Sustainable Business Models to Generate 230M Jobs in Asia by 2030
(3BL Media/Justmeans) – The debate about sustainable development has gained traction in recent months, with advocates emphasizing that it could generate millions of jobs worldwide. In the face of growing populations, depleting natural resources, and global warming, companies have an increasingly responsible role to play.
The UN Foundation-backed Business & Sustainable Development Commission (BSDC) recently released a new report, Better Business, Better World, which suggests that companies can tap new market opportunities worth $5 trillion and generate 230 million jobs in Asia by 2030 through sustainable business models.
BSDC, which launched last year at the World Economic Forum in Davos, conducted the survey in partnership with investment group Temasek Holdings and consultants AlphaBeta. The report details how the private sector could apply innovative solutions to ESG challenges, achieve inclusive growth and create 72 million jobs in India alone.
Instead of decelerating growth, as is the perception in some quarters, sustainable corporate strategies aligned with the UN SDGs could open economic opportunities across 60 “hot spots” to the tune of $12 trillion and increase employment by up to 380 million jobs globally by 2030, the report says.
According to the commission, Asia represents 40 percent of the global value (at $12 trillion), and nearly two-thirds of total jobs. The report identified in Asia four key industry systems: Food and agriculture ($1 trillion), energy and minerals ($1.9 trillion), cities ($1.5 trillion) and health and well-being ($670 billion).
The commission said that the estimated value of $5 trillion is conservative. Additional value could be released from other sectors, including information communication technologies (ICT), education and consumer goods. The chairman of Temasek, Lim Boon Heng, said that companies are starting to place sustainability at the core of their business operations as consumers also contribute to the move.
At the same time, investors are beginning to take note of sustainability-themed investments, which have grown 14.6 percent annually from 2012 to 2016 to $23 trillion. Last year, China was the top issuer of climate bonds, amounting to $246 billion, or 36 percent of the world’s issuances.