Tuesday, May 5, 2020
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Question: Should Business be Reporting with Reference to Sustainable Development Goals? Answer: Introduction On 25th September, 2015, countries have adopted a set of 17 Sustainable development goals (SDG) to end poverty, protect planet and ensure prosperity for all around the world. Each goal has its specific target to be achieved within next 15 years (Undp.org, 2018). The spirit of SDGs is to improve life in sustainable way for the future generation. Moreover, these goals are aimed at eradicating the global issues like economic issues, social issues and environmental issues. SDGs provide an effective framework to the business organizations towards operating transparent and informative business operation. Business organizations can play a vital role in achieving the global SDGs through its sustainable business operations. Hence, business organizations should report in reference with Sustainable Development Goals. This study will discuss the importance of business organizations to report in reference with Sustainable Development Goals. The study will highlight the importance for business organizations in achieving the 17 SDGs adopted by the countries. Moreover, the contribution of businesses in sustainable economic, social and environment development of the planet will be discussed in this study. Discussion Sustainable development goals (SDG) are the global agenda and set of global goals for people, planet and prosperity. It is consisted of 17 global goals, which are actually set by United Nations (Citiscope.org, 2018). These goals are actually intended towards protecting the planet, ending the poverty and ensuring the prosperity for all. Each goal has its own specific targets to be achieved towards achieving global sustainable development. Sustainable development goals are actually developed to replace Millennium Development Goals (MDG), which have been ended in 2015. Unlike, MDGs, SDGs do not differentiate between developing and developed nations. Moreover, SDGs are applied to all countries towards a high level of sustainable global development. According to Keesstra et al. (2016), the target of sustainable development goals is to transform the world and seek to enhance the Universal peace in larger freedom. The agenda has identified that eradicating poverty in all its dimensions including extreme poverty is one of the biggest global challenge. The collaborative partnership among the global countries and its stakeholders can provide collaborative and effective solution to these extreme global challenges. As per Tangcharoensathien et al. (2015), SDGs are aimed at eradicating the poverty and hunger for ensuring that all people are fulfilling their potential in dignity and equality. Moreover, these goals are intended towards enhancing the prosperity of all human beings equally. On the other hand, Lu et al. (2015) opined that the target of sustainable development goals is to protect the planet from degradation including sustainable consumption and production through sustainable management of natural resources. Moreover, this goa l of SDGs is targeted at protecting the future generation through sustainable consumption. On the other hand, SDGs are also majorly focused on high level of social development by creating peaceful and inclusive society, which is free from fear, violence and injustice. Overall, SDGs are targeted at removing the global issues like poverty, health, hunger, climate change, education, gender equality, sanitation, social justice and lot more. It is becoming widely accepted that business has extremely critical role to play towards achieving Sustainable Global Goals. Global goals have provided a perfect framework for the businesses to report their contribution and impact on the societal, economical and environmental development. According to Le Blanc (2015), SDGs allow companies to be highly transparent regarding their operations and enable investors to make informed decisions. Furthermore, the businesses can also give a proper understanding to the government regarding their contribution in economic and social development through reporting on SDGs. On the other hand, Hk et al. (2016) opined that sustainability is moving from corporate sidelines into the mainstream of the businesses. The challenges of uncertain energy cost, looming restriction on carbon emission and concerns about natural resources and raw materials have led the companies around the world to wake up for the environmental sustainability. On the other hand, Bu se and Hawkes (2015) opined that the companies are also coming under greater scrutiny regarding their role in social and economic development. Such scrutiny has encouraged the organizations around the world to be concerned about economic and social sustainability. Increasing pressure and demand from government have forced the companies around the world to be highly focused on their contribution in economic development. Businesses have huge capabilities in the global economic development of the world. Hence, the businesses must report on the economic development of their concerned countries leading to overall global economic development. According to Dyllick and Muff (2016), economists expect business companies to improve economy through improving the quality of goods and services manufactured through competition. In this way, the business companies directly contribute in the Gross Domestic Product (GDP) of the nations. On the other hand, Barkemeyer et al. (2015) opined that business companies often leads to high level of foreign direct investment through creating attractive national competitiveness. In this way, such business organizations lead to shared economy, which ultimately helps in global economic growth. While considering the example, the food and beverage industry has 16.7%-20% contribution in the global economic development (Morioka Carvalho, 2016). Such increased economic growth has ultimately led to strong industry infrastructure and innovative products and services, which has direct contribution in achieving sustainable development goals. Business organizations must be reporting in reference to sustainable development goals in terms of creation of employment opportunity. According to Schaltegger and Burritt (2018), employment is created by both government and private business organizations, which ultimately reduces the major issues of unemployment in the developing countries. With the development of international business, the business organizations are not only concerned about creating employment in their domestic countries, but also creating employment in the international countries. In this way, the business organizations mitigate the global issues of unemployment, which enhances the quality of human life around the world. Moreover, the growth of employment rate around the world has been projected by 11 million per year (Prez?Lpez et al., 2015). On the other hand, Undp.org (2018) opined that the employed people contribute in their nations economic development through paying taxes to the government. In this way, inc reased employment created by business organizations directly contributed both in the social as well as economic development of the people. Moreover, increased employment over the world has reduced the poverty level of the people around the world. Hence, the overall economic growth fostered by the organizations leads to high quality of life of the people. The businesses meet the needs for each other, which leads to network of interconnected sectors towards developed industrial infrastructure. As per Siew (2015), certain business organizations render services and provide products or raw materials for other business organization towards their survival. In this way, businesses can help in promotion of business establishment and economy of the countries at a large. For example, the development of tourism business development directly develops the businesses like food and beverages, hotels, transportation, arts and music and many others. In this way, increased industrial development ultimately contributes in the overall economic growth of the countries. On the other hand, Kennedy and Rood (2017) opined that the network of interconnected business establishment ultimately leads to increased employment of the people in different sectors leading people to prosper in their life. Hence, businesses must be reporting in reference to the sustainabl e development goals. The business organizations are under constant scrutiny regarding their active contribution in the societal development through their commercial operations. Such societal development is directly associated with the global sustainable development goals. Hence, the business organizations must be reporting in reference to global sustainable development goals. According to Holden et al. (2017), business organizations constantly generate income for the individuals, which remove the extreme poverty level of the human beings. Moreover, the business organizations utilize the factors like labor, land and capital for generating wage, rent, profit and interest for the factor owners. In this way, the business organizations reduce the poverty level of the people by enhancing their wellbeing. On the other hand, Clark et al. (2016) opined that business organizations highly contribute towards development of education, innovative technology and applying theories for better human welfare. The contempor ary business organizations require highly qualified employees for operating high level of technologies and business systems. Hence, the people need to highly educated to get employed in such organizations. Such increasing demand for educated employees in the business organizations has led to increased education among the people. In this way, the business organizations can directly contribute in the educational development of the society. For example, industrial development has increased the upper educational rate of Australia from 65% in 2009 to 85% in 2017 (Abs.gov.au, 2018). In this way, the business organizations have ultimately contributed in the educational development of the society in Australia. The business organizations often fight for inclusive and equal opportunities of education for all types of people in the society. Moreover, with partnership of NGOs, the business organizations often initiate some programs for encouraging equal educational opportunities in the society. Un.org (2018) pointed out that business organizations have huge contribution in achieving gender equality and empower all women and girls. With an intension to create positive social image, most of the reputed organizations are highly intended to provide equal employment opportunity to employees. For example, the reputed multinational organizations like Coca Cola Company, Unilever, Dominos and many others have get success in achieving equal employment opportunity for the employees. It is evident that women comprise 46.9% or all employed persons in Australia, due to equal employment opportunities provided by the business organization (Lu et al., 2015). On the other hand, World Economic Forum (2018) opine d that global women employee has hit 49% with the equal opportunities of the reputed organizations. The business organizations have both direct and indirect contribution in the health development of the people. According to Holden et al. (2017), the social cause marketing campaigns of the business organizations are targeted at removing the severe disease and disease potential of the people in the society. With an intention to improve social image, the business organization conduct social cause market for promoting prevention measures of severe diseases like HIV, malaria, tuberculosis, clean water sanitation, cancer and many others. Moreover, such advertisements promote the social messages like safe drive, social awareness for smokers and many others. In this way, the business organizations can report on achievement of global social development goals. The organizations often provide medical facilities to the people for their health development as a part of their corporate social responsibilities. In this way, the business organizations contribute in the health and wellbeing of the p eople leading to sustainable social development. Global sustainable development goals are aimed at protecting the planet through sustainable consumption of natural resources and maintaining the balance of biodiversity life. Business organizations play an extremely significant role in protecting the environment for sustainable global development through sustainable consumption. According to Schaltegger and Burritt (2018), universal access to sanitation, water and hygiene would not be achieved without the help of private sectors. Several companies are working for managing their water discharge and their impact on local community. In this way, the businesses contribute in achieving access to clean and hygienic water to the people. For example, Coca Cola has spent around a billion dollar for developing wash water treatment plants for reducing water pollution (Kennedy Rood, 2017). On other hand, Clark et al. (2016) opined that business organization have developed renewable energy technologies for sustainable energy consumption. Such su stainable energy is also cost effective, as it uses renewable resources. Such energy is accessible to all kinds of people regardless of their financial backgrounds. Hence, the business organizations ensure equal access of affordable and clean energy for all in the society. In this way, the business organizations can be directly responsible for sustainable global development through sustainable energy consumption. The need for business organization to report on sustainable global development reflects on its ability to develop sustainable cities and communities. Moreover, the business organizations are even taking the responsibility of reducing the number of people living slums or informal settlements. Moreover, Barkemeyer et al. (2015) opined the real estate sector are taking active initiatives in collaboration of Government to provide affordable housing facilities to the middle to low income group people in the society. Such tendency of affordable housing is highly reflected in the India, where the real estate sector has taken active initiatives in developing affordable housing for rural development (Hk et al. 2016). In this way, such initiatives of affordable housing are ultimately contributing in the sustainable social development. Business organizations also have major contribution in responsible consumption and production. Most of the reputed organizations are recently using eco-friendly production system for reducing the amount of waste in the production system. In this way, the global recycling rates are being increased, which are measured through tons of materials recycled. For example, Nike, the most popular footwear company uses 71% its recycled footwear and apparel products to produce new footwear and apparel (Dyllick Muff, 2016). In this way, the organization leads to sustainable consumption of natural resources required for producing footwear and apparels. On the hand, Buse and Hawkes (2015) opined that reputed business organizations are taking urgent actions for combating climate change and its influence through regulating carbon emission and developing renewable energy. Moreover, the organizations should always report on their restriction on carbon emission combating climate change. In this way, th e businesses are contributing in the global environment protection for sustainable global development. Conclusion While concluding the study, it can be said that businesses should obviously report with reference to the sustainable development goals. Sustainable Development Goals (SDGs) are intended to protect the planet, end poverty and enhance the property of life of the people. SDGs allow companies to be transparent with its stakeholder and facilitate investors to make informed decision. Business organizations can play a significant role in achieving the target of Sustainable Development Goals. The business organizations are in constant effort to improve the quality of their products and services for gaining competitive advantage over the rivals. In this way, constant improvement of products and services leads to innovation and strong industrial structure and increased GDP of the nations. Business organizations are directly responsible for creating employment for the employees. In this way, such businesses provide sources of income to the people, which reduce the extreme poverty level of the p eople. On the other hand, the demand of the employees to hire high educated employees has led to quality education in the countries. 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