According to a survey by HSBC, more than a third of UK companies think they can play a significant role in delivering the UN’s Sustainable Development Goals (SDGs) - the highest rate in Europe.
The finding comes from a poll of 1,000 UK firms as part of HSBC’s global Navigator survey. Companies of all sizes and industry sectors were asked to cite their motivations for implementing sustainable business practices.
Nearly a third of businesses said they feel under pressure to become more sustainable from competitors, governments and regulators over the next five years.
More than a quarter (26 per cent) said that taking action on sustainability helps them to improve operational efficiency and meet regulatory standards. This was followed by gaining a reputational advantage (24 per cent), meeting buyer expectations and growing sales (22 per cent), and improving transparency and traceability (20 per cent).
As a result, 31 per cent of firms said they planned to boost investment in technology, infrastructure and innovation to improve sustainability in the next five years.
Most notably, HSBC found that most UK businesses feel that they have a role to play in helping to meet the UN’s 17 SDGs, which were launched in 2016 for the international community to work towards by 2030.
With the goals for health and wellbeing, quality education and gender equality viewed as the most relevant, a third of companies said they could play a ‘significant’ role.
In total, the Navigator survey polled over 9,000 business worldwide, with around one quarter feeling they had a significant role to play in delivering SDGs.
Globally, a fifth of high performing companies are making changes in their supply chains to become more sustainable, and more than 8 in 10 believe they had a role to play in combatting climate change.