The 17 UN Sustainable Development Goals (SDGs) have created a framework for environmental and social impacts, which institutional investors and corporations are using to guide resource allocation or highlight SDG-aligned investments already in place. We argue that the SDGs have clarified certain elements predominantly missing or implicit in many environmental, social, and governance (ESG) standards, specifically focusing on companies’ E and S externalities. Methodologically, we analyze how health care companies contribute to SDG 3 on health and well-being as a case, mapping the goal’s targets to the Sustainability Accounting Standard Board’s (SASB’s) 30 generic ESG issues and considering both financially material and immaterial ESG issues, based on SASB. Using an innovative data set, we highlight where private sector firms contribute to SDG impacts and where their financial priorities might lie. Where firms are either not contributing or perhaps unable to, we point to the need for public sector activities.

中文翻译：

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实质性 ESG 结果和可持续发展目标外部性：评估医疗保健行业对可持续发展目标的贡献

17 项联合国可持续发展目标 (SDG) 为环境和社会影响创建了一个框架，机构投资者和企业正在使用该框架来指导资源分配或突出已经到位的与 SDG 相关的投资。我们认为，可持续发展目标澄清了许多环境、社会和治理 (ESG) 标准中主要缺失或隐含的某些要素，特别关注公司的 E 和 S 外部性。在方法论上，我们以案例分析医疗保健公司如何为关于健康和福祉的可持续发展目标 3 做出贡献，将目标的目标映射到可持续发展会计标准委员会 (SASB) 的 30 个通用 ESG 问题，并考虑财务上的实质性和非实质性 ESG 问题，基于在 SASB 上。使用创新的数据集，我们强调了私营部门公司对可持续发展目标影响的贡献以及他们的财务优先事项可能在哪里。在企业没有贡献或可能无法贡献的情况下，我们指出公共部门活动的必要性。