Exploring the Better Business, Better World report

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We reported earlier that we kicked off our first CC Network breakfast. The topic was the recently released report ‘Better Business, Better World’ to help understand how the outcomes of this report are relevant to LBG members.

In its flagship report, the Business and Sustainable Development Commission (the Commission) recognises that while the last few decades have lifted hundreds of millions out of poverty, they have also led to unequal growth, increasing job insecurity, more debt and ever greater environmental risks.  This has led to an anti-globalisation reaction in many countries, with business and financial interests seen as central to the problem, and is undermining the long-term economic growth that the world needs.

The Commission explores the question ‘what will it take for business to be central to building a sustainable market economy – one that can better help deliver the global goals?’

The report indicates that businesses can unlock at least US$12 trillion in new market value and economic repair system. The next decade will be critical for companies to open 60 key market ‘hot spots’, to tackle social, environmental challenges and re-build trust with society.

Tara James, Corporate Citizenship Manager Australia and New Zealand said, “The Sustainable Development Goals (or global goals) offer companies an opportunity for growth and to improve their own productivity as well as rebuild trust with society and helping make a greater contribution to social issues.

The Commission believes the Global Goals provide the private sector with a new growth strategy and opens valuable market opportunity while also creating a world that is both sustainable and inclusive including potential significant rewards.

The report reveals 60 sustainable and inclusive market ‘hotspots’ in four economic areas could create at least US$12 trillion, worth over 10% of today’s GDP. The breakdown of the four areas are energy, cities, food & agriculture and health and wellbeing.

Simon Robinson, Director of LBG said “Many of us are realising the enormous opportunity that exists for enlightened businesses willing to stand up and address these urgent challenges. It is important that corporates in Australia and New Zealand build the global goals into their business strategies. From those members already doing this we recommend identifying those goals most relevant to their business, and starting with these goals. The business case is very strong so Australian business leaders should be paying attention to this compelling report.

The Commission was launched in Davos in January 2016. It brings together leaders from business, finance, civil society, labour and international organisations with the aim of mapping the economic prize that could be achieved to business if the UN Sustainable Development Goals are achieved, and describing how business can contribute to delivering these goals.

Throughout 2017 the Commission will focus on working with companies to strengthen corporate alignment with the Global Goals.

Check out the report.