But why is it relevant for a company to incorporate a sustainability strategy?
1. Because it is the right thing to do
Fulfilling the UN 2030 Agenda and its 17 Sustainable Development Goals (SDGs) is the task of everyone: governments, companies and individuals. If we want a more prosperous world in which hunger, poverty, inequalities and environmental degradation are put to an end, it is not enough to delegate responsibility solely to international organizations. The role of companies is increasingly relevant, since their interaction with different stakeholders (customers, suppliers, employees, partners, communities, etc.) can accelerate compliance with the SDGs.
2. Because it raises the reputation of companies
Those committed to the environment and to society (both with their employees and with the communities in which they operate) are perceived as socially responsible and have a greater social license to operate. This translates into fewer conflicts and social risks. For example, for companies in the extractive industries, or construction, or intensive use of natural resources, it is essential to build trust with communities to avoid strikes, blockades or social mobilizations that interfere with their activities. One way to foster this trust is to communicate the social responsibility actions that the company carries out.
3. Because it generates resilience in the face of crises
A solid sustainability strategy contemplates the analysis of social and environmental risks that could negatively impact the company. Anticipating risks allows for better preparation, timely action and adaptation to eventualities. Every year, the World Economic Forum reports on the global risks it envisions for the future; in 2023, of the 10 main risks for the coming years, eight correspond to environmental and social issues. In addition, the Covid-19 pandemic made it clear that companies that do not adapt to changes and external crises are destined to die.
4. Because consumer preferences change
Sustainable consumption is gaining ground over traditional consumerism thanks to the abundant information available on the environmental and social risks we face. This has generated greater awareness of how to individually contribute to mitigating these risks.
More and more, consumers prefer to avoid overconsumption, know the origin and composition of the products, avoid the generation of waste and opt for local commerce. In this sense, evolving with sustainable consumption trends will leave companies better off in the face of changes in consumer needs and preferences.