evidencing the commitment of a company and it can help in
protecting the licence of the company in relation to operation (Ferguson & Souza, 2016). It
can help the business in entering into the new markets and it helps in the operations of a
company. It can help in opening opportunities for a business that can increase the popularity
of the company. The business in the event of fostering the employment can have a direct
impact on the profits that are made by a business (Hák, Janoušková & Moldan, 2016). A
workforce that is sustainable acts to the benefit of both the companies along with the society
that helps them in gaining the confidence of the customers. The business in the event of
considering the sustainable development goal helps it in the arena of prioritisation that can
help them in spreading their influence in the market. A business abiding by the triple bottom
line helps it in being sustainable that helps it in creating a loyal consumer base.
Lower the cost due to efficient use of the resources
The renewables would displace the fossil fuels that can help in lowering the cost of
the operations of a company. The transitioning away from that of the fossil fuels can have a
long term impact on the company. There are many car manufacturers who hence phased out
the usage of the petrol along with the diesel-fuelled cars. There are various global companies
like IKEA along with Google that have committed themselves about using energy that is

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renewable that helps in the prospect of a company. The investment in that of renewable
energy helps in guarding a company against the fluctuating prices of the fossil fuels. It helps
in taking care of stable supply of the energy for many decades (Crane & Matten, 2016). The
companies in the present age are making investment in that of water management practices
that helps in the reduction of waste of a company. It also helps in providing the revenue for
the functioning of a company. Unsustainable use of the resources of a business can help in
triggering the critical scarcities that can create the way for the environmental degradation. It
can cause climate change that can have a negative impact on well-being of planet along with
the people. The innovative policies deployed by an organization can prove to be instrumental
in lowering the cost of operations of a company (Neubauer & Lank, 2016). The
environmentally sound technologies being used by a business can lower the expenditure in
relation to operations of a business. The producers have changed the designing, sourcing,
manufacturing along with the marketing of the products. The companies have decoupled the
economic development from that of the resource use that helps in ensuring the element of
inclusiveness in the society. The companies engage themselves with the governments so that
it can help in the area of cleaner production of a business. It can help in influencing the aspect
of consumer information that helps in developing sustainable lifestyle for the customers.
Communication and Collaboration
The Sustainable Development Goals helps in providing a common framework of the
action along with language that can help the companies in communicating in a more
consistent manner. It can aid the business in communicating with the stakeholders of a
company regarding the effect along with the performance of a firm. The sustainable
development goals helps the organization in bringing together the collaborative partners that
helps in addressing the challenges of the world (Painter-Morland et al., 2016). The
sustainable development goals can present a great amount of opportunities for that of the

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private sector by opening up various kinds of new market opportunities. It can help in
attracting the private investments in relation to sustainable development by leveraging the
core competencies of a company. The SDG can help a company in working with the
governments along with the communities that can ensure the profitability of the firm in the
global environment. The partnerships can help in adding value to a business that can help in
the process of delivering greater impact on the world. The partnerships can help the company
in focussing on the energies and it can optimize the manner in which a company works
(Tukker & Tischner, 2017). The sustainable development goals can help the company in
understanding how to make use of the funding so that it can help in the generation of
maximum revenue for that of a business. The partners can exchange the resources that can
help in the proper functioning of a business. It can pave the path for the reciprocal exchange
of the skills along with the knowledge that can ensure the profitability of a firm within the
market. The co-generation along with the mutual accountability can help in the process of
creative dialogue that can help a business in developing the new approaches that can create
the value for a business (Doppelt, 2017). Each of the partner has something that is more
valuable as compared to the other and it can help a business in making profit with the help of
the exchange.
Reduction of risk
The business cannot prosper in the present world where there is economic along with
the social instability. There are critical issues in the present world like the climate change,
loss of the biodiversity, gender inequality along with poverty and this makes the business
take recourse to the resilient supply chains that can help in the development of a business. It
can help in securing a stable market that can help in that of the future growth of the company.
A study carried out has pointed out to the fact that the business that are involved in managing
the climate change can get the 18 % higher return on that of the investment (Laszlo &

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Zhexembayeva, 2017). It shows that a proactive approach in relation to managing the risks
can help in paying off the risk. The companies cannot create the capital in that of the long
term in the event of social, financial along with the manufactured capital being in the process
of erosion. The supply chain of the business in the present age are exposed to varying impact
of the climate change along with the depletion of that of the natural resources. The
geopolitical instability along with lack of the development in certain regions can limit
potential of that of emerging markets. The addressing of these risks can help in making good
the business sense because the stakeholders feel that the companies are accountable in
exacerbating the risks. The business can maintain social license of operation in the event of
responding to the needs of the stakeholders in the various areas (Schaltegger & Wagner,
2017). The investors in the modern age of sustainability pay a great deal of attention to the
aspect of Environmental, Social and Governance (ESG) while carrying out the investment
decisions. The third EY Investor survey carried out in the year 2017 has pointed out to the
fact that poor performance of environment, climate change, resource scarcity along with the
risks in relation to the human rights can be instrumental in altering the decisions of the
investors.
Focussing the purpose of companies
The SDG can have a significant impact on the purpose of various business across the
world. The business in the event of contributing to the sustainable development goals can
help in the creation of shared value for the various stakeholders. It can help the business in
acting as a strong force that can help in addressing the stakeholders towards that of a shared
outcome. In the event of the companies focussing on the purpose it can inspire organization at
that of the various levels. It increases the ability of the firm in driving the profits which helps
in the creation of sustainable value. The sustainable development goals can help a company
in focussing on the challenges that can act as a catalyst in relation to innovation of a company

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(Dyllick & Muff, 2016). It can play an important role in engaging and motivating the
employees that helps a company in opening up to the new markets. It can help the company
in offering protection to a company against various kinds of risks. The sustainable
development goals can help companies in defining the aspirational purpose that can prove to
be instrumental in inspiring the stakeholders. It can help in igniting the positive change that
can increase the shareholder value over that of the long term. The SDG can help in providing
historic moment that can help in leveraging the challenges of the society so that it helps in
enhancing the growth of a business (Hockerts, 2015). It can help the companies in taking a
strategic approach that can align the priorities of the company with that of relevant SDG that
can help in the purpose of engagement.
Develop targets and the KPI’s
The companies can develop the targets by the help of identification of that of priority
SDG that helps in the growth of a company. It helps the company in the area of Key
Performance Indicator (KPI) that helps in monitoring the progress of a business. The
companies can establish the target and that of KPI’s so that they are aligned with the
sustainable development goals of a company. The companies can link the progress that is
made towards that of the sustainable development goals by the help of the audit reports along
with the actions. The SDG can help the business in developing the new measures of the
sustainability that can help in offering protection to the planet (Carayannis, Sindakis &
Walter, 2015). It can help in normalizing the aspect of sustainability thinking that can help in
driving the continuous improvement of a business. It can help the business in looking at their
progress that can help them in developing the action towards that of SDG. The companies can
take initiatives that can help in making the world a better place.
Attracting the capital

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Venture capital can help in bringing efficiency that can give rise to that of an ultra-
performing organization. The venture capitalists want to invest in the start-ups in the event of
companies abiding by that of sustainable development goals. A company abiding by the
norms of sustainability can help in the development of the new technologies along with the
identification of the new model. The business can pave the path for the development of
market of a country. The SDG can help the governments in working with the governments
along with the business that can help in the promotion of the sustainability agenda
(Schaltegger & Burritt, 2018). The state recognising the fact that a particular company abides
by the principles of sustainability provides the finance that can help in the spread of a
business. The private sector investment can be said to be highly concentrated within that of
the resource-rich countries. The investment within that of the developing countries are being
curtailed by high perception of that of risk that helps in serving the purpose of incentivizing
the sustainable investments. The SDG’s can play an important role in bringing that of the
global conversations together. This can help a business in getting the requisite amount of
finance from the various kinds of financial institutions. The conversation can help the
different kinds of organization in getting the public along with the private finance that can
help business in making profits in the long run (Alberti & Varon Garrido, 2017). The
business in the present time in working towards that of the global strategy can find an
alignment between that of the incentives which a financial system has to invest in and that of
the economic development prospects. The sustainable development goals can prove to be
important for the promotion of prosperity and it can also offer investment opportunity in
relation to the financial markets. The business in the present age take into account responsible
financing along with the corporate venturing that can help in representing investment
approaches for the different kinds of organizations (França et al., 2017). It helps the business

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in being aligned to that of the SDG that takes into account the social along with the
environmental considerations.
Sustainability as market based tools of business
Sustainability standard refer to the market based tools that can help in addressing the
challenges related to sustainability. It can help in establishing the criteria that can be made
use of by the producers along with the processors in meeting the social along with the
environmental impacts. The integration of sustainable practices within that of the supply
chain can help in providing a concrete link between that of sustainable production and the
consumption (Le Blanc, 2015). The sustainability standard offered by a business can help in
translating broad concept in relation to sustainability into that of concrete measures for the
various companies. The credible standard system can help in the shaping of the corporate
policies that can help in the setting of that of the sector-wide agenda (Chassé & Courrent,
2018). It can help in the measurement of progress that can help in verifying whether the
policies are being followed. The sustainability standards can help the business in making the
profits in the long run. The standard of a company is developed with the help of multi-
stakeholder process that helps in ensuring the success of a business. The multi stakeholder
participation would involve the representatives from that of entire supply chain from the
various business, governments along with the research institutions. This can help in taking
care of the fact that the standard that has been set by the business have got positive social
along with the environmental impacts. It can help in making transparent the business
decisions that would be publicly available. It can help the consumers in the area of assurance
that can help in setting the expected practices that can help in assuring conformity along with
the social and the environmental standards. It helps in the implementation of the evaluation
system in the organization that can help in ensuring the standard of a company. The
sustainability standard can help in the prevention of the worst practices within that of a given

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sector. It can pave the path for that of rigorous improvement pathways that can help the
business in enhancing the sustainability practice.
Conclusion
Sustainability is indicative of a practice that can help in the maintenance of change in
that of balanced environment. It can help in exploiting the resources in the proper manner that
can augment future potential of an organization. The business being able to demonstrate the
factor of credible commitment can help in attracting consumers. It can play an important role
in strengthening reputation of business within the world. The investments being made by a
company in the area of waste management practice can reduce waste in relation to a
company. It can provide the revenue that can help in the proper functioning of an
organization. The business taking into account the tenets of sustainability can create shared
value for that of the different stakeholders. It can play the role of a strong force that can make
the stakeholders move towards the shared outcome. It can make a company focus on the
mission that can provide inspiration to organization at that of the different levels. A business
adhering to principles of the sustainability can help in bringing about new technologies that
can help in identifying new model. The business can help in developing the market within a
country. SDG can help the different organizations in carrying out work with governments that
can promote agenda of sustainability.

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