Global Sustainability of Development Goals - MyAssignmenthelp.com

Question: Discuss about the Global Sustainability of Development Goals. Answer: What is Sustainable Development Goals? United Nations has set seventeen global goals, which is collectively called Sustainable Development Goals (SDGs) (Griggs et al., 2013). It includes No Poverty, Zero Hunger, Good Health and Well-Being, Quality Education, Gender Equality, Clean Water and Sanitation, Affordable and Clean Energy, Decent Work and Economic Growth, Industry, Innovation and infrastructure, Reduced Inequalities, Sustainable Cities and Communities, Responsible Consumption and Production, Climate Change, Life Below Water, Life on land, Peace, Justice and Strong Institutions and partnerships for the Goals. Within seventeen global goals, there are 169 total numbers of targets (Nino, 2018). The goals that include a number of economic, environmental and social development issues are applicable for both the developing and developed countries. The Sustainable Development Goals (SDGs) are also known as Transforming our World: the 2030 Agenda for Sustainable Development" or Agenda 2030 in short (Sachs, 2012). The Unite d Nations will try to achieve these goals by the year 2030. The aim of this essay is to show a deeper understanding towards Sustainable Development Goals and discuss it with reference to business operations (Topic A). The report will also show the reasons to adopt SDGs in case of business, impacts and disadvantages of SDGs. Why Should Business Adapt Sustainable Development Goals? According to Carroll and Buchholtz (2014), businesses use natural resources for their economic and operational growth. However, with the growing economy, an enlarging list of health, societal and environmental issues have been arising that have created risks in the growth model. The UN Sustainable Development Goals (SDGs) have aimed to transform the poverty, poor education and health system in our society, improve the communities and cities, and address gender inequality and climate change. The seventeen goals that have been set for creating the transformation at large in the world will help to sustain the business in long-term. According to Griggs et al. (2013), the goals that collectively propose a new developmental pathway should create a partnership between the civil society, governments and business operations to work effectively. Each entity needs help from the others to transform the society and therefore the impact is interconnected. Millar and Roots (2012)have discussed the impact of the business operations in urban areas in Australia and adaptation of the Sustainable Development Goals by the Government. The author has stated that the reason for accommodating the Sustainable Development Goals within the business arena is to gain sustainability. Sustainability is important for the continuous development of the business operations. It is related to the profit of the business. The author has illustrated this issue within the business operations of urban areas in Australia. He stated that the cities act as the economic powerhouses. With the future employment and the prosperity, the development of the urban areas has destroyed the quality of life as well. In Australia, the congestion has already cost 16.5 billion dollars annually and it could be doubled by 2030 (Tomlinson, 2012). The urban lifestyle has also affected the health of the citizens and diseases such as obesity has posed major challenges to the health syst em of the city dwellers. Unemployment is also another issue that has been created due to overgrowing rates of urban areas in Australia. 16.4 % of 20-24 years of age are unemployed (Milner, Page LaMontagne, 2013). On the other hand, according to Tomlinson (2012), the Sustainable Development Goals are important to remove the challenges of the business operations in the city. The author has illustrated some of the practical examples that could easily influence to create revenues in business. Through research conducted by AlphaBeta, the author has stated that providing affordable houses to the citizens could generate extra 8 billion dollars revenues annually. The renewable energy in the city space could create economic opportunities that could worth of 9 billion dollars by 2030. Rogers, Jalal and Boyd (2012)have stated that any business operation that is working on the sustainability cannot be limited to the home country. Due to globalization, business operations are becoming an international phenomenon. The challenges that the businesses face such as energy, housing, transport, climate resilience or health care are also faced by the other countries as well and there are demands of the new growth models that embrace sustainability. Costanza, Fioramonti and Kubiszewski (2016) have discussed the importance of partnership in the sustainability of the business. For sustaining the business opportunities, the companies need to collaborate with the Government and they need help from the Government to implement their sustainable agendas as well as they need help from the civil societies, which will directly relish the advantages of the sustainable development. It needs transparency and accountability on the part of the business operations and businesses have to work with various peers from different sectors. However, it has been successfully argued by BulkeleyBetsill (2015), that for creating business opportunities by the Sustainable Development Goals, the companies need different kinds of leadership strategies. The leaders should monitor whether the business operations are addressing the sustainability issues or not. Tolba (2013) have talked about the opportunities of the business operations that have taken the Sustainability Development Goals within their businesses. The entire market could be disrupted in short-term by the various factors such as sudden lack of the natural resources. The consumers and the investors are informed about the business growth and they demand that the businesses should take responsibility for creating the pressure on our planet and its populations. The businesses should not only think about their short-term profits, however, they should focus on their long-term profits, which will arrive by removing the issues related to natural disasters, economic disparity or social unrest (Biermann et al., 2012). The business that will understand these challenges and take initiatives will be a step ahead. It is quite comprehensive that the Sustainable Development Goals (SDGs) has identified that where we would be in 2030 for creating a sustainable world, however, it has outlined business opportunities and new markets for the companies. It is important to implement the global goals of the business into the local sphere of the business (Griggs et al., 2013). Impacts of Sustainable Development Goals in Business The business needs to play a critical role to achieve the Sustainable Development Goals. As stated by Epstein Buhovac (2014), the seventeen global goals under the Sustainable Development have set common agenda to acknowledge the worlds social, economic and environmental challenges and businesses could play a major role in this context. A perfect framework is necessary for the businesses to report on their contribution and impact to the society. A transparent and consistent approach is required to report on this contribution. An increasing pressure is being created on the business leaders for providing information to the multiple stakeholders about how the business would approach the Sustainable Development Goals and for this a transparent and trustful relationship with the stakeholders is necessary. Businesses that acknowledge the Sustainable Development Goals are able to achieve various opportunities. A report from the UN Sustainable Development Goals Fund (SDG Fund) has revealed that the majority of the organizations have already been working to integrate the Sustainable Development Goals into their strategies and plans (Bebbington, UnermanO'Dwyer, 2014). All the organizations have realized that the process to comply with the SDGs is by their businesses activities. In order to incorporate the Sustainable Development Goals, the companies need to be more philanthropic in their approaches. According to the report of the Business and Sustainable Development Commission, it has been seen that the development in the four sectors such as energy and materials, food and agriculture, health and well-being and cities would make 12 trillion dollars of the new business opportunities by 2030 (Lafferty Eckerberg, 2013). The report has also found that the amount of savings from the reduced water use, carbon emission and other consumptions of the resources are quite high and the approximate estimation is around 17 trillion dollars(Lafferty Eckerberg, 2013). The new market opportunities due to SDGs have created thousands of new jobs in the developing countries. Especially the effective growth potential has been seen within the low-income markets that deal with affordable housing, healthcare and food sectors. By attaining the SDGs in these sectors, 380 millions of jobs would be created by 2030. The businesses that would adopt the sustainability practices and strategies could enhance th eir competitiveness and they would gain a long-term economic result (Boons et al., 2013). The opportunities to adopt the Sustainable Development Goals in business are widespread. It has been elaborated by Boons et al. (2013) that the businesses need to develop new technologies and skills to integrate the sustainable goals into their business operations and by doing so the businesses could constantly expand their opportunities and could be benefitted. It is the new commercial opportunity as incorporating sustainable development goals into the business operations opens a new market (RascheWaddock, 2014). New marketing strategies are required to create an avenue for accessing the new markets. Apart from creating new market opportunities, the Sustainable Development Goals strengthen the relationship with the stakeholders. It also reduces the risks when it deals with the environmental issues. However, it has been shown by (Tolba, 2013) that integrating sustainability goals in the business might be challenging as it requires various crucial considerations. However, taking such risk in business organizations could be beneficial as by integrating the Sustainable Development Goals as it enhances the values of the organization and returns on investment of the sustainability by creating strong partnerships with the Government and various stakeholders. By achieving the Sustainable Development Goals, the business organizations help to stabilize the societies (Tolba, 2013). Organizations that have embraced the Sustainable Development Goals could attract talented employees and the employees want to stay in the organization as it has incorporated the sustainability projects in its bus iness operations. Risks of Sustainable Development Goals in Business According to the report of the World Economic Forum, the business leaders are more concerned with the sustainability risks, which are an emerging issue in the twenty-first century (Tolba, 2013). The business leaders judge the risks from the two perspectives, such as the impact and probability of the sustainability. In 2017, the top five risks are Water Crisis, Failure to Mitigate the Climate Change, Extreme Weather Events, Food Crisis and Profound Social Instability. The business companies cannot remove these risks by the end of 2017 (Tolba, 2013). However, to deal with the sustainability risks, business companies have taken strategies, which align the profit goals of the business organization with the Sustainable Development Goals, which is known as the sustainable risk management. Recognizing the risks is the first step for the business organization to understand the impact of the sustainability risks on a business. After identifying the risks, it is important for the business organizations to monitor and manage the risks (Tolba, 2013). The sustainability risk management has become an integral part of various organizations. They have taken measures that could potentially remove the risks in the sustainable development. By doing successful sustainable risk management, the business organizations foster a powerful corporate reputation and it has an important effect on the financial valuation of the organizations. The business organizations could increase their productivity and competitive advantages by removing the risks within the goals of sustainable development plans. The sustainable risk management could improve the values of the shareholders (Carroll Buchholtz, 2014). Sustainable risk management could contribute to increase the profits of the organizations. General Discussion Billions of the worlds citizens are continuously living in poverty and they cannot access the basics for leading a dignified life. However, they desperately need food, shelter and clothes as they are deprived of the basic needs of life. There are rising inequalities among the countries. There are huge differences based on the economy between the developed and developing countries. The differences in opportunities, power, wealth, and gender inequalities are the key challenges that are continuously creating problems (Bebbington, UnermanO'Dwyer, 2014). The unemployment, especially the youth unemployment is a major concern. These issues along with health factors and environmental scarcity could restrict the world from the development and progress. The seventeen Sustainable Development Goals are necessary with 169 associated targets as it provides the economic, environmental and social development for both the developed and developing countries. The world leaders have taken a common action and universal policy agenda based on the global development. The business organizations have a major role to play in this context. They should collaborate with the government and civil society to integrate the sustainability of their business operations (Carroll Buchholtz, 2014). There are various advantages of this integration and risks as well. The business leaders need to transform the negative impacts into the positive effects. They should remove the risks in the sustainability. The new targets and goals of the sustainable development have come into the effect on 1 January 2016. The sustainable goals will guide the decision of the next fifteen years. The leaders have promised that they will jointly work together to implement the sustainable agendas within their respective countries. They will not only work for the development of their respective countries, however, they will work at the regional as well as global levels (Biermann et al., 2012). For implementing the sustainable development goals at the regional or global level, a global partnership is required. This partnership would work in an ethos of global solidarity (Dahl, 2012). This solidarity should acknowledge the condition of the poorest people and people in the vulnerable situation. Each country has its primary responsibility for its own social and economic development. The business organizations should take responsibilities to materialize the sustainability goals and for this, it needs effective leadership quality (Doppelt, 2017). The business organizations should create a trustful and transparent relationship with all its stakeholders to implement the sustainable goals successfully. In order to create a better world, the leaders need to implement the sustainable goals successfully. Conclusion The basic concept of the Sustainable Development Goals has been discussed. The main focus of the paper was to show a deeper understanding towards Sustainable Development Goals, which has been achieved and it has been discussed with reference to business operations. Sustainable Development Goals are not only necessary for the betterment of the world, human race or environment, it is important for achieving the competitive advantages of the business operations. The various benefits of incorporating the Sustainable Development Goals in the Business operations have widely discussed. The paper has also discussed the risks of integrating the Sustainable Development Goals into the business operations and the process of removing the risks. It is recommended that the businesses should embrace the advantages of the Sustainable Development Goals and work hard for the betterment of our planet. The business leaders need to align their business goals with the agendas of the Sustainable Developments. They should acknowledge the importance and necessity of the Sustainable Development Goals. The risks that exist to incorporate the sustainability in the business operations should be removed by implementing the strategies of the sustainable risk management. The goals could be achieved easily by making a partnership with the civil society and the Government. 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