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How Businesses Can Accelerate and Scale-Up SDG Implementation by Incorporating ESG into Their Strategies

In: Business, Government and the SDGs

Author

Listed:
  • Mahmoud Mohieldin

    (Cairo University)

  • Sameh Wahba

    (World Bank)

  • Maria Alejandra Gonzalez-Perez

    (Universidad EAFIT)

  • Miral Shehata

    (Independent Economic Researcher)

Abstract

Businesses are confronted with both global and local risks. Firms’ reactions to concerns about sustainable development can minimize risks, boost positive impacts, and benefit society, markets, and ecosystems. Even though the SDGs were designed for governments and not for the private sector, businesses’ greatest contribution to the 2030 Agenda is incorporating ESG components into their strategy and therefore scaling up and accelerating SDG implementation. The private sector must be more responsive to the long-term development needs of each location where it directly operates, as well as the needs with downstream or upstream value chain implications. While businesses are stepping up to help achieve the SDGs, acceleration is needed. The world is rapidly changing and problems may intensify. As a result of such changes, businesses must rely on innovation and technology to achieve the SDGs. It is also important that firms measure and demonstrate their contribution toward this achievement. Though a company may have the individual resources to meaningfully contribute to society and the environment, a corporation can only sustainably do so in collaboration with other businesses, CSOs, or the government. When the private sector collaborates with national and local governments on long-term growth and value creation, the result will be much more effective. During the first year of COVID-19, with the added influence of the climate crisis, there was an increased need for corporations to form strong public–private partnerships with national and local governments, as well as engage in private–private alliances with other enterprises and entrepreneurial endeavors. Progress in the private sector is critical to the 2030 Agenda. Businesses not only shape the market, but also the state and society. Governments, civil society, firms, investors, and consumers must jointly collaborate in achieving global and local goals relating to the SDGs.

Suggested Citation

  • Mahmoud Mohieldin & Sameh Wahba & Maria Alejandra Gonzalez-Perez & Miral Shehata, 2023. "How Businesses Can Accelerate and Scale-Up SDG Implementation by Incorporating ESG into Their Strategies," Springer Books, in: Business, Government and the SDGs, chapter 3, pages 65-104, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-11196-9_3
    DOI: 10.1007/978-3-031-11196-9_3
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    Cited by:

    1. Shaheera Banu Z & V. VIMALA, 2024. "Integration of ESG principles: An initiative for transformation from Linear Economy to Circular Economy," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(639), S), pages 183-196, Summer.

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