Is the private sector beginning to embrace the SDGs?

Abstract

Businesses have increasingly engaged with the Sustainable Development Goals (SDGs) since their introduction in 2015. Now, halfway through the implementation period leading up to 2030, this article evaluates how and to what extent companies are engaging with the SDGs. It analyzes 348 scholarly articles indexed in the Scopus database that explicitly mention the SDGs along with business-related keywords in their titles. A concise bibliometric analysis highlights the most important articles in the field and traces its development over time. A keyword co-occurrence analysis reveals key research topics, including sustainability reporting (its determinants and nature), the design of multistakeholder partnerships, and corporate contributions through innovative business models, creativity, and technical innovation. SDG reporting is driven by concerns over legitimacy and stakeholder management, while institutional, cultural, and national factors also play a role. However, SDG reporting tends to be symbolic rather than substantive, with intentional efforts falling short of meaningful impact. The results of SDG partnerships are similarly unconvincing, and integrating development goals, human rights, and environmental standards has proven challenging. SDG-relevant innovation holds opportunities for business, such as in health and circular business models, but evidence of successful models remains scarce. It is essential for companies to move beyond communication and more strategically incorporate the SDGs into their core activities, while measuring the SDG-relevant impacts of such efforts. Only by doing so can SDGs be meaningfully integrated into core business practices and contribute to global sustainable development.