The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
Businesses are committing to sustainability initiatives as they realise the benefits of doing so, including gaining consumer loyalty as well as stronger investor confidence. What started as a simple CSR activity is now becoming an integral part of company core strategies.
Sustainability offers a wide range of business opportunities including scope for disruptive innovations and starting new markets, higher productivity, a wider talent pool, higher consumer affordability, a more stable ecosystem that provides greater assurance for smooth business operation, cost advantage, stronger competitiveness, brand loyalty and consumer credibility.
Source: Euromonitor International
Aligning with these SDGs creates many opportunities for business. These include the possibility to:
The depletion of natural resources before being replenished can disrupt and in extreme cases halt the production process on account of limited supply. Some challenges are:
Many businesses, including Google and Nestle, are committing to incorporating SDGs into their business developments. According to a PwC survey, 71% of companies have stated that they have started taking actions to comply with the SDGs, but there are still gaps which need to be addressed to be able to meet the deadline. A way to help meet this deadline is the process of aligning company operations with SDGs. This needs to be escalated to boardrooms to ensure company strategic directions are steered in line with the SDGs. A challenge for these new goals is that companies tend to select the SDGs which are easy for them to meet or least costly. Overall, It is important that companies assess their performance against all SDGs.