The goal of SDG 1 is to cease the existence of poverty and all of its forms worldwide. Specifically, the objective is to eradicate extreme poverty by the year 2030*, which is measured as people living on less than $1.25 a day. After years of progression since the goals inception in 2015, the impact from the Covid-19 pandemic in the global economy has resulted in approximately 34 million people falling below the extreme poverty line. The concern is growing towards the fact that for the first time in 30 years* the level of poverty may actually increase as a result of Covid-19, undoing the progress made in recent times.
Business Practices to assist with SGD 1
Businesses no matter their size, have an opportunity to help with the rejuvenation of our economies by creating more socially and ethically responsible business models. This doesn’t necessarily mean businesses have to sacrifice profits in order to be more sustainable, but where it does, it may result in creating new avenues for customers to be attracted to your business and fuel growth. By imbedding Environmental, Social and Governance principles is good business practice that can help attract a more engaged and committed workforce. Furthermore, small changes in one business can have an ongoing ripple effect that helps us to achieve SDG1.
Eoin Tarleton is Co-Founder of Xchainge, the first marketplace for responsible financial services, helping SMEs from all sectors access a greater choice of financial products and services quickly, letting them focus on managing and growing their business.