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UN Sustainable Development Goals #8: Decent Work & Economic Growth

| May 21, 2018
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As a socially conscious wealth management firm, we  feel a strong responsibility to invest in companies and causes that contribute towards a better world (which led to the development of our High Impact Portfolios). With that said, we support the United NationsGlobal Goals for Sustainable Development, or Sustainable Development Goals (SDGs), for positively transforming our world. We hope to promote awareness and ideas on how you too can help pursue these goals throughout this weekly Bair Blog series. 

On 1 January 2016, the 17 Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development — adopted by world leaders in September 2015 at an historic UN Summit — officially came into force.  Over the next fifteen years, with these new Goals that universally apply to all, countries will mobilize efforts to end all forms of poverty, fight inequalities and tackle climate change, while ensuring that no one is left behind.

The SDGs, also known as Global Goals, build on the success of the Millennium Development Goals (MDGs) and aim to go further to end all forms of poverty. The new Goals are unique in that they call for action by all countries, poor, rich and middle-income to promote prosperity while protecting the planet. They recognize that ending poverty must go hand-in-hand with strategies that build economic growth and addresses a range of social needs including education, health, social protection, and job opportunities, while tackling climate change and environmental protection.

While the SDGs are not legally binding, governments are expected to take ownership and establish national frameworks for the achievement of the 17 Goals.  Countries have the primary responsibility for follow-up and review of the progress made in implementing the Goals, which will require quality, accessible and timely data collection. Regional follow-up and review will be based on national-level analyses and contribute to follow-up and review at the global level.

GOAL 8 OF 17: PROMOTE INCLUSIVE & SUSTAINABLE ECONOMIC GROWTH, EMPLOYMENT & DECENT WORK FOR ALL  

Roughly half the world’s population still lives on the equivalent of about US$2 a day. And in too many places, having a job doesn’t guarantee the ability to escape from poverty. This slow and uneven progress requires us to rethink and retool our economic and social policies aimed at eradicating poverty.

A continued lack of decent work opportunities, insufficient investments and under-consumption lead to an erosion of the basic social contract underlying democratic societies: that all must share in progress. . The creation of quality jobs will remain a major challenge for almost all economies well beyond 2015.

Sustainable economic growth will require societies to create the conditions that allow people to have quality jobs that stimulate the economy while not harming the environment. Job opportunities and decent working conditions are also required for the whole working age population.

The return on Environmental, Social, and Governance (ESG) investments may be lower than if the adviser made decisions based solely on investment considerations. All investing involves risk including loss of principal. No strategy assures or protects against loss

“Economic Growth - United Nations Sustainable Development.” United Nations, United Nations, www.un.org/sustainabledevelopment/economic-growth/.

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