site.btaOne in Two Bulgarian Companies Have Deep Understanding of Sustainable Development Goals

Fifty-nine percent of European companies working on sustainable development goals (SDGs) see a positive effect on their economic performance, and 77% consider SDGs efforts a competitive advantage over other companies, according to data from the European Private Sector SDG Stock Take, a survey conducted by the UN Global Compact on companies' knowledge and integration of SDGs. Just over half or 52% of the companies surveyed in Bulgaria have a deep understanding of SDGs, and while 48% are integrating them without a specific strategy, two in three measure their progress through performance indicators, the UN Global Compact's Bulgarian network said.

The study has used responses from 1,422 companies of all sizes established in Bulgaria, France, Greece, Ireland, Italy, Serbia, Spain, Switzerland, Liechtenstein, Turkiye and the UK.

Long considered a constraint, sustainable development is proving attractive to businesses. Announced back in 2015 by the UN, the 17 SDGs have come a long way, especially in the private sector. Today, companies are aware that there is no other way to do business than with responsible management and by reducing their environmental and social footprint. European companies have a remarkable integration of the SDGs at 79%, compared to 43% in Bulgaria.

UN Global Compact Bulgaria Executive Director Darinka Georgieva said that integrating sustainability strategy into business strategy leads to the creation of new products and services that meet the modern demands and expectations of society, to innovation, which increases companies' competitiveness and ensures their future economic life.

Moving sustainability work from a voluntary act to a regulated activity with corresponding accountability is a challenge for many European states, with 72% of Bulgarian respondents said they would be affected by the new European reporting, the Corporate Sustainability Reporting Directive and its implementation into Bulgarian law.

The report suggests that European companies mainly take actions in favor of Gender equality (SDG 5 – 44%), decent work and economic growth (SDG 8 – 44%) and climate change (SDG 13 - 41%). However, only a minority of companies are taking actions for ocean preservation (SDG 14 – 11%), hunger (SDG 2 – 13%) and sustainable cities (SDG 11 – 17%). The leading goals in Bulgaria are peace, justice and strong institutions (SDG 16), good health and well-being (SDG 3) and no poverty (SDG 1).

The survey in Bulgaria was carried out by the Bulgarian Network of the UN Global Compact in partnership with the Bulgarian Industrial Association, the national focal points for responsible business conduct (at the Organisation for Economic Co-operation and Development), Confindustria Bulgaria and the Confederation of Employers and Industrialists in Bulgaria.