European Private Sector SDG Stock Take 2024
Ten United Nations Global Compact European Country networks have partnered to measure the degree of implementation of Sustainable Development Goals (SDGs) by companies on the continent. Conducting this study at the European level appeared particularly relevant given the fast-growing regulatory framework on the continent. For this first edition, the study brought together the Country Networks France, Spain, United Kingdom, Italy, Switzerland & Liechtenstein, Turkey, Greece, Serbia, Bulgaria and Ireland. In total, data gathered from 1422 European companies has been aggregated. More than measuring knowledge and communication on the SDGs, the study aims to focus on concrete actions and impact measurement, with reference to the Forward Faster initiative.
These results and reflexions are the ones of the the participating Networks, and not of the United Nations Global Compact. In partnership whith PWC Fance et Maghreb
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Companies’ profiles
Awareness and integration of the SDGs
Integration of SDGs into sustainable development strategies
of European companies know the United Nations Sustainable Development Goals in depth
of respondents have a superficial knowledge of the Goals
Top 5 reasons for commitment to the SDGs
Top 5 reasons for commitment to the SDGs
Companies that have fully integrated the SDGs will be better prepared to meet reporting obligations and other European environmental regulations, as these are often based on the Goals.
European businesses are mostly prioritising gender equality and sustainable economic growth
(Percentage of companies that declare they are taking action on at least one of the SDGs)have developed specific products, services or innovations contributing to the achievement of SDGs
have integrated SDGs into the core activities and processes of the company
have carried out social action projects aligned with the SDGs
have implemented partnerships with other actors to carry out projects linked to the SDGs
The SDGs are integrated in different ways
In order to achieve the Goals set by Agenda2030, partnerships are essential. Achieving the SDGs will not be possible without establishing a sustainable peace and building strong institutions resulting from partnerships between all stakeholders. However, only few companies have already engaged in such partnerships.
Training on SDGs is implemented at all levels of the company
Training on SDGs is implemented at all levels of the company
Only 11% of companies have trained their suppliers on sustainability or SDGs, an issue that will become increasingly relevant as European regulations such as the CSRD give a particular importance to supply chains. 17% have still not implemented any form of sustainability training.
MEASURING IMPACT ON THE SDGs
The SDGs create new business opportunities. 58% of respondents consider that having integrated sustainable development principles and the SDGs into their operations has positively impacted their economic performance, while creating competitive advantages for the vast majority.
of European companies consider that the SDGs have helped them gain a comparative advantage, of which 43% considerably.
Companies measure their contribution without necessarily setting specific objectives, but those that do are achieving them or are on track.
If you have set specific objectives (previous question), have you achieved them?
Despite the increasingly important integration of sustainable development goals within companies, few of them measure their results. However, having an effective monitoring framework is essential to increase performance and identify gaps. Furthermore, monitoring progress of sustainable development goals contribution is essential to gain credibility and create added value for stakeholders.
One of the key takeaways from this study is that European companies have achieved a considerable level of maturity in aligning with the SDGs, further reinforced by new regulations, which are expected to serve as catalysts for even deeper engagement with sustainable practices. However, despite these promising advancements, it is clear that businesses still need to take more concrete actions and improve their ability to measure their contributions effectively.
European Country Networks Executive Directors
Priority Sustainable Development Goals
European companies identify their priority SDGs but still need to make progress on the analysis of their positive and negative impact
Forward Faster : Companies take action on gender equality, climate and living wages
In 2023, halfway through Agenda 2030, the United Nations Global Compact launched the Forward Faster initiative, calling on companies to strengthen their commitment by taking concrete, responsible action in five priority areas: living wages, gender equality, climate, water and sustainable finance.
Reporting and communication
Most European companies use the SDGs in their general communications, but sustainability reports incorporating the SDGs are not yet systematic.
While SDGs and the UN Global Compact are often cited as reference frameworks for the EU’s Corporate Sustainability Reporting Directive (CSRD) reporting, our new Communication on Progress (CoP) provides a comprehensive solution for European businesses by enabling them to adopt a global reporting approach. This encourages them to make annual progress and go further in their actions.
Sanda Ojiambo,
Assistant Secretary-General, CEO of and Executive Director of the United Nations Global Compact