With the 2030 deadline for the UN’s Sustainable Development Goals fast approaching, forward-thinking firms are integrating the 17 Global Goals into their strategies by focusing on relevant targets, adapting them to local contexts, collaborating widely, and innovating their business models
Navigating the United Nations’ ambitious Sustainable Development Goals (SDGs) can be daunting for even the most well-meaning companies. Yet, aligning with these 17 Global Goals, each with its 169 action targets, offers substantial benefits and opportunities.
The SDGs, adopted in 2015 and set for achievement by 2030, face a mixed record: only 15 percent are on track, while 48 percent are lagging, and 37 percent have stagnated or regressed, according to a 2023 UN report. Despite these challenges, companies have a crucial and empowering role in advancing these goals. Recent insights from McKinsey and PwC offer a strategic framework for companies to integrate the SDGs into their operations effectively.
First, companies should strategically prioritise the SDGs that align closely with their business objectives and core values. This focused approach prevents the dilution of efforts and ensures a strategic and meaningful impact. For instance, Lego's emphasis on Responsible Consumption and Production (Goal 12) and Quality Education (Goal 4) reflects its strategic commitment to enhancing education through play.
Next, it is essential to contextualise the SDGs within specific geographic and industrial settings. Companies should translate these global goals into actionable, local targets. Danone exemplifies this approach by addressing Zero Hunger (Goal 2) and Good Health and Well-Being (Goal 3) through targeted nutritional programmes in regions like Cameroon and Ivory Coast.
Collaboration is another critical component. Companies need to work with various stakeholders to achieve the complex and interconnected SDGs. Novo Nordisk demonstrates this by partnering with over 100 local organisations to address urban diabetes through its Cities Changing Diabetes programme, focusing on Good Health and Well-Being (Goal 3) and Responsible Consumption and Production (Goal 12).
Finally, innovation is key to making significant progress. Companies must rethink their business models to incorporate SDG-related outcomes. Iberdrola, for example, aligns with Affordable and Clean Energy (Goal 7) and Climate Action (Goal 13) by investing in renewable energy and digital technologies, driving fundamental changes in its operations.
While global progress on the SDGs has been slow, adopting these strategic approaches can transform the goals into actionable plans with measurable results, guiding both businesses and the world towards a more sustainable future.