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When companies are undergoing corporate transformation, goal setting is crucial during the process. By setting the right position and direction with integration toward transition in mind, firms can streamline their process and increase success. SDGs, “Sustainable Development Goals,”—also known as “Global Goals,” as adopted by the United Nations (UN) in 2015, can uniquely help transitioning businesses. The 17 goals aim to end poverty, protect the planet, and ensure global peace by 2030.
SDG INTEGRATION
A successful integration alignment with SDGs requires a comprehensive systematic transformation, which can be broken down into three steps:
1. Strategic Position: Companies identify areas of their activities that allow them to simultaneously deliver the greatest amount of impact toward SDGs while limiting harm. After identifying these areas, they can begin prioritizing SDG Ambition Benchmarks and focus their efforts.
2. Strategic Framework: Paths are areas of activity the company can use to achieve GREAT goals. They act as “Pillars” for singular goals or SDG Ambition Benchmarks they hope to achieve, which can later become interconnected.
3. Strategic Blueprint: This refers to incorporating Key Impact Indicators (KII) and Key Performance Indicators (KPI) to place measurable metric systems into businesses so that they can measure their progress.
SDG Benchmarks set clear and attainable levels of change within an organization. These benchmarks are tailored after the 17 SDG goals. They look at the scope of change within certain areas; operations, products and services, and value chain.
SDG INTEGRATION FOR GLOBAL RETAIL BUSINESSES
Many global retailers have already begun integrating SDG goals into their daily businesses and goals. Westfield has specific SDG goals in mind regarding several areas: economy—via SDGs 8, 9, 10, 12—society—via SDGs 4, 5, 7, 11—and biosphere—via SDGs 13 and 15. They set clear and specific goals for their results. Regarding their environmental objectives, they aim to cut carbon emissions across their value chain by -50% by 2030, reduce emissions from construction by -35% by 2030, and reduce emissions from operations by -80% by 2030. To create a better community and positively impact society, they aimed to generate €20 million of social value through community-oriented programs in 2021. And 100% of their flagship assets are directed to support local entrepreneurship through commercial partnerships and regional networks from 2020 onwards.
The transition is needed regardless of whichever industry or market you are in. This year’s SDG Global Business Forum by United Nations Global Compact brought together participants worldwide to put out collaborative efforts in creating wide-scale business solutions that can expedite the implementation of SDGs before 2030. It is imperative now that businesses must shift away from conventional methods and goals toward more sustainable and future-ready ones. Not only for the sake of sustainable and long-term profit but also it is vital to staying relevant in the market.
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