On 10th November, forum ‘Business and Sustainability’, organised by Hong Kong Chapter of the United Nations’ Sustainable development Solutions Network (SDSN Hong Kong) and the Jockey Club Museum of Climate Change was held. Thoughts on challenges of incorporating UNSDGs into business strategies was discussed.
A keynote speech was made by Professor Carlos Lo, Department Chairman and Professor of the Department of Government and Public Administration of The Chinese University of Hong Kong (CUHK). The guest speakers included Mr Prentice Koo, Executive Director of Fair Trade Hong Kong, Tony Wong, Founder of Alaya Consulting, and Dr Simon Wong, Assistant Scientific Manger of the Ocean Park Conservation Foundation Hong Kong. Discussing sustainability within business environment with fellow guest speakers was a delightful experience.
During the sharing, Tony was presenting about the challenges businesses face when applying UN SDGs into their business structure. According to the annual ESG survey conducted by Alaya Consulting, SDG 8 – Decent Work and Economic Growth, 12 – Responsible Consumption and Production, and 17 – Partnerships for the Goals are the top 3 most aligned SDGs. Yet aligning with SDGs requires more than reporting on KPIs by listing operational data. Waste is a required KPI, but companies only report the amount of waste they produced. Only 9% to 16% of the companies report on the amount of hazardous and non-hazardous waste being recycled.
For investors increasingly seeking to make positive impact on the environment through their investments, obtaining SDG-related insights about a company’s environmental and social impact is definitely helpful in making more informed decisions. Therefore, a good reporting on SDGs should be forward-looking, seeking positive change through innovative initiatives.
The panel discussion saw a promising communication between young students and panelists, with meaningful open dialogues, which showed how the future generation would be more open to increase this positive impact. Hoping to see more involvement in SDG impacts being made, especially for the future social enterprises.
