Looking for best sustainability reporting and management software which you can use for your business?

If yes, then this is the best article where you can find out the 10 best sustainability reporting and management software.

Companies use sustainability software to manage the use of resources, reduce emission of harmful products and reduce the cost of operations. This software is helpful in cutting down the costs, building brand reputation, complying with regulations, identifying issues, and so on.

By identifying the causes of waste, the companies can manage the usage rate, reduce the cost associated with them and plan the sustainability strategy accordingly.

The sustainability reporting software works to derive accurate data by integrating with important infrastructure and already existing IT management systems. Such type of software must be able to keep a track of the resource usage and carbon emission and create data-driven reports.

Also Read: What are Sustainability Reporting Requirements in Singapore?

Features of Sustainability Reporting Software

1. Compliance Management

These software helps the businesses to meet the regulations framed for waste reduction, carbon emission and usage of energy. External and internal audits are made by this software to keep a check on compliance.

2. Performance Management

There are various features in the sustainability software that compares the performance of the organization against other companies and established guidelines.

3. Collects Data

These software can retrieve the data with various methods like by monitoring the carbon emission, connecting to energy meters, integrating with already existing business systems and importing the bills from utility.

4. Reporting

The sustainability software prepares the report on the basis of energy usage and identifies the trends and inefficiencies.

Must Read: Sustainability Issues in Financial and Banking Industry

Below Mentioned Are Some Best Sustainability Reporting and Management Software

1. ETQ Reliance

Many strong brands use ETQ Reliance as their trusted sustainability reporting software. Companies from various industries such as electronics, food & beverages, medical, and many others use this software to enhance profitability and increase brand reputation and customer loyalty. It easily solves environment, health and safety problems.

Whether the user needs are simple or requires complete configuration, it is available for all.

The solutions offered by this software are environmental management, health and safety monitoring, complaints management for life sciences, supply chain quality, enterprise risk management, and nonconformance handling.

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2. Donesafe

It is amazing sustainability management software as it connects everyone from the management system right from workers to executives in the boardroom. It can work both online and offline. This software aligns with the requirements of the company with the help of built-in templates.

It takes care of the safety requirements in the company creating a safe environment for the employees.

It offers great benefits such as smart forms, quick set-up, report builder, 24-7 support system, reporting admin control, easy to use dashboards, and drag-and-drop workflow.

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3. Mapistry

It is the best sustainability reporting software that manages compliance for SPCC, storm water and other hazardous materials. This cloud-based platform tracks everything efficiently from a single dashboard.

The companies can reduce the risk through this software.

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4. AQUARIUS

This software publishes real time water information. There are different versions of this software.  AQUARIUS Time-Series helps the companies in managing the water resources. If the companies want quality control data, get better rating curves and report in real-time, this is ideal software.

• AQUARIUS Sample makes sample management easy. It saves time by streamlining the sample collected from the environmental lab and field.
• AQUARIUS Web Portal is very helpful in providing customised dashboard, live reports, statistics, maps and alerts for the stakeholders.
• AQUARIUS Forecast helps in creating simpler workflows.

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5. BREEZE AERMOD

This software is effective in air quality analysis. The analysis is done according to the Gaussian air dispersion model. It makes it easy for the companies to address the regulatory issues and perform academic research.

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6. Cority

It is reliable EHSQ software. This company has more than 30 years of experience. It provides different solutions such as environmental management, occupational health solution, ergonomics, industrial hygiene, safety management and quality management.

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7. BreezoMeter

This software provides information about real-time and street-level air quality. It reports the data related to air pollution, active fires and pollen. Individuals can also use its Android and iOS app for free.

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8. IntegrityNext

This software allows the companies to monitor their supplier in terms of sustainability and regulatory compliance. It provides services in over 130 countries.

IntegrityNext also monitors all the self-assessments and certificates of the suppliers. It offers a wide range of solutions such as environmental protection, data protection, anti-corruption, quality management, trading partner security, supply chain responsibility, etc.

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9. Form.com

This software offers data collation solutions for both desktop and mobile platforms. It is great in data compartmentalization. Drag and drop interface is available with customized forms. It has customizable dashboard and makes everything easy to access with a cloud-based system.

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10. Intelex

This software specializes in environmental, health & safety and business performance management. It collects, tracks and reports the data in real-time. Users of this software can improve the operational efficiency, manage the risks and comply with all the requirements.

It is very helpful in waste management, water quality management, and permits management. This software is used by various industries such as automotive, aerospace, education, food & beverages, and many others.

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Conclusion

Sustainability reporting and management software is essential for every organization as it provides various benefits like increasing the profits, delivering the competitive advantages, enhancing the business reputation and minimizing the costs. The above-mentioned list includes major software that have been popular among the top companies.

All have different features and purposes. The software can be selected as per the needs of the companies. So, get one of the software and make sustainability reporting easier and more accurate.

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The Current Landscape for Sustainability

More and more companies across the globe embrace and incorporate sustainability principles into their value creation. They are doing so by enacting various changes into their supply chain—from improving efficiency in energy consumption and resource extraction, developing eco-friendly products to enhancing employee retention and morale through better corporate engagement.

There are numerous reasons as to why business sustainability has become increasingly relevant in the corporate world. From what was once perceived solely as a means to safeguard brand reputation in the form of short-term corporate social responsibilities (CSR), sustainability management has evolved to address various concerns inhibiting business growth.

With a much better understanding of the concept, companies actively seek to employ various sustainability plans to achieve longevity and recalibrate their value creation for better returns on investment.

Such a shift in paradigm is reflected by how the top executives have viewed the significance of sustainability in their corporate strategies over the years. Although reputational and risk management remains as the primary driver for sustainability efforts at 61 per cent today—according to the annual survey by GlobeScan and BSR in 2019—other factors have quickly caught up to become equally important points of interest.

For instance, customer demand and investor interest have joined the ranks of the top-three drivers for sustainability at 43 and 41 per cent respectively, with the latter experiencing a significant jump from only 25 per cent in the previous year.

Must Read: How To Choose The Right Sustainability Reporting Framework

The Low Uptake of Internal Sustainability in Corporate Strategy

As the survey above has shown, business sustainability has increasingly played a larger role in corporate success. With growing awareness of how their activities impact their surroundings, companies in droves initiate myriad sustainability efforts to address global challenges, such as climate change, social inequality, and resource scarcity in hopes of creating a resilient and regenerative business model.

While such progress laudably merits recognition, the holistic integration of sustainability into the business model surprisingly stays relatively low.

For instance, it has been found that in 2019 only 16 per cent of companies say that sustainability is exceptionally well-integrated into their organisations, a paltry three per cent growth from the same survey in 2016.

Such low figures indicate that while most companies strive to align their corporate goals with their sustainability initiatives, nevertheless, only very few have imbued their core strategies with substantial social and environmental values.

In other words, for most companies, sustainability is still seen as an accelerator of growth for short-term value gains rather than an integral part of strategic planning to help weather through risks and take on opportunities for the future.

Also Read: International Accounting Standards Board (IASB)

As a result, we have witnessed the cultivation of corporate culture that sells the premise of sustainability, but disregards the importance of internal sustainable endeavours to obtain operational and growth-oriented benefits. McKinsey corroborates this supposition—showing that areas such as employee engagement and internal communications have insofar received inadequate attention from companies.

Only 53 per cent of respondents say that corporate sustainability efforts are critical to attract and retain employees. When it comes to the implementation of sustainable activities to improve employee retention and motivations, that number is further diminished to only 26 per cent.

The underutilisation of corporate engagement as a key area of sustainability is such a missed opportunity, considering that 48 per cent of companies have reportedly experienced better performance in value creation against their competitors by making this adjustment.

Must See: How Singaporean Consumers Drive Better Corporate Sustainability?

Why Employee Engagement is Critical to Successful Sustainability

Employee engagement is essential to assist a business in transforming its sustainable concepts into attainable goals. Instilling workforce with sustainable values helps a company better communicate its strategic planning across all levels of management.

By engaging its employees in every sustainable endeavour, from the top to the bottom of the hierarchy, a company can synergise its different functions to pursue a sound business decision. In the same breath, it can also eliminate organisational silos and competing objectives among departments that arise from the lack of communication.

It is important to note, however, that sustainable value creation differs significantly across industries. Some industries prioritise growth, while others concern more about capital returns or risk management.

Please Read About: What is International Integrated Reporting Council (IIRC)

Nevertheless, there are three common, necessary steps that a company can take to engage employees better in sustainability, and they are as follows:

1. Materiality Assessment

Incorporating environmental and social considerations into a business strategy is a complicated endeavour, especially for companies with no prior knowledge and experience in sustainability. This is where the concept of sustainable materiality comes into the picture. Materiality assessment is a set of activities that enables companies to analyse the most relevant issues that may affect the supply chain of the business. Companies that regularly exercise an assessment of material concerns of their business activities have better chances to create a more efficient strategy to meet not only their financial goals but also the social and environmental obligations set upon by their stakeholders, from customers and community to investors and employees.

Sustainability – an international consultancy and think-tank—opines that the lack of proper planning in advocating specific sustainability issues becomes one of the pitfalls that a company often commits. It further explains that most companies ambitiously embed multiple sustainable issues into their activities without conceptualising a holistic masterplan beforehand—resulting in improper executions and lack of measurable traction on any of their initiatives. A company can easily alleviate this problem by simply creating a plan that subsumes all areas of business, from workforce management, product development to corporate strategy.

2. Establish Clear Internal Communication

After formulating the key sustainability issues that will become its main focus, a company must then create a clear channel where all the relevant parties can communicate and share ideas on how to conceptualise plans to tackle these issues.

This step is highly crucial in helping a company fully adopt a sustainable business model as it mandates that everyone in the company is involved and well-informed of the expectations and objectives that they concomitantly strive to attain.

Every managerial role must, thus, assume the responsibility of conveying the vision of the company clearly so sustainability values can be consistently applied and embedded in every decision-making process.

Let’s take a look at how PITT Ohio, the US-based transportation solutions provider, has managed to bolster its position in the post-recession market by delivering an added value through sustainability initiatives. While other freight service companies are competing in providing reliable shipment on a competitive price, PITT Ohio has taken one step further and introduced an avenue where customers can be better informed of their emissions activities.

In 2011, realising the growing concern for carbon emissions caused by the freight operational activities, the company launched a carbon calculator, which enables customers to track their carbon footprints when using the company’s service.

The initiative has shown positive results, raising awareness of carbon emissions in transportation for around 25 per cent to 50 per cent of its target market. The company also succeeded in reducing three per cent of carbon emissions from utility usage at their facilities and freight fleet in the first year of tracking.

This initiative would not have been successful without clear communication between the company’s Operations, Vehicle Maintenance, and Building Maintenance departments, all of which produced the highest emissions. But PITT Ohio did not intend to stop there.

The company continued to synergise its workforce to expand the areas of sustainability in its value creation, which also encompassed the rollout of the Sustainability Steering Committee in 2012.

Also See: GRI Sustainability Reporting Standards

3. Fostering Professional Environment with Embedded Sustainable Values

Simply communicating your sustainability plan and target goals is not enough to truly drive sustainability into the core of your business strategy. Pollman and Bhattarchaya highlight that companies must know how to “link employees’ personal values and support for sustainability with the employees’ daily work and the company’s operations”.

In other words, companies must show they are willing to accommodate employees’ commitment to implementing sustainability values in their day-to-day tasks.

To foster such a supportive atmosphere, a company must bridge the gap between personal and corporate values in three dimensions: formal, psychological, and social. These dimensions – defined by Strebel as personal compacts – underpin the professional and social contracts that both parties, a company and an employee, must fulfil. In the formal dimension, a company must show that sustainability values are expected of the employees through job descriptions, training requirements, and performance benchmarks.

In the psychological dimension, on the other hand, a company must show in every managerial activity that a sustainability initiative is rewarded and highly encouraged.

Lastly, in the social dimension, a company must demonstrate to its employees that it strives to establish an environment where sustainability culture and values can thrive.

These three steps serve as guideposts for every company that seeks to embed sustainable values deep into its corporate culture—creating behavioural and attitudinal changes from the grassroots level.

Moreover, implementing this concept into the workplace also benefits the employees as it also seeks to satisfy their professional fulfilment.

While indeed driving sustainability through corporate engagement requires careful planning and time, however, the successful integration of sustainability into the core business model will help mould a highly efficient productive workforce who can simultaneously bring value to the company, while simultaneously empowering the community and the environment.

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If you are looking for the sustainability reporting requirements to prepare and submit a sustainability report then you are reading the correct article. Here in this article you will get to know about what are sustainability repoting requirements and some tips for sustainability report writing.

All listed companies on the Singapore Stock Exchange (SGX) are required to prepare and submit a Sustainability Report on a ‘comply or explain’ basis. This means that the companies who fail to present a complete sustainability report to the public and various stakeholders must explain why it cannot incorporate sustainable business practices.

As per the rules and guidelines, the companies must prepare the sustainability report so that the industry and stakeholders easily understand it. While many large companies have been voluntarily following sustainability reporting in Singapore, others must follow suit now. 

In a sustainability report, the company considers the ESG factors and makes everything transparent in front of the stakeholders. It is an excellent way of building a reputation in the industry and gaining the trust of stakeholders.

Requirements of Sustainability Reporting in Singapore

The sustainability report must contain 5 primary components:

1. Material ESG Factors

Environmental, social, and governance factors must be considered while preparing the report. The impact on the business model, strategy, and stakeholders must be identified. The interaction of the business activities on the environment and community must be stated in the report.

The company is supposed to disclose the internal operational activities, supply chain management details, and outsourced service concerning these ESG factors. This reporting is beneficial in identifying the potential risks and challenges that a company may face.

The report must convey the following information as it affects the decision of investors:

• How these factors are valuable for the company?
• What are the activities that impact the physical environment and social community?
• What is being done to reduce harm to the environment?

Must Check: Know Everything About International Integrated Reporting Council (IIRC)

2. Policies, Practices, and Performance

After all the ESG factors are identified, it is important to explain the company’s policies and performance in a descriptive and quantitative way. The policies and practices followed by the business build trust among the internal and external stakeholders. If the performance during the reporting period is good, it positively influences investor’s decisions.

Do Read: Sustainability Issues in Financial and Banking Industry

3. Targets

Companies must disclose their targets for the forthcoming years. It can be short term, long term, qualitative or quantitative. The performance of the company can be measured according to the set targets.

4. Sustainability Reporting Framework

The company must choose a framework for reporting according to the business model or industry. To expand the business globally, it is advisable to select a reporting framework that is accepted globally. The issuer of the report must be careful while preparing the report in case some other reporting framework is selected.

When the company follows a particular framework for years, it gets immense knowledge and understanding about that reporting framework. It becomes easy for the company to communicate the information to the stakeholders. Though with changing times, the relevancy of the frameworks must be examined.

5. Board Statement

The statement from the board must be included in the report. The perspective of the board on strategy formulation considering the sustainability issues must be clear through the statement.

On 2 May 2012, the Code of Corporate Governance issued that the board has the collective responsibility for the long term success of a company (issuer). The board provides direction to the business strategies. The board must see that everything is managed and monitored by the management as per their vision and mission.

The interaction between the board and management is a deciding factor for the success of the company.

Ultimately, the board is responsible for sustainability reporting and must be answerable to any questions raised regarding the issuer.

Must Read: What is Sustainability Management?

Tips for Sustainability Report Writing in Singapore

If you are writing the sustainability report for the first time, then just remember it should be simple. Once you gain expertise, you can move to a comprehensive level. Always remember that the perception of the investors and customers is based on this reporting. While preparing the sustainability report, you can follow these steps:

1. Do Some Preparation

Firstly, determine your purpose of reporting. You must be clear about the content and the message that has to be conveyed.

2. Connect With Stakeholders

You must understand the needs of both external and internal stakeholders. The involvement of internal stakeholders makes your reporting more accurate.

3. Identify The Issues

Topics related to the material issues must be included on priority in the sustainability report. When these issues are openly discussed and analyzed, the company can do proper planning that leads to long-term success.

4. Collect The Data

Start collecting the data related to the key performance indicators. You can collect relevant data from the concerned departments.

5. Start Writing And Designing

Now, it’s time to develop a report that is capable enough of conveying the message clearly to all the stakeholders. It must have some graphics, images, and other visuals that make the report more engaging.

6. Share The Report

The report must be shared with all on different platforms such as the website of the company, social media channels, newsletters, and so on. Feedback from the stakeholders can be very helpful in improvement, so do keep track of that.

Also Read: International Accounting Standards Board (IASB)

Conclusion

Sustainability reporting is important for companies to plan their business strategies and investors to make their investment decisions. Sustainable report writing plays an essential role in conveying key messages to the stakeholders. The above given are some requirements that must are important to make the sustainability reporting system in Singapore more trustworthy and transparent.

The primary components are mentioned in Listing Rule 711B and in paragraph 4.1 of the ‘comply or explain’ based guide. If the issuer is not able to comply with these requirements, then the issuer must state the reason for not doing so.

Looking at the importance of this report, it has become must make this report in order to have a better assessment of financial prospects and management quality of the issuer.

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What is Meant By Sustainability Management?

‘Resources are finite’ sustainability operates on this assumption. The impact of business activities on society, economy and environment cannot be overlooked. Sustainability Management is an integration of the concepts of both sustainability and management. People, planet and profit are three parameters on which companies focus in order to become successful in future.

If a firm wants to sustain for the long term, then it must practice sustainability through adopting the ways of sustainable management. This is a preventive method that ensures the overall growth of a company.

Various industries such as agriculture, insurance, automobile, healthcare, and many others are incorporating sustainability management in their working. Right from top-notch companies like GE, Kohl’s Corporation and Land’s End to many local organisations, everyone is pursuing sustainable management.

Different practices followed under sustainability management may include investment in fair-trade products, improvement in human working conditions and reduction of packaging materials. Sustainability management requires proper planning. It takes time to analyse and implement the strategies. To get great results, skilled professionals are needed by businesses.

History of Sustainability Management

No change is adapted overnight. There has been a series of incidents that resulted in the requirement of sustainability management. Let’s have a look at the history of sustainable ways:

How there was a need for sustainability management and what changes took place?

1. Environment

Due to advancement in technology, increase in waste production and rapid increase in pollution, our planet earth experienced various changes and disasters. Not only nature but human well-being was also affected by human activities. In the past, many nature distorting incidents took place such as the nuclear power accident of Chernobyl, Oil spill at Deepwater Horizon and Union Cyanide gas leak.

Both humans and wildlife were hugely affected by these disasters. After looking at the consequences of human activities, there was a need for sustainability management for businesses.

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2. Society

Earlier there were no regulations related to human and labour welfare. After the implementation of sustainable management, companies ensure good working conditions, employment rate and easy exit policies.

3. Businesses

Before the concept of sustainability was introduced, the businesses were focused on profits. By overlooking their social and environmental responsibility, they did not understand the long-term disadvantages. Today to maintain long-term viability, corporate management is trying to amalgamate both business strategies and sustainable management ideas.

Responsibilities of Sustainable Managers

Sustainable managers are professionals that are responsible for creating sustainability strategies for companies. Their vision, implemented changes and long-term thinking guides a company to the path of growth. These managers can come from different backgrounds such as economics, environmental science, etc.

In various firms, different titles can be given to sustainable managers such as:

• Chief Sustainability Officer.
• Head of Sustainability.
• Global Director of Social and Environmental Affairs.
• Environmental Program Manager.
• VP of Corporate Responsibility.

The roles and responsibilities of sustainable managers may differ as per the size and requirements.

Let’s have a look at their tasks:

• They make sure that the organisation is complying with environmental regulations.
• They are responsible for setting performance goals.
• Sustainable managers build awareness in the company about the sustainability programs.
• Right from proposing the sustainability initiatives to measuring and reporting the effectiveness, they manage it all.
• A sustainable management manager leads a team and ensures the achievement of goals.
• The manager must have the ability to make difficult decisions.

Must See: What Are UN SDG Goals? Why Are They Essential For Your Business?

Steps followed by Sustainability Managers

1. Goal Setting

Sustainability manager tries to set a goal that is actionable and measurable. It is not possible to get the desired results if the goal is unrealistic and without any deadlines. With measurable goals, a manager can lead a team in a specific direction to achieve the goal.

Examples of sustainability goals can be a reduction in carbon footprint. Yes, this goal can be achieved by proper strategic planning and implementation.

2. Using Different Tools

There are different tools available that can be used to get data and solutions. Right from profit and ROI to data related to society and environment can also be collected with these tools. When it comes to the social dimension, unemployment rate and median household income can be calculated. Measurements related to the environment may include fossil fuel consumption and greenhouse gas emission.

3. Learning Continuously

Sustainability managers have great knowledge in different fields and industries but while executing their planning, they may face difficulties. In such scenarios, they have to make tough decisions and analyse the loopholes and correct them for the future.

It is very important to analyse the results at each step as in this way certain changes can be implemented at an early stage that can be helpful in fulfilling the goal.

Also Read: Why is Employee Engagement Important to Business Sustainability?

Advantages of Becoming a Sustainability Business

1. Increased Brand Awareness

When a company is mindful about its activities and impact on the environment and society, the consumers are more likely to associate themselves with such a company. The purchasing behaviour is influenced through sustainable management initiatives taken by a company.

2. Increased Competitive Advantage

Companies that support fair trade and labour practices, promote health and safety, and manufacture energy-efficient products would surely have a competitive edge over other companies.

3. Increased Productivity

When a company considers sustainability as a part of its business planning, then the operational efficiency increases. Conservation and better use of resources ultimately result in a reduction in costs.

4. Carbon Risk is minimized

When a business is determined to go green, the carbon output reduces and energy efficiency increases.

5. More Financial Opportunities

Companies that are more responsible in sustainable management terms and utilize the resources properly can get more investment and financial opportunities.

6. Increase in Employee Retention

Businesses that ensure employee welfare have a high retention rate. The companies that actively participate in social and corporate environmental programs are preferred by everyone. Hence, the recruitment process also becomes easy.

Conclusion

Sustainability management in companies has resulted in an overall improvement in different aspects like environment, society and economy. Companies are following these practices and complying with the regulations to grow in long term.

Sustainability management is essential as it also influences consumer purchasing decisions and builds trust among stakeholders.

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In the year 2015, September, the United Nations (UN) embraced a set of goals for protecting the planet, ending poverty, and for ensuring prosperity. These set of goals are an integral part of a new sustainable development agenda.

According to the United Nations, for reaching Sustainable Development Goals (SDGs), there should be a contribution from all sectors – private sector, government sector, general people, and civil society.

In the last few years, the reporting and participation of countries are quite good, but lots more need to be done in this regard. It is being said that for achieving the 2030 agenda, accelerated and immediate actions have to be taken by various countries. Not only this, there have to be great collaborative efforts between stakeholders and governments at all levels.

Innumerable corporate companies have embraced sustainability reporting and acknowledgment on SDGs have become extremely popular and well-known.

SDGs have significantly been referenced in corporate reporting. Medium size and small companies or enterprises are not always able to approach the SDGs in the same way as large organizations or corporates or even governments.

However, this does not mean that these companies have nothing to do. Medium size and small enterprises play a significant role in private sector business and also in economic activity. This feature has been noticed in both developed as well as developing countries.

Sustainable Development Goals (SDGs) and Businesses

When Sustainable Development Goals (SDGs) are implemented in businesses (whatever be the dimension of it), there can be many benefits that can be obtained. It has been seen that many companies are facing different kinds of challenges that are limiting their growth potential.

Some of the most common challenges faced include weak financial markets, limited natural resources, scarce local purchasing power, and scarcity of qualified talent for business. With the implementation of SDGs, opportunities can be created for addressing the challenges for four key themes – risk, growth, purpose, and capital.

1. Addressing Risk Factors Associated With Business

It might not be possible for companies to create capital for an extended period if manufactured, natural, financial, and social capital is being spent in some other place. A risk area is represented by each SDG, which is already causing challenges to a business and society.

If the risks are not addressed at the right time and in the proper manner, it might cause larger and graver risks. Supply chains are exposed to various kinds of problems including depletion of natural resources, climate change, geopolitical instability, lack of development in some areas, inequality, etc.

While making any kind of investment decision, investors are paying great attention to social, environmental, and governance risks.

2. Driving Business Growth

It is quite evident that any businessman would want to see growth in his business. In general, business growth is mainly linked to the achievement of sustainable development goals at the macro level. But, for taking action at a local level, the companies need to identify how their contribution can help in meeting goals that boost financial performance in the various markets in which they operate.

There are SDGs which directly has reference to employment, economic growth, innovation, sustainable industrialization, and production. Again there are other SDGs that provide business advantages in various manners.

3. Concentrating Purpose

The SDGs will have a crucial impact on the purpose of various companies all across the globe. When one is contributing to the SDGs, it is a way of creating shared value for all the stakeholders. This will make the businesses a strong driving force for galvanizing stakeholders around an outcome which will be commonly shared.

When the concentration of a company is on purpose, which is kind of creating value for others, the ability to make profits and driving sustainable value is always high. SDGs can help in concentrating on the primary purpose of the company/business for overall growth and development.

4. Attracting Capital

Investment flows can be redirected for both public and private sectors towards various global development challenges, which are framed around SDGs. As per UN estimates, the cost incurred for achieving the SDGs is around US$3.3 to US$4.5 trillion annually. Therefore innovative financial models must be developed with the help of the experience that has been gathered.

For helping various developing countries, The World Bank has committed to giving almost US$23.5 billion via 115 projects which they will launch.

Conclusion

Along with all the things mentioned above, with SDGs in place, the companies will be able to assess, measure, reports, and communicate. Visible growth can be seen in companies and businesses with the use of SDG.

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