How a triple bottom line approach can help startups reach the UN’s SDG
The triple bottom line is a distinct approach adopted by mindful leaders when building a sustainable company. Especially for startups, it can help to inform business decisions and plot a path to future success. Although, this is easier said than done. Designing a profitable company that does social good and is good for the environment can prove very difficult.
The triple bottom line ties up well with the SDGs, encouraging companies to run at a very high standard and acting as a guideline to reach for the SDG targets. The three distinct areas that it references encompass many of the aspects of the SDGs.
For example, the area focusing on inclusive growth and SDG 8. This focuses on building an economically sustainable company as does the first part of the triple bottom line and a company that provides ‘decent work for all’ which fits in with the societal good strand of the triple bottom line. Being able to align the UN’s goals with the triple bottom line is very easy and a great way for companies to hit the 2030 target that has been set.
Likewise, the SDGs 7, 12 and 13 are the focusses of the environmental strand of the triple bottom line. These are based around clean energy and the responsible consumption of resources. The triple bottom line’s third strand targeting climate action will help businesses and startups to reduce their effect on the planet and aligns well with the UN’s SDGs in this area.
BBVA’s Open Innovation is driving this kind of thinking with startups like Greemko and Fundeen. Greemko, a mobile app used to measure and reduce carbon emissions, was a finalist in the 2019 Open Talent Spain competition and BBVA’s Open Innovation is driving this kind of thinking with startups like Greemko and Fundeen. Greemko, a mobile app used to measure and reduce carbon emissions, was a finalist in the 2019 Open Talent Spain competition and collaborated with Open Innovation to measure the carbon impact of BBVA’s Open Summit 2019.
Greemko also recently participated in BBVA’s Fast Track in Spain with a focus around sustainability due to BBVA’s policy of looking for sustainable solutions. Fundeen, also an Open Talent finalist last year and currently participating in the Open Innovation Acceleration Program, is being supported by BBVA to help it’s growth.
BBVA’s commitment to supporting green startups through the Open Innovation programme is helping startups achieve their sustainability goals and meet the UN’s SDGs while also exploring sustainable solutions for their clients.
It isn’t easy for businesses to be sustainable and the 17 SDGs set out by the UN are ambitious targets for companies. Utilising the triple bottom line model can help firms of all sizes to hit these targets and work towards building a more efficient startup ecosystem.
