By and

Prior to COVID-19, there were concerns about achieving the 17 U.N Sustainable Development Goals (SDGs) by 2030, a worry that has been clearly exacerbated by the pandemic.

Just a few numbers are a window into a grim future: about USD$ 9 trillion of global GDP is likely to be lost in 2020 and 2021 (combined GDP of Germany and Japan). Global lockdowns in many countries, amongst other challenges, has resulted in 1.57 billion students having disrupted education or no education and about 1.6 billion people losing jobs globally. Furthermore, 250 million people globally are likely to be subject to hunger by December 2020.

The recent U.N SDG Report 2020, highlights that achieving these goals has become even more ‘urgent and necessary’. However, post-COVID, a focus on the SDGs requires multi-sectoral partnerships, as no one sector (e.g., government, NFP, or business) can do it alone due to the breadth and depth of the problems. Businesses will play a key role within these multi-sectoral partnerships to provide a roadmap for a Post-COVID world, with their role in innovation, access to resources, and as a source of employment. In order to exploit the mantra of ‘never waste a crisis’, three key interrelated aspects require attention as the underlying driving forces for business to engage with the SDG agenda.

Rethinking the role of business

At the forefront of the COVID crisis has been the realization of the structural weaknesses of capitalism, its flaws, and the increasing erosion of trust in businesses. COVID-19 has further highlighted the need for changing the business mindset towards sustainability and viewing the SDGs as a strategic opportunity for businesses to grow. The post COVID world will require businesses to rethink their business model with a humanistic vision and cater to the changing expectations, priorities, and roles of stakeholders in order to recover better and stronger. Rather than creating problems, businesses need to be a source of good for the society, be a part of the solution and SDG agenda and engage in societal transformation through working collaboratively with governments, NGOs and civil society.

Universities have a critically significant role in rethinking the role of businesses and shifting their mindset towards sustainability by developing students as responsible future business leaders and senior executives. Many universities have joined the U.N Principles for Responsible Management Education (PRME) with a multifaceted, integrated, and holistic approach to educate students about sustainability issues.

Deakin Business School (DBS), for example, has brought a cultural shift by embedding SDGs across its different course offerings to build students’ awareness about sustainability and more importantly enhance their skills and attributes to grow as responsible leaders and business executives. An example of how universities can work with businesses to contribute to SDGs is the guide prepared by DBS staff for businesses to hire refugees and asylum seekers, facilitating their integration in Australian workplaces (SDG 8; and SDG 10).

The University of Sydney Business School has mapped the SDGs across all of its research output for Ph.D. and higher degrees and has, at last audit, included 12 of the SDGs into its undergraduate and postgraduate course offerings. It also maps its students’ experiential learning activities against the SDGs.

Technological readiness

COVID-19 has highlighted the importance of technology and its potential in keeping businesses functional and competitive during the lockdown, and social distancing with restricted physical contact and movement. Technology has been used exponentially across various sectors, industries, and businesses, facilitating the exchange of knowledge, information, products, and services within and beyond national borders. Key technology trends that have been accelerated relating to the SDGs include: online and distance learning, digital trade, online shopping and robotics, digital payments, remote working, telehealth, online entertainment, artificial intelligence, and resilient supply chain through the use of core technologies of the fourth industrial revolution.

For example, Landing AI, developed technology based on AI to continuously monitor the distance between employees at work. In a post-COVID world, businesses need to reimagine their approach to realize the potential of technology as an underlying force for all the SDGs. Businesses will need to be technologically ready and develop the required infrastructure to ensure inclusive digital access and reliable connectivity.

Social, frugal innovations

Businesses will need to simultaneously engage with alleviating social issues (SDGs) and making profits. Continuous social innovations characterized by imagination and creativity will be necessary. In a resource-constrained world, such frugal innovations are critical not only for developing better and cheaper solutions at a rapid pace but also in keeping many businesses thriving. Initiatives such as digital cash transfers by BRAC and HappyTap, a portable handwashing solution by the TRANSFORM initiative in Bangladesh (Exago, 2020), and robots dispensing sanitizer and public health messages in Kerala, India are a great source of inspiration to build a more inclusive and sustainable world. These innovations also highlight the need to transfer learning for businesses in the developed context from the developing context.

“Businesses cannot succeed in societies that fail”

Paul Polman, former Unilever CEO and founder of Imagine

COVID-19 has all the hallmarks of an event that could drive societies to failure. Sustainable Development Goals currently provide the most accepted framework to address the challenges that COVID-19 presents. This is not the time for businesses (along with other stakeholders) to reduce their efforts on achieving the SDGs.