Technology as a Force for Good 2023 Report

Publication Date

January 4, 2023

Page Number

91

Link to Report

Download

Authors

Technology for a Secure, Sustainable and Superior Future

A report exploring technology’s role in sustainable development. It emphasizes the need for responsible use of technology to achieve secure sustainable development. The world is currently not on track to achieve the Sustainable Development Goals (SDGs), with around US$195 trillion required by 2030. However, technology and innovation, especially information technology, fundamentally alter the global economy and society, supporting life, work, health, and learning for billions.

Its analysis of 100 leading global tech companies in ESG, sustainability, and stakeholder engagement identifies the emerging consensus on using technology for good. It also estimates that technology could cut the cost of achieving the SDGs by up to USD 55 trillion, enabling 103 of the 169 SDG targets. The report spotlights 15 unique initiatives across finance, policy, public sector engagement, and technology, which, if adequately scaled and globally deployed, can forge a sustainable, secure, and superior future for all.

Key Takeaways:

  • Financing the gap: identifies a funding gap of US$140 trillion required to achieve the SDGs by 2030. Innovative financing mechanisms like blended finance, impact investing, and green bonds are proposed to bridge this gap, leveraging public and private capital.
  • Technology-specific contributions: showcases specific examples of how technology can address global challenges:
    • Climate change: Renewable energy technologies like solar and wind power can significantly reduce greenhouse gas emissions. Smart grids and energy efficiency technologies further contribute to a sustainable energy future.
    • Poverty and inequality: Digital financial inclusion tools like mobile banking can empower individuals and communities, facilitating access to financial services and promoting economic opportunities.
    • Healthcare and education: Telemedicine applications can expand access to healthcare in remote areas. AI-powered learning platforms can personalize education and improve learning outcomes, particularly in underserved communities.

Overview

I. Context: World Torn by the Security and Sustainability Transition

Sheds light on the complex relationship between security and sustainability challenges, highlighting the urgent need for integrated solutions that pave the way towards a more resilient and sustainable future. Here are the key points:

  1. Global Challenges: Currently, the world is grappling with many problems. These include war, recession, unresolved pandemics, and inflation, collectively contributing to a global cost of living crisis, heightened geopolitical tensions, environmental disasters, mass migrations, and a decline in democracy.
  2. Impact on Sustainable Development Goals (SDGs): These challenges have severely undermined the global effort to achieve the United Nations Sustainable Development Goals. In response to these immediate crises, governments are shifting their focus and resources away from long-term sustainability, exacerbating the funding gap.
  3. Interconnectedness of Security and Sustainability: It is essential to note that global security and sustainability are interconnected, with the resolution of one being critical to addressing the other. The challenge lies in achieving both in a manner that minimizes near-term trade-offs and lays the groundwork for a brighter future.
  4. Long-Term Developments: Looking ahead, climate change is identified as a significant long-term development that could incur costs of up to US$178 trillion over the next 50 years if left unchecked. Simultaneously, other factors, such as shifts in global economic power and increasing disparities in wealth and opportunities, are reshaping the world.

II. Technology is Key to Meeting the SDGs

Emphasizing the critical role of technology in advancing the Sustainable Development Goals (SDGs) and driving human progress, this section underscores the importance of leveraging technological innovations to address global challenges, thereby creating a more sustainable and inclusive future for all.

  1. Historical Perspective: As a starting point, the report highlights the historical significance of technology in driving major transitions throughout human history. These transitions span from the Agricultural Revolution to the Industrial Revolution and the ongoing Digital Revolution. It underscores the transformative impact of information technology on the global economy and society, particularly as industries and communities increasingly digitize and migrate online.
  2. Transformative Potential: Moving forward, information technology is identified, in particular, as a critical driver of secure, sustainable development. It emphasizes that technology fundamentally impacts society and is crucial in addressing specific SDGs through targeted innovations.
  3. Industry Role: To unlock the full potential of technology in advancing the SDGs, the tech industry is called upon to develop technological solutions and reshape the global capitalist system. This reshaping is essential to ensuring that technological solutions are adequately funded, deployed, and scaled, especially in developing countries that lag in access to these transformative technologies.
  4. Driving Human Progress: Lastly, it underscores that innovation lies at the core of human progress and has been a driving force of change throughout history. It traces the evolution of technology through fundamental transitions based on leaps in scientific knowledge, such as the harnessing of steam power in the First Industrial Revolution.

III. Technology Establishing a Common Ground as a Force for Good

Points out the vital role of tech companies in driving positive social impact and sustainability. It emphasizes the need for industry-wide initiatives prioritising ESG considerations, sustainability practices, and stakeholder engagement, thereby establishing a common ground for tech as a force for good in the world.

  1. Growing Stakeholder Expectations: Firstly, the report draws attention to the increasing pressure on the tech sector to contribute to positive social impact and act as a force for good in society. Stakeholders, including consumers, investors, and regulatory bodies, expect tech companies to prioritise environmental, social, and governance (ESG) considerations and sustainability initiatives.
  2. Initiatives for Positive Impact: In response to these expectations, tech industry leaders have taken the initiative to implement a range of programs focused on ESG, sustainability, and stakeholder engagement. These initiatives aim to align tech companies with broader societal goals, promote sustainability practices, and enhance transparency and accountability in their operations.
  3. Evaluation of Impact Initiatives: It emphasizes the importance of evaluating the impact initiatives the top 100 tech companies undertake to assess their progress in transforming themselves into a force for good. By analyzing the actions and initiatives of these companies within an ESG framework, the report aims to establish a common ground for sustainability, stakeholder engagement, and positive social impact.
  4. Setting the Bar for Industry Standards: Due to their size and influence, leading tech companies play a crucial role in setting industry standards and catalyzing positive change across the tech sector. By embracing sustainability practices, engaging with stakeholders, and prioritizing social impact, these companies can inspire and encourage others in the industry to adopt similar practices, thus contributing to a more sustainable and responsible tech ecosystem.

IV. Breaking New Ground Through Innovation.

Underlines the role of innovative leadership, transformative initiatives, and leveraging technology for positive change, collectively shaping the tech industry’s future and propelling progress towards a more sustainable and inclusive world.

  1. Innovative Leadership: Initially, the report spotlighted a select group of tech industry leaders pushing innovation’s boundaries to drive positive change and set themselves apart from their peers.
  2. Diverse Initiatives: Additionally, the section outlines the diverse range of innovative initiatives these tech leaders have undertaken, spanning operational transformations, product development, and the exploration of future technologies. These initiatives address pressing global challenges and redefine technology’s role in shaping a more sustainable and equitable world.
  3. Value Creation and Transformation: By actively pursuing breakthrough initiatives, tech leaders position themselves for superior value creation and long-term success. Not only do these efforts drive innovation within their organizations, but they also establish a new paradigm for successful technology companies of the future. Through their radical and forward-thinking approaches, these leaders are fundamentally transforming both their companies and the industry.
  4. Industry-Wide Impact: The report underscores the broader implications of these innovative initiatives for the tech sector. These pioneering leaders drive a culture of innovation, sustainability, and social responsibility across the tech ecosystem by raising the bar for industry standards and inspiring others to follow suit. Their actions have the potential to catalyze positive change and shape the future trajectory of the industry.
  5. Technological Advancements: Lastly, the section emphasizes the critical role of technological advancements in driving societal progress and addressing complex challenges. By harnessing the power of technology to develop innovative solutions, tech leaders are driving business growth and contributing to advancing human security, environmental sustainability, and social development.

V. Technology to Build the Future

Underscores the transformative potential of technology in fostering sustainable development, economic growth, and societal progress. By effectively leveraging innovation, data-driven technologies, and strategic partnerships, the tech industry can play a pivotal role in sculpting a more sustainable and inclusive future for all.

  1. Catalysts for Change: This era is characterized by achieving Sustainable Development Goals (SDGs) and transitioning to a NetZero future. Despite acknowledging the current rate of progress may fall short of meeting global sustainability goals, the report emphasizes the urgent need for a strategic shift. Specifically, leveraging innovation and technology to drive economic growth and sustainability is key.
  2. Innovation for Sustainability: Subsequently, it highlights the critical role of innovation in addressing sustainability challenges and driving long-term economic transition. By harnessing technology and data, businesses and societies can fundamentally transform their operations, economies, and social structures to align with sustainable development objectives.
  3. Digital Transformation: Furthermore, it emphasizes the transformative power of technology, particularly data-driven technologies, in reshaping economies and societies. By leveraging data analytics, artificial intelligence, and other cutting-edge technologies, businesses can drive innovation, enhance efficiency, and create new opportunities for growth and development.
  4. Building a Sustainable Future: The section then underscores the critical role of the tech industry in building a more sustainable future for all stakeholders. By investing in disruptive technologies, driving innovation, and scaling impactful solutions, tech companies can contribute to addressing global challenges such as climate change, resource scarcity, and social inequality.
  5. Maximizing Impact: Finally, the report emphasizes the importance of deploying technology effectively and responsibly to maximize its positive impact on society and the environment. By aligning technological innovation with sustainability goals and ethical principles, tech companies and technologists can drive meaningful change, accelerate progress towards the SDGs, and create a more equitable and sustainable world for future generations.

Recommendations:

  • Strengthen corporate ESG practices: Tech companies must prioritize transparency, accountability, and positive societal impact.
  • Promote responsible innovation: Focus on developing and deploying technologies that benefit society, considering ethical and environmental implications.
  • Enhance global collaboration: Governments, tech companies, and civil society must work together to ensure technology serves the greater good and addresses global challenges.

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