A new report has suggested that while investment in sustainability initiatives has accelerated, most UK firms are not on track to meet the United Nations Sustainable Development Goals (SDGs) by 2030.
The report, Trailblazers & Transformers: UK Business Sectors Redefining Sustainability, was published by UN Global Compact UK in collaboration with UCL, Newcastle University and Euromonitor International.
‘Drawing on rigorous data and market insights, the report identifies sector-specific challenges, benchmarks performance, and presents actionable recommendations to support effective sustainability strategies,’ as the introduction to the report reads.
Tangible progress
If found that despite increased investment, many sectors are still not achieving the measurable results required to realistically meet the SDGs over the next five years. Efforts toward sustainability, it added, could generate long-term benefits for businesses and wider society if commitments were matched with tangible progress.
“By partnering with UN Global Compact UK, we’re combining academic insight with business leadership to accelerate progress on the most pressing challenges facing society,” commented Professor Gail Taylor, chair of the Sustainable Development Solutions Network UK. “Together, we aim to deliver impact that is greater than the sum of our parts.”
Sector by sector
The report explored six major sectors, including Consumer Staples, Energy & Utilities, Consumer Discretionary, Industrials, Financials, and Technology & Telecommunications, assessing areas in which sustainability leadership was evident, and where more work needed to be done.
Consumer Staples was the only sector to be designated a ‘trailblazer’, given the efforts made by firms towards sustainable production and packaging. However, the sample size was limited.
The most influential sector, Financials, was found to perform well in areas such as innovation and infrastructure, but fell short when it came to clean water and responsible consumption.
Energy & Utilities was recognised for progress in decarbonisation, with social equity and affordability seen as negatives, while Consumer Discretionary firms showed progress on energy efficiency, which was offset by weaker performance on labour conditions and poverty reduction.
Industrials was found to have made moderate progress, with Technology & Telecommunications seen as the least developed, as a result of ongoing environmental and human rights challenges.
“This report provides a vital snapshot of where UK industries stand on sustainability and where they need to go,” added Steve Kenzie, executive director of UN Global Compact Network UK. “It’s a call to action for business leaders, policymakers, and investors to align strategy, governance, and incentives with the urgent demands of our time.” Read more here.
