As they penetrate our markets as employees or consumers (or both), millennials have something to say about business sustainability practices: we need to do more and water is a top concern. A recent study by Corporate Citizenship highlighted the overwhelming support millennials have toward businesses implementing and investing in sustainable development strategies. Based on this study, most millennial views directly align with the 17 Sustainable Development Goals (SDGs) established in September 2015 by the United Nations, listing clean water and sanitation as number six. [1]
SDGs were developed by more than 150 world leaders from the United Nations to “guide us all on the path to a more prosperous, equitable and peaceful globe.” [1] These 17 goals set priorities and target milestones to improve the world’s sustainability through 2030, and water management is high on the list. [1] “The SDGs make it clear, the world needs to transform the way it manages its water resources,” as stated in an action plan released by the United Nations. [2]
Millennials are following this ideology. Expected to occupy 50% of the workforce by 2020, nearly all millennials believe it is important for potential employers to have committed to making a positive impact on society. Additionally, about 80% feel that creating innovative products or services to address social and environmental challenges has a huge impact on the SDGs, including water. “Millennials…will be expecting more from big business. We want to see value-driven employers and producers,” per an anonymous quote in the Corporate Citizenship report. [1]
With millennials estimated to inherit more than $40 trillion in assets from the Baby Boomers, corporate investments in sustainable management practices are anticipated to rise. [1] An article in Forbes reports many millennials are choosing to invest in “green” companies and ones that make commitments to identify solutions to today’s problems, such as global water management strategies. [3]
While we have a long way to go before achieving the SDGs, support from the next generation is a step in the right direction. Sustainable water management is one of the highest priorities of the SDGs; companies and organizations across the globe are beginning to implement strategies to build a secure water future. As stated in the same United Nations action plan, “Achieving the SDGs will require governments, societies, and the private sector to change the way they use and manage water.”
Published 11/29/2016
[1] Corporate Citizenship. Advancing the Sustainable Development Goals: Business action and Millennials’ Views. Corporate Citizenship, 2016. Web. http://corporate-citizenship.com/wp-content/uploads/Advancing-the-Sustainable-Development-Goals-Business-Action-and-Millennials-Views.pdf [2] United Nations. High Level Panel on Water. United Nations, September 21, 2016. Web. https://sustainabledevelopment.un.org/content/documents/11280HLPW_Action_Plan_DEF_11-1.pdf [3] Landrum, Sarah. Why Millennials Care About Social Impact Investing. Forbes, November 4, 2016. Web. http://www.forbes.com/sites/sarahlandrum/2016/11/04/why-millennials-care-about-social-impact-investing/#736878fd65fc