Business Opportunities and Benefits
Businesses and investors have a general role in delivering on SDG1 through economic activity and employment creation. In 2019, more than 630 million workers worldwide — almost one in five of all those employed — did not earn enough to lift themselves and their families out of extreme or moderate poverty. Businesses also have more specific enabling and supporting roles alongside governments through improvements to climate and supply chain resilience, adherence to labour rights, and the acceleration of microfinance schemes.
“Ending poverty and promoting decent work are two sides of the same coin. Decent work is both the major instrument to make development happen and also, in effect, the central objective of sustainable development.” - Guy Ryder, Director-General, ILO.
Pursuit SDG1 will reap benefits and opportunities for businesses:
- Poverty eradication will increase the money in society to buy goods and services.
- Reduce security risks from societal population unrest.
- Improved access to basic services may create new market opportunities.
- Improved health of the working population will directly benefit businesses.
How can an organisation pursue SDG1?
- Provide support to ensure employees receive enough money to live on now and in the future i.e. at least the real living wage and pension provision.
- Provide flexible and safe working conditions that positively support individual and family lives e.g. flexible working hours, home working, sick pay, etc.
- Help employees (and their families) and supply chain partners to access entitled benefits from governmental bodies.
- Enable people to access basic services (inc. water, heating, nutrition, transport, and financial services) at a reasonable cost.
- Reduce vulnerability from disasters e.g. flood defences, sustainable water and energy supplies, etc.
Overview
Sustainable Development Goal (SDG) #1 is probably the most wide-ranging of all the goals. It encompasses almost all the other economic and infrastructure-related goals through direct poverty targets and indirect effects from other SDGs.
As such, the implications for businesses are significant.
As such, the implications for businesses are significant.
SDG1 aims to "End poverty in all its forms everywhere".
It has seven associated aims, that include:
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Improving access to sustainable livelihoods, entrepreneurial opportunities, and productive resources.
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Providing universal access to basic social services.
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Progressively developing social protection systems to support those who cannot support themselves.
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Empowering people living in poverty and their organisations.
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Addressing the disproportionate impact of poverty on women.
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Intensifying international cooperation for poverty eradication.