The 17 sustainable development goals (SDG) set by the United Nations, target 169 large issues, including poverty, education, climate action, gender equality and hunger, to tackle by 2030. Businesses are increasingly expected by stakeholders to engage with the goals and rethink their strategies to become more sustainable and adapt to the changing global scene. Investors are to a larger extent interested in seeing a connection between businesses sustainability performance and the SDGs. Engaging with the goals does not only allow businesses to contribute to meeting the SDGs, but also creates more business opportunities and helps minimize risks.
Businesses can benefit immensely from recognizing the SDGs in their materiality analysis and develop into international market leaders while at the same time strengthening their brand.
How do they work?
Assessing materiality within the SDG framework allows for businesses to more easily find which issues they need to, and want to, address. The global framework also acts as a tool to more easily match businesses own goals, communicate their sustainability work and ensure that no important or relevant issues are forgotten in the materiality analysis.
Creating a materiality analysis based on the SDGs, allows for businesses to:
- Explore business opportunities
- Engage in risk minimization
- Build trust within the company but also within markets and sectors
- Reducing negative impact throughout the organisation’s value chain.
- Positively impacting the 2030 goals
- Attracting new investment
So, where to start?
In order to successfully integrate the SDGs in your materiality analysis, there are a number of guidelines to follow:
Don’t stop at the goals. Assessing your business against the 169 targets is necessary if you want to find real value.
- Take a value chain perspective. As always, a materiality analysis concerns not only your own enterprise, but also upstream and downstream activities. That’s the best way to benefit both stakeholders and business performance.
- Assess risks as well as opportunities. Can your business contribute to the SDGs by reducing negative impact or provide a solution that generates positive impact?
Get in touch with us at TomorrowToday to learn more about the methods we have developed to address materiality through the SDGs!