SDG: Goal 8 Sustainable development as an opportunity for all: Globalization opens up a wide range of opportunities for increasing prosperity. However, not everyone benefits from the advantages of this development to the same extent. We face numerous international challenges, particularly in the area of fair work with decent wages and minimum social standards.
The German government attaches great importance to ensuring that companies comply with their human rights due diligence obligations – both in Germany and in their global business activities.
Many of the products and raw materials we use every day come from abroad, often from developing and emerging countries. At the same time, German companies export their goods and services to almost every country in the world. Globalization offers the opportunity for greater prosperity for all, but this has not yet been equally achieved.
By 2030, the international community aims to achieve sustainable economic growth, full employment and decent work for all worldwide. Germany is committed to this goal and is actively working towards it.
What is to be achieved?
The Sustainable Development Goals set ambitious targets for economic development in less developed countries. These include annual economic growth of at least seven percent as well as an increase in economic productivity and greater integration of women into the economic system.
To achieve these goals, improved access to needs-based financial services for small and medium-sized enterprises, especially women-owned businesses, is crucial. At the same time, the capacities of domestic financial institutions must be strengthened in order to promote sustainable development.
Another important goal is to decouple economic performance and prosperity from resource consumption in order to reduce environmental impact and ensure environmental sustainability.
In addition, the Sustainable Development Goals aim to create decent work and full employment for all. This includes the abolition of forced labor and human trafficking as well as the end of child labor by 2025.
Finally, the goals aim to promote sustainable tourism that protects the environment and strengthens local communities. This should help to diversify the economy in less developed countries and improve people’s livelihoods.
Prosperity and sustainable growth
Sustainable economic growth forms the foundation of prosperity in Germany by creating jobs and providing the basis for an efficient welfare state.
It is crucial to use resources sparingly and not to live at the expense of future generations, while at the same time ensuring that economic performance is environmentally friendly. A comprehensive understanding of sustainable growth is based on the concept of the social market economy.
In recent years, various measures and initiatives have been launched to promote sustainability aspects. The directive on non-financial reporting obligations of business (CSR Directive) helps to strengthen the enforcement of sustainability principles.
Another important area is sustainable finance. The financial requirements for the switch to renewable energies and the promotion of e-mobility in the automotive industry are enormous. The German government is increasingly anchoring more sustainability aspects in the national and international financial system, as the financial market has a considerable influence on the real economy, which should increasingly include sustainable projects.
The Sustainable Finance Strategy aims to create incentives for investments in climate protection and sustainability. The Sustainable Finance Advisory Board supports the German government in developing Germany into a leading location for sustainable finance in line with the guiding principles of financial stability and sustainability.
Against child labor, together!
The 2030 Agenda commits the global community to eliminating all forms of child labor by 2025. Urgent action is needed to achieve this goal. Currently, almost one in ten children worldwide is still forced to work, with almost one in four children affected in Africa.
The German government supports international organizations that are committed to the abolition of child and forced labour. It also participates in the Vision Zero Fund, which aims to strengthen occupational health and safety.
The Supply Chain Act
The Supply Chain Act is an important step towards committing companies to greater responsibility along their supply chains. It aims to ensure compliance with human rights and environmental standards along the entire value chain.
The Supply Chain Act obliges large companies to identify, monitor and minimize risks of human rights violations and environmental damage in their global supply chains. This applies in particular to areas such as forced labor, child labor, environmental pollution and violations of workers’ rights.
The law requires companies to comply with due diligence obligations and submit regular reports on their risk minimization measures. Sanctions can be imposed if these obligations are breached.
The Supply Chain Act helps to make global supply chains more transparent and responsible, thereby contributing to the protection of human rights and the promotion of sustainable business practices.
Enabling sustainable growth in developing countries
Promoting sustainable growth is a central component of German development cooperation. The German government relies on the willingness to implement reforms in developing countries as well as the promotion of initiative and the participation of the private sector and civil society.
Through development partnerships, the German government supports specific projects in countries that effectively combat child labor, for example. These include initiatives such as textile and cocoa alliances, which were launched in Germany. The members of these alliances undertake to produce under humane and environmentally friendly conditions or to only market products that meet these requirements. In addition, training and qualification measures are co-financed by the companies locally in the production countries.
The relocation of textile production to low-wage countries highlights the need to promote decent work worldwide. Sustainable prosperity cannot be created in these countries if products are manufactured under low labor, social and environmental standards. This can also increase the pressure to migrate to industrialized countries.
The overview of the 17 goals can be read here
Links
You can find information from the United Nations on the Sustainable Development Goals (SDGs) here:
Information from the Federal Ministry for Economic Cooperation and Development can be found here:
