Brookings Launches Publication Emphasizing Business' Role in Supporting Sustainable Development
WASHINGTON D.C., January 10, 2025 - The Center for Sustainable Development at Brookings Institution has launched a new publication "For the World's Profit: How Business Can Support Sustainable Development." During the launch event, participants shared perspectives on how to introduce sustainability into business practices, finance, and policymaking to expand market opportunities and accelerate progress towards the United Nations' Sustainable Development Goals (SDGs).
According to John McArthur, Director of the Brookings Center for Sustainable Development, the world is at a critical juncture where "market forces are harnessed better and incentivized and rewarded business for supporting sustainable development." The publication emphasizes the need for a systemic approach that prioritizes both financial and societal benefits.
Miyahara Chie, Director General of the Japan International Cooperation Agency (JICA) Ogata Sadako Research Institute for Peace and Development, highlighted the importance of collaboration between governments, corporations, and civil society to achieve sustainable development goals.
The publication focuses on three main groups: business actors, including executive leaders and policymakers; financial actors, including asset owners, banks, and insurance providers; and policymakers and regulators. The authors also discuss three big debates around value creation, risk management, and accountability in the context of sustainable development.
During the launch event, panellists emphasized the need to increase private sector engagement not only in terms of quantity but quality, as well as to recognize the role small and medium-sized enterprises (SMEs) could play in shaping policies and promoting sustainable development.
Tom Seidenstein, Chair of the International Auditing and Assurance Standards Board, highlighted the importance of improving sustainability reporting to enable companies to manage risk better and identify opportunities for value creation.
The publication has sparked a discussion on how businesses can support sustainable development by adopting new standards and practices that will ensure transparency and accountability, such as mandatory disclosure and acceptance of assurance standards.
Brookings Institution hopes that this new publication will inspire business stakeholders to seize the opportunity to align their interests with sustainable development goals and create a more equitable future for all people, while leaving the planet's natural resources intact.