Why Do Companies Set Sustainable Development Goals?
2019-06-26 13:57 Wednesday
Consumer concerns about sustainable packaging are at an all-time high, and in response to the public outcry over marine plastic pollution, more and more companies are taking environmental action, signing up to new global commitments such as the New Plastics Economy, and setting a corporate sustainability agenda for the next decade.
In many cases, most sustainability goals today are a revision of past commitments that have either not been met or are not ambitious enough to meet the higher market demand for packaging sustainability.
The Sustainable Packaging Coalition (SPC) found that 86% of nearly 100 companies surveyed either had specific goals or made statements in support of sustainable packaging.
Why do companies set sustainable packaging goals? Let’s take a look at four of the most compelling reasons.
1. To stay ahead of regulations
Setting and working toward sustainable packaging goals is a great way to get your company to meet or exceed regulatory requirements. In places such as the European Union and Canada, companies must comply with a number of laws on packaging.
2. To actively deal with reputation risks and maintain public image
This is another important reason why companies should set sustainable packaging goals. People generally pay more and more attention to whether a company undertakes social responsibility, which is closely tied to its reputation. If an environmentalist raises a problem on deforestation, you'd better be able to say that you have a target for fiber procurement to prevent tree loss and reduce the amount of forest destroyed.
3. To anticipate market changes.
Sustainability, driven by millennials and the younger generations, is now a mainstream concept, and their purchasing power is growing. In Deloitte's latest survey, nearly 40% of respondents said the goal of every enterprise should be to improve society (second only to job creation in terms of priority). Consumers are also becoming more engaged with brands on social media and demanding more transparency, which has a direct impact on packaging.
4. Taking the right attitude towards the environment
Finally, a key reason for setting sustainable packaging goals is to save the planet, which is ethical and in everyone’s own self-interest. In terms of the impact of climate change and the availability of resources, companies and society face a real threat, even to future generations. Visionary companies are active corporate citizens with a positive impact on the future of the planet.