On Jan. 1, 2016, the United Nations released the 17 Sustainable Development Goals which are to be accomplished by the year 2030. These goals revolve around social, economic and environmental sustainability. Some of these goals include: the eradication of poverty and hunger, good health, quality education, gender equality, clean water, climate action and global justice.
One of the main barriers to the realization of these political goals is economics.
Marie Ang, a coach at Ryerson University’s Social Venture Zone, spoke with me to discuss the impact we can have on the world around us, simply by being mindful of where we spend and invest our money.
Ang is also an advisor for MaRS Discovery District, a launchpad located in Toronto that works to bring together social innovators of all backgrounds in order to bridge the gap between what governments provide and what people need – economically, socially, and environmentally.Ang explains that MaRS’ core philosophy is that consumers must be “allocating our money such that we are achieving the growth that we need in our economy but directing them towards things that are going to create more benefit for all and not just have a short-term mindset when thinking about sustainability.”
Five to seven trillion dollars are required annually to reach the goals set out the by UN before 2030, Ang said.
“Although we cannot make more money come out of nowhere, we can move it to invest it in areas that have a sustainable impact,” she said. Â
That is where the topic of social impact investing comes in. Ang defines social impact investing as “any investment that has the potential for financial return and a potential for social or environmental impact.”
Instead of investing your money in companies whose sole purpose is increasing revenue, Ang encourages consumers to “vote with your dollars,” meaning invest your money in businesses, startups, and professionals that seek to successfully incorporate some kind of social or environmental purpose into their work.
Citizens must think about their footprint and the impact that they can have on the world simply by understanding where you choose to spend your money, she said. By investing or spending your money in businesses that genuinely work to achieve sustainable development, you are involving yourself in the politics of business and decision making.
Essentially, where you spend your money matters.
Over the past few years, I have been hearing more and more often that people are feeling disempowered by the political system and feel that they do not have a voice or their voice isn’t being heard. But as more and more consumers choose to invest in companies that are socially responsible, corporations are taking notice. 66 per cent of global consumers are willing to pay more for sustainable goods rather than spending less money on products that go against the UN’s Sustainable Development Goals.
It’s important to note that sustainable products can come with a price tag and may not be financially accessible for all. Nonetheless, those with the financial mobility to make choices in their products can and should take into account the power behind their spending. In 2015, brands who showed  a commitment to sustainability saw their revenue grow more than 4 per cent globally, compared to other companies growing less than 1 per cent annually.
As social responsibility and social impact moves to the forefront of business, companies are forced to alter their product to work towards some social or environmental purpose or risk a decrease in sales. Consumers have power: the power to create change in a world that sometimes may appear unchangeable.
We all have the option to influence the world around us, and it can start with a simple purchase or investment.
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