Doing Well By Doing Good 2.0

Sustainability and profit no longer have to be in competition in the age of responsible business and sustainable development goals.

- Finbarr Toesland

Corporate social responsibility has been a buzzword in business for decades, with firms of all sizes working to bolster their sustainability credentials. But isolated initiatives won’t be enough to deal with pressing global challenges that require entire industries to work together towards often complex solutions.

Chief executives find themselves in a unique position to develop business-led strategies that can have a significant impact on both the bottom line and global wellbeing, especially as the United Nations Sustainable Development Goals (SDGs) directly call for business to engage with the SDG framework.

“The private sector is a crucial partner for achieving the SDGs,” explains Odd Arild Grefstad, CEO of Norwegian financial services firm, Storebrand. “This means that we can expect the goals to become the new standard for businesses to design, measure and account for their contribution to sustainable development. CEOs who successfully manage companies that are well prepared to meet global challenges are better positioned to create profitable growth than their competitors.”

The 17 SDGs cover a diverse range of social and economic development issues, from climate change and responsible production to gender equality and eliminating poverty. CEOs are increasingly seeing sustainable development plans as not solely a charitable activity, but as an opportunity to establish new business models that achieve bumper financial returns as well as realising social and environmental benefits.