With ten years left to reach the Sustainable Development Goals (SDGs), the UN has conducted a survey to check how much progress has been made. An analysis of the results indicates that there is still a lot to be done - especially at a corporate level. The new survey, The UN Global Compact 20th-Anniversary Report, reveals that only 39% of companies surveyed believe they have targets that are sufficiently ambitious to meet the Sustainable Development Goals by 2030 (UN Global Compact Report).

Before I take a closer look at where we stand today and what needs to be done, I would like to look back at why we actually have SDGs.

The New Millenium called for New Measures to Fight World Problems

In 2000, world leaders set out to halve extreme poverty and hunger rates by the end of 2015. (Source: The Guardian). A very bold goal that required a bold action plan. That action plan was set in place the same year by the United Nation. They created the Millennium Development Goals (MDGs) that were designed to serve as a map, indicating how we can collectively tackle extreme poverty. In 2015 - the deadline for the MDGs - they became known as the most successful anti-poverty movement in history.

Joint efforts have proven to be successful and the Millenium Development Goals inspired a new set of goals known as the Sustainable Development Goals (SDGs) (UN). In 2015, these goals were agreed upon by all 193 member states of the UN. The pledge was a dedication to 17 goals that set out to fight poverty, create equal opportunities for all, and protect the planet.

The SDGs are essentially a framework representing interlinkages between different objectives that we should all be working towards. The goals each rely on one another. The basis of these goals is the link between society and the biosphere (International Institute for Sustainable Development). Their relationship needs to remain intact. If there is a negative relationship between the two, the goals will collapse.

The SDGs acts as the guiding principle by which I believe all companies should be operating within the current millennium. The big question is: Do they?

Status Quo: Where do the SDGs stand now?

Since the initial commitment to the SDGs, they have sparked a conversation that is asking for collaboration between businesses, academics, and governments. Since then, many companies have taken the initiative to commit to the SDGs. Still, in order to achieve the goals by 2030 many more companies need to get on board (SDG Tracker).

A recent survey of 600 businesses, conducted by the United Nations, indicates that though progress is being made, even more commitment is required if all goals are to be achieved. The companies surveyed reported that 46% are embedding the goals into their core business and 37% are designing business models that contribute to the SDGs. I was actually surprised and inspired by how high these numbers already are. Still, the UN progress report in 2019, suggests more action is still required, especially for climate action. It seems the first few years after the commitment to SDGs, parties have spent more time aligning than acting. Now is the time to refocus on the SDGs and bring about the change that is needed in order to reach our goals.

One way in which companies can do that is by tracking and cutting their greenhouse gas emissions. If greenhouse gas emissions rise, global warming is projected to reach 1.5°C in the coming decades (UN Status). Much like the SDGs indicate, the interlinkage between the biosphere and society needs to remain intact. Current trends are already indicating the harmful effects of climate change on all other SDGs. The compounded effects of not taking climate action will be devastating.

How has coronavirus impacted SDGs?

2020 has been upended by the pandemic and the Coronavirus has placed SDGs, among them Climate Action, on the backseat for a moment. But the crisis has also reminded us of the importance of the SDGs as more crises’ have become exacerbated.

We need to reevaluate how we can address the SDGs with this new lens. How can we use the interconnectedness of the goals to our advantage? How can we be actionable in tackling the issues that the corona-virus has made even more apparent?

The new world that will emerge post coronavirus presents an opportunity for individuals and companies alike to base new ideas and business models in sustainability rather than having it be an afterthought. Recovery packages post corona do not need to exclude environmental concerns in exchange for economic reform or vice versa. In fact, I believe that these goals can and should co-exist.

The fight against climate change will benefit people. Not only will addressing the environmental crisis help to empower all other SDGs but will provide secondary benefits as a result of new projects and business.

Did you know that reducing greenhouse gas emissions goes hand in hand with creating jobs, making more livable cities, and consequently improving health globally (C40)? Cities, businesses, and governments around the world dealing with the economic challenges of Coronavirus can use recovery measures to integrate climate action into their priorities in relation to the SDGs.

Let’s take a look at a few companies that integrate the SDGs in their business structure:

• Tomorrow bank, the Hamburg based mobile banking company is committing to SDG 13: climate action. Tomorrow offers modern smartphone banking while integrating purpose and profit. While banks frequently use their customers' money to grant loans or make investments into harmful industries, Tomorrow Bank is committed to financing renewable energy, social projects in the Global South and offset tonnes of carbon (tomorrow).
• Another company is ANZ Bank. They have committed to SDG 5: gender equality. CEO, Tammy Medard vowed that by 2017 40% of her bank’s vendor panel will be women-run businesses. This includes educating high-school students in the region, investing in education, and seeking diverse business opportunities (ANZ report). She reported that just within a few months of this commitment they saw massive improvements in gender equality.
• Unilever CEO Paul Polman also shared that their entire business model runs along with the Sustainable Development Goals (The Guardian).

In my opinion, they are the perfect example and proof that SDGs are useful to companies who are looking for long term investments. SDGs have the potential to provide the basis for corporate growth.

I believe that business and profit can be combined in a new recipe for success. If companies include purpose in their business moderns they can become accelerators for impact. The SDGs can serve as a guideline for companies who do not know where to start. Now more than ever, companies need to address environmental, social, and governance risks holistically and move away from business-as-usual.

Let’s take more ambitious action beyond our operations and value chains.