“ESG” : The business sector’s sustainability goals, which are in line with the world’s Sustainable Development Goals SDGs

“ESG” : The business sector’s sustainability goals, which are in line with the world’s Sustainable Development Goals SDGs

The Sustainable Development Goals (SDGs) are a post-2015 global development framework established by the United Nations (UN), comprising 17 goals aimed at helping to solve the problems faced by the world.

“ESG” (Environmental, Social, Governance) indicators are indicators of an organization’s performance in the aspects of the environment, society, and governance, which have an impact on the investment decisions of shareholders.

Thailand’s Bio-Circular-Green Economic Model (BCG Economy) seeks to simultaneously develop three economic dimensions—bio economy, circular economy, and green economy—and promote exponential economic growth, along with social development and the maintenance of a balanced environment, thus paving the way to Thailand 4.0.

Sustainable development has thus become a solution for addressing the world’s problems and crises as a developmental approach that meets the needs of the present generation without sacrificing the ability to meet the needs of the next generation (Brundtland Report, 1987). It comprises three key components: Economic Growth, Social Inclusion, and Environmental Protection.

The United Nations member states have co-signed the 2030 Agenda for Sustainable Development as a global development framework for jointly achieving sustainable social, economic, and environmental development, and established Sustainable Development Goals (SDGs) as guidelines for each country to implement as part of this joint effort, with interconnected factors across 5 dimensions (5Ps): 1. People, 2. Planet, 3. Prosperity, 4. Peace, and 5. Partnership, which arose from the cooperation of all sectors in driving the environmental agenda for sustainable development.

Currently, the “ESG” concept serves as economic, social, and governance indicators that are in line with the guidelines for sustainable development, with concrete implementation and evaluation, and is increasingly becoming a standard for every business.

For the public sector, support for the “ESG” concept will play an important role in driving Bio-Circular-Green Economy (BCG Model) towards yielding tangible outcomes and establishing strategies, processes, and indicators which are linked across all sectors, which will help develop Thailand’s economy and society as well as protect the environment, thus leading to sustainable stability.

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