Capitalism is a belief and an idea which was developed and designed to generate prosperity in the world using industry and innovation through lateral thinking. It has undoubtedly reshaped our lives and brought revolutions in the world, improved living standard and quality of lives with the help of huge business houses. However, at present times, as the world around us has changed and evolved, Capitalism had been distracted from the very purpose it was formed and has made businesses believe that their existence is merely to earn profits and generate wealth and it is not their responsibility to look after the society. But with the increasing awareness among present generation, people are taking steps to leverage the power of business to address society’s most pressing issues.
In emerging markets around the world, many corporations are engaging themselves in running a sustainable business by aligning themselves with UN’s Sustainable Development Goals. They have started to realise that sustainable business not only helps the world but also pays them off in a long run. Research in the Harvard Business Review demonstrates that sustainable businesses see greater financial gains than their unsustainable counterparts. The research also shows that consumers are more likely to buy from sustainable brands. For instance, products with an on-package sustainability claim delivered nearly $114 billion in sales in 2019—a 29 percent increase from 2013—and products marketed as sustainable grew more than five times faster than those that weren’t. (Cote, 2020)
We are currently living in the ‘Decade of Action’ to fulfil the SDGs set by the United Nations. The SDGs are a shared duty of governments and corporations in combating climate change, injustice, and inequality. Many companies saw this as an opportunity to make an impact on the society and have taken initiatives to do good. For instance, a leading sportswear brand like Nike have aligned itself with goal 12 of Responsible consumption and production and their mission is to Move to Zero, meaning moving toward zero carbon and zero waste, to help protect the future of sports by increasing the percentage of recycled materials in their products(Strietman, 2020). Another famous brand like Kimberly-Clark have aligned itself with goal 6 of Clean water and Sanitization and formed The Toilet Board Coalition to achieve universal access to sanitation before 2030 (Strietman, 2020).
A business does not have to be a Multinational Company to make an impact, even a small business can make a change by using their expertise in the field in which they’re operating which in turn would serve the society and their business as well.
References
Cote, C. (2020, October 22). 5 EXAMPLES OF SUCCESSFUL SUSTAINABILITY INITIATIVES. Harvard Business School Online. Retrieved April 07, 2022, from
Examples of Successful Sustainability Initiatives | HBS Online
Strietman, F. (2020, March 12). How seven companies help tackle the UN Sustainable Development Goals. Retrieved April 7, 2022, from
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