With mounting global pressures, there is a growing need to adopt a more sustainable and responsible path to development. Today, many businesses are working towards being more socially responsible towards the environment, as well as helping and developing communities.
The business sector is among those at the forefront of addressing sustainable development, in response to calls to apply socially responsible practices in their operations. Among various means, corporate social responsibility (CSR), is one of the tools businesses use to fulfill its social, environmental, and economic responsibilities. Through CSR, businesses are increasing awareness, targeting eco-conscious markets, and helping achieve sustainable development goals (SDGs) towards addressing global issues such as hunger, health gaps, and climate change. There are various ways for companies to practice CSR. Some well-known initiatives include reducing carbon footprints, volunteering to communities, innovating eco-friendly products, and practicing socially responsible investing.
With the future of the planet at stake, it is clear that establishing sustainable businesses is more important than ever to create a long-lasting and meaningful impact for future generations. The United Nations’ SDGs, for example, sets a road map that leads to the building of a better and more sustainable world for people to live in.
These SDGs are crafted with a wide range of targets aimed to be achieved by 2030, in hopes of ensuring a better future for the planet. These provide the business sector the means to harness their influence in contributing to global goals.
While the Philippines saw substantial economic growth and resilience in the face of a complex global economic landscape, it encountered difficulties in making significant advancements towards achieving SDGs.
According to the most recent Sustainable Development Report, the Philippines moved up to 92nd place out of 167 countries, placing sixth among ASEAN countries in attaining SDGs.
The report showed the Philippines is on track in meeting targets related to no poverty (SDG 1); zero hunger (SDG 2); decent work and economic growth (SDG 8); industry, innovation, and infrastructure (SDG 9); reduced inequalities (SDG 10); life below water (SDG 14); life on land (SDG 15); and partnerships for goals (SDG 17).
Meanwhile, the country’s targets on good health and well-being (SDG 3); quality education (SDG 4); gender equality (SDG 5); clean water and sanitation (SDG 6); affordable and clean energy (SDG 7); sustainable cities and communities (SDG 11); and achieving peace, justice, and strong institutions (SDG 16), show slow progress.
Initiatives towards sustainability
In recent years, unmindful mass production of products is one of the leading causes of environmental problems, leading to significant threats felt by many countries globally. Recognizing this, many companies have opted to go sustainable to reduce environmental footprint and negative impact to communities.
unsplash / Markus Spiske
For instance, One Meralco Foundation (OMF), the CSR arm of Meralco, has continuously provided quality and reliable electricity to the Filipino people. Through its electrification program, OMF has extended energy access to low-income households and off-grid communities. As per its 2023 annual report, Meralco has powered 5,751 low-income households, reaching a total of 75,715 low-income households since it started. Additionally, the program has effectively used solar power to electrify 300 remote public schools, enhancing their access to various multimedia learning tools and other technologies in the provinces of Palawan and Mindanao.
The SM Group also sets a remarkable example of CSR in action. Through its Green Movement, it has focused on making everyday living sustainable. SM Green Finds, a key program within this movement, offers a variety of eco-friendly products made from natural ingredients and crafted by local artisans. Another program under this movement is The Tarp Project, an initiative with local artisanal fashion brand Zarah Juan, that repurposes used tarpaulins and transforms them into stylish bags and pouches. Aiming to provide quality and equal access to education, SM Foundation’s Page for Progress, a book donation program in partnership with Phoenix Publishing House, provided students with the necessary educational materials, specifically books for the academic year. Previously, the program has already donated P15 million worth of books to various local schools; and this year, they will be donating 3,000 books in Pampanga.
Also joining the lead on CSR initiatives, Ayala Foundation has focused on further elevating the lives of Filipino families by fulfilling their basic needs. The ProFuture Project, a digital education program, is one of its initiatives that aims to improve the quality of education in vulnerable communities. This involves providing digital devices, modules, and other digital learning tools suited for students and teachers. To date, the program has reached 126 schools and helped 19,580 students and teachers since its establishment in 2017.
Investing in sustainability
Looking ahead, the surge in sustainability investments shows a positive sign. A report by Capgemini Research Institute, cited by the World Economic Forum (WEF) in an article published on its website, showed that the number of executives globally who recognized the importance of sustainability for businesses has tripled in the last two years. In addition, 52% of executives have stated their intention to up their sustainability investments in 2024, a big jump from 33% recorded the previous year. This presents a growing opportunity to create value and spearhead the sustainability movement forward.
“It is good news that the private sector is fully grasping its responsibility to contribute to the transition towards a more sustainable economy and that it understands it is the only way to create sustainable value,” Cyril Garcia, head of Sustainability Services and Corporate Responsibility at Capgemini, wrote in the WEF’s website.
Mr. Garcia highlighted that businesses need to set the groundwork for sustainable transformation, focusing on areas where they can make the biggest impact. These areas include harnessing climate technologies (e.g., renewables, low-carbon hydrogen, electric vehicles, etc.), adopting circular economy practices, and improving their capabilities on reporting emissions.
“It’s understandable, as these emissions are not within the company’s direct control, but they also tend to be far greater than the organization’s own emissions. It is paramount to ensure the company has internal and/or external resources to track them and ensure they go down properly,” Mr. Garcia said. — Angela Kiara S. Brillantes