The UN General Assembly held its regular meeting in New York this fall. But this year its purpose was different – and with significant implications for the future of the human condition. More than 190 member countries committed to “eliminate poverty in all its forms everywhere” by 2030, together with 16 other “big, hairy, audacious goals” — to use Jim Collins’ memorable phrase. Coming out of the meeting, the hashtag #2030Now, meant to drum up ground-level support, made a combined total of more than 1.6 billion impressions on Twitter and Instagram and was the top trending topic in the U.S. during the assembly. Cultural icons from Shakira to Queen Rania of Jordan were brought in to lend a certain pizzazz to the goals’ rollout.
“If you are running a business, you’re probably asking right about now: “Why should I care?” I believe there are three reasons why you should.
First, the global goals campaign represents a significant new opportunity for companies that view emerging and frontier markets as their source of long-term growth. According to estimates from McKinsey, consumers in these markets could be worth $30 trillion by 2025 — a significant step up from the 2010 value of $12 trillion. Since 2011, as emerging markets have suffered from slower growth and fresh social unrest, that $30 trillion prize seems more distant. Taking action on the global goals could help address several of these obstacles that are giving rise to “trapped value” in the emerging markets.
Second, with the public declarations by many companies to help with the goals, there is likely to be competitive pressure. Some companies could get a jumpstart in their industry in organizing partnerships and even positioning themselves as leaders in sustainable development using the goals as a branding anchor. Being slow to take action could lead to the risk of being left out of these relationships and a source of competitive disadvantage from a brand equity perspective…”
Contributors: Harvard Business ReviewCategories: Industry Articles, SIG U Resource
SRC Type: Sourcing Management, Sustainability