Nearly three quarter of organisations (72%) mention the global Sustainable Development Goals in their annual corporate or sustainability reports - an increase of 10% on last year, according to a new study by PwC. But concrete measures and integration remain elusive for many as organisations struggle to identify actions beyond business as usual targets.
PwC’s study - From promise to reality - examines the corporate and sustainability reporting of over 700 listed companies across 21 countries and six sectors, to test on the integration of the Sustainable Development Goals into business strategy, planning and reporting.
The Sustainable Development Goals (SDGs) were adopted in 2015, encompassing 17 goals and associated targets and indicators for success. They provide a roadmap to help organisations navigate the major environmental, social and economic challenges the world faces.
It’s estimated that in terms of new business opportunities alone, the SDGs can potentially unlock trillions of dollars in revenue opportunities and cost savings and create hundreds of millions of new jobs.
The study suggest that despite the SDGs being part of global business conversations for over three years, and a significant number of companies pledging a commitment to the Goals, there remains a gap between companies’ expressed intentions and their ability to embed the SDGs into actual business strategy and report on it.
Louise Scott, Global Sustainable Development Goals Lead, PwC comments:
“Progress on broad awareness and integration is a positive step for the SDGs, but it’s only a small step. For every one of the 17 goals, there are pressing real world issues that directly impact the world of business. While there is a clear appetite for embracing the SDGs, many organisations still lack the strategy, tools and culture needed to transform those commitments into tangible business actions.”
There is no change in the most popular choices in this year’s study of the priority goals - Decent work and economic growth (SDG8); Climate action (SDG13); and Responsible consumption and production (SDG12). In some cases it appears that companies report on SDGs that correspond to existing activities and metrics they are already capturing.
Alan McGill, Global Sustainability Reporting & Assurance Leader, PwC comments:
“Success with the SDGs depends on making them a central part of business strategy. What is planned for, measured and reported in public filing is a good indicator of what is embedded in a businesses’ strategy and priorities. Invariably that strategy is shaped at the very top of the organisation by CEOs and embedded with key performance indicators and reporting. The increase in companies indicating the SDGs challenge in their reporting is a positive sign of engagement that will increasingly need to be backed by strategies that look beyond business as usual at the opportunities being presented.”
Download the report at www.pwc.com/sdgreportingchallenge
About PwC: At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with over 250,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
© 2018 PwC. All rights reserved
Senior Manager, Global Communications, PwC United Kingdom
Tel: +44 7730 598 643