Sustainable Business Practices

In the age of rapid globalization and heightened awareness of our environmental and societal footprints, sustainable business practices have become paramount for enterprises worldwide. These practices are not mere token gestures, but rather foundational strategies that intertwine profitability with ethical, environmental, and societal stewardship. Delving into their core, these practices align significantly with the United Nations’ 17 Sustainable Development Goals (SDGs) set out in 2015. At its core, the SDGs present a universal call to end poverty, protect our planet, and ensure prosperity for all by 2030. Businesses, with their extensive reach and influence, are poised as pivotal actors in this global narrative. By embracing sustainable business practices, they become torchbearers in this transformative journey towards a more equitable and sustainable world.

Let's consider a few illustrative examples. SDG 6 emphasizes the availability and sustainable management of water and sanitation. For businesses, this translates to efficient water management in their operations, safeguarding freshwater resources, and potentially devising innovative solutions that enhance water accessibility in underserved regions. Similarly, SDG 12, which promotes responsible consumption and production, dovetails with sustainable business practices that minimize waste, optimize resource usage, and champion circular economies. In such a model, products are designed to be reused, remanufactured, or recycled, thus reducing the strain on natural resources and minimizing environmental degradation.

The realm of sustainable business also extends to social dimensions, intersecting with goals such as SDG 5 which advocates for gender equality. Progressive businesses are realizing the multifaceted benefits of inclusive workplaces. By actively promoting gender equality, companies not only foster a diverse and innovative workforce but also cater to a broader consumer base, reflecting diverse needs and perspectives. The narrative is similar for SDG 8, which calls for decent work and economic growth. Ethical labor practices, fair wages, and employee welfare are not just moral imperatives but also catalysts for business growth, as they foster loyalty, improve productivity, and enhance the brand's reputation.

Furthermore, sustainable businesses often find themselves aligned with SDG 13 on climate action. By pivoting towards renewable energy sources, optimizing energy efficiency, and supporting afforestation projects, businesses can significantly curtail their carbon footprints. Such initiatives not only contribute to global climate mitigation efforts but also insulate businesses from volatile fossil fuel prices, thereby promoting long-term economic resilience

This report celebrates the 70th Anniversary of the Universal Declaration of Human Rights (UDHR) and builds upon the UN Global Compact Progress Report. With a particular focus on SDG 8, it highlights initiatives by Global Compact Local Networks around the world, presents snapshots of good practice from companies participating in the UN Global Compact and showcases initiatives that are advancing the UN Guiding Principles on Business and Human Rights.
This report examines the real estate sector’s impact in relation to the UN Global Compact’s four focus areas of human rights, labour standards, the environment and anti-corruption, relating to Goal 9 and Goal 17.
A compilation of good practices gathered from desktop research or submitted by UN Global Compact participants in response to a call to share actions and initiatives that their companies are undertaking to respect and support children’s rights, focusing on Goal 4 and Goal 8.