Catalyst, Not Hindrance: How Strategic Approaches to CSR and Sustainable Development Can Deliver Effective Solutions for Society’s Most Pressing Issues

Corporate Social ResponsibilityCorporate Social Responsibility(CSR) (CSR) has evolved from businesses having activities rooted primary in philanthropyPhilanthropy to a stage where approaches to Corporate Social ResponsibilityCorporate Social Responsibility(CSR) have become strategic. This evolution has led to multinational enterprises being pivotal in solving a selection of pressing societal issues in healthHealth, agriculture and the creation of sustainable livelihoodsLivelihoods. Despite the rapid expansion in the number of businesses publishing their CSRCorporate Social Responsibility(CSR) and SustainabilitySustainability reports, progress has been slow and sporadic in businesses across several industriesIndustries. However, businesses that integrate the three key pillars of sustainable developmentSustainable Developments—social, environmental and economic Economics —provide a foundation on which to build a strategic approach to CSR Corporate Social Responsibility(CSR) . Taking an approach informed by sustainabilitySustainability helps businesses have clarity about their purpose Purposes . This enables the core businessCore business to be in sync with valuesValues of the company, internal stakeholdersStakeholders as well as align with expectations of the wider society Societies in which those businesses operate. This shift albeit a gradual one for at least a decade demonstrates how businesses and their stakeholdersStakeholders can drive innovation Innovations , future-proof investments and create an enabling environment Environments for enhanced benefits to shareholdersShareholders as well as other stakeholdersStakeholders. Drawing on examples from the extractive industryIndustries, manufacturing and supply chainsSupply chains for consumer goods, this chapter highlights how strategic approaches to CSR Corporate Social Responsibility(CSR) and sustainable developmentSustainable Developments can be effective tools in solving pressing issues in society Societies as well as serve as a catalyst to achieve specific Sustainable Development GoalsSustainable Development Goals (SDGs). Moreover, embedding CSR Corporate Social Responsibility(CSR) in core businessCore business operations improves quality of life and livelihoodsLivelihoods in communitiesCommunities as well as strengthens the capability of businesses to apply pragmatic solutions in addressing pressing societal issues.