What are the Sustainable Development Goals (SDGs)?
Introduction
The Sustainable Development Goals (SDGs) are a set of goals which aim towards ending poverty, protecting the planet and ensuring that all people have acceptable living conditions by 2030. These 17 goals were adopted by the United Nations General Assembly in 2015 as part of the 2030 Agenda for Sustainable Development. Each goal comes with specific targets and indicators to measure the progress.
The 17 SDGs are:
- No Poverty (SDG 1)
- Zero Hunger (SDG 2)
- Good Health and Well-being (SDG 3)
- Quality Education (SDG 4)
- Gender Equality (SDG 5)
- Clean Water and Sanitation (SDG 6)
- Affordable and Clean Energy (SDG 7)
- Decent Work and Economic Growth (SDG 8)
- Industry, Innovation and Infrastructure (SDG 9)
- Reduced Inequalities (SDG 10)
- Sustainable Cities and Communities (SDG 11)
- Responsible Consumption and Production (SDG 12)
- Climate Action (SDG 13)
- Life Below Water (SDG 14)
- Life On Land (SDG 15)
- Peace, Justice and Strong Institutions (SDG 16)
- Partnerships for the Goals (SDG 17)
What is so special about the goals?
The SDGs are interconnected and reinforce each other. Each goal has specific targets and indicators, but they all work together towards achieving a more sustainable future. For example, achieving “No poverty” (Goal 1) and “Zero Hunger” (Goal 2) are closely linked to providing quality education (Goal 4). In order to achieve a sustainable future, it is important to address all 17 SDGs and not just focus on one or a few. If one goal is not achieved, it can hinder the 2030 agenda. For example, if there is no action on Climate Change (Goal 13) it can have negative impacts on the health and well-being (Goal 3) of people, it can also affect food security (Goal 2) and natural resources (Goal 14 & 15).
The role of the SDGs in driving economic growth
By boosting innovation and entrepreneurship, opening up new markets, encouraging sustainable consumption and production habits, and more, the SDGs have the potential to propel economic growth on a global level. The goals may foster a more stable and inclusive economic climate that is beneficial to all by making investments in sustainable infrastructure, expanding access to healthcare and education, and lowering poverty and inequality. Furthermore, by creating jobs in relevant areas, the SDGs can provide economic opportunities for those living in poverty thus contribution for example to SDG 1 “No poverty” and SGD 2 “Zero Hunger”. The economic growth resulting from increasing employment rates provides further flexibility to achieve goals beyond the initial targets.
The SDGs and their impact on climate change
Climate change is a global threat that requires urgent action and the consequences can be felt already today. The SDGs recognize the urgent need to act on climate change which is reflected with SDG 13 “Climate Action”. This includes taking steps to reduce greenhouse gas emissions (GHG), increase resilience to the impacts of climate change, and promoting sustainable development that is low-carbon and climate-resilient. Additionally, the SDGs related to the land and ocean (14 and 15) also promoting climate-resilience and conservation of biodiversity, such as protecting and restoring wetlands, forests, and other habitats that sequester carbon and provide a buffer against the effects of climate change.
SDGs and their impact on social developments
The SDGs aim to reduce inequality and leave no one behind by addressing the specific needs of marginalized and disadvantaged groups. The SDGs aim to ensure that all individuals, regardless of their background or circumstances, have equal opportunities to access education, healthcare, and economic opportunities. SDG 10 on “Reduced Inequalities” particularly focuses on reducing income inequality and promoting social, economic, and political inclusion. In addition, also SDG 1 “No Poverty”, SDG 2 “Zero Hunger”, SDG 3 “Good Health and Well-being”, SDG 4 “Quality Education and SDG 5 “Gender Equality” contribute to the socially oriented goals of the framework. By addressing all these issues, the SDGs can create a more inclusive and equitable society where all individuals have the opportunity to reach their full potential.
How can the progress be measured?
The role of Sustainability Indicators
Sustainability indicators are a crucial tool to assess the progress towards the SDGs. They provide an overview of the current state of a country’s sustainability and the progress made in different areas such as economic, social and environmental. These indicators are used to measure the progress of each goal, and also help identify areas where more action is needed. Data collection and monitoring are key for the success of the SDGs, as it allows to measure progress, track achievements and identify gaps and challenges in achieving the SDGs.
Data availability and accessability
In order to achieve the SDGs, it is important to have accurate, reliable and accessible data, which is crucial for monitoring progress and evaluating the effectiveness of policies and programs. The SDGs also require a multidisciplinary approach, which demands cooperation and coordination between different sectors, stakeholders and countries. Therefore, it is necessary to develop a framework that allows for the collection, analysis and dissemination of data, in order to support the implementation of the SDGs.
Who should act on the SDGs?
The Sustainable Development Goals (SDGs) are a global agenda and their implementation is the responsibility of all countries and stakeholders. This includes governments at all levels, the private sector, civil society organizations, and individuals. Each country is expected to develop its own national strategies and plans to achieve the SDGs, considering its own unique circumstances and resources. The SDGs also rely heavily on partnerships and cooperation among all stakeholders, including international organizations, to mobilize resources and share knowledge and best practices. The United Nations and its specialized agencies, as well as other international organizations, are also expected to play a key role in supporting countries in implementing the SDGs.
Recap of the importance and future outlook
The Key Essence
The Sustainable Development Goals (SDGs) are a global framework established by the United Nations to end poverty, protect the planet, and ensure that all people enjoy peace and prosperity by 2030. These goals are crucial for creating a sustainable future for all and address some of the most pressing challenges facing our world today such as poverty, inequality, and climate change. The SDGs provide a comprehensive and integrated approach to sustainable development and require cooperation and coordination among all stakeholders.
How to achieve the SDGs in the long run
To achieve the SDGs, it is essential that individuals, organizations, and governments work together to support their implementation. This includes acting to reduce poverty and inequality, protect the environment, and promote peace and prosperity. Individuals can support the SDGs by making sustainable choices in their daily lives, such as reducing energy consumption and supporting sustainable products. Organizations and businesses can support the SDGs by implementing sustainable practices and policies. Governments can support the SDGs by creating policies and programs that promote sustainable development and investing in sustainable infrastructure and technology.
The SDGs provide an ambitious but achievable vision for a sustainable future. Achieving the SDGs will not only improve the lives of people around the world but also create a more resilient and equitable society. With the support of individuals, organizations, and governments, we can create a future where everyone has access to the resources they need to thrive and where our planet is protected for future generations.
If you want to stay up to date how different market participants in the financial services industry are implementing the Sustainable Development Goals, please follow us on LinkedIn or check out our Weekly ESG News.