15 February 2018: Gold Standard, a standard and certification body for action on climate security and sustainable development, and the Worldwide Fund for Nature (WWF) Switzerland have released a publication titled, ‘Business and the Sustainable Development Goals: Best Practices to Seize Opportunity and Maximize Credibility.’ The report explains the opportunities available to the private sector and the gains companies could make through setting and achieving targets that also progress achievement of the Sustainable Development Goals (SDGs).

Some of the benefits outlined by the report include: a market value of US$12 trillion; new ways of building customer trust and loyalty; reduced resource cost; reduced exposure to environmental, social and economic risk; and uncovering long-term value in new markets. The report also warns against common “challenges and pitfalls” that companies may face when seeking to incorporate the SDGs in their activities, such as: focusing on “re-framing communications” without realizing real impacts in their operations; setting targets based on internal factors, rather than science-based considerations; failing to report the negative impacts of their operations; or using inconsistent reporting methods and indicators.

In order to avoid these pitfalls and benefit from the opportunities, the authors recommend best practices such as using comprehensive quantification and target setting based on the materiality concept and using science-based targets; using third party verification and certification; and embedding quantification and reporting into internal decision-making processes.

The Gold Standard and the WWF released the report on 15 February 2018, on the sidelines of the launch conference of the Sustainable Development Solutions Network (SDSN) Switzerland. [Gold Standard Press Release] [Publication: Business and the Sustainable Development Goals: Best Practices to Seize Opportunity and Maximize Credibility] [Gold Standard Website] [Sustainable Development Solutions Network (SDSN) Switzerland]