What is the ultimate purpose of a business? Some might say it is to maximise returns for shareholders and investors; others may see it as delivering excellent customer service through its products or services.

However, there are those who feel that businesses can also play a central role in ensuring our society lives within the planet’s means. Corporate social responsibility (CSR) or sustainability  is a wide-ranging agenda that is core to many major public and private businesses and organisations. Companies such as these take steps to minimise any negative societal, ethical and environmental impacts their business may have – while also maximising the positive.

Many organisations take this idea very seriously, and now realise that collaboration is a crucial step towards achieving it. Several businesses are looking to the United Nation’s 17 Sustainable Development Goals (SDGs) – which address key global challenges such as poverty and climate change – to inform their strategic agendas. But, these SDGs can only be achieved if all sectors work together; furthermore, cooperating with government and other enterprises will make businesses more able to engage with society – and their stakeholders.

“We have to meet the SDGs because it makes sense for society and our business,” says Hans Daems, head of public affairs  at the European headquarters of Hitachi, one global business  that really takes this agenda to heart. Mr Daems and his peers argue that corporations can address the pressing needs highlighted by the SDGs without compromising their ability to deliver innovative business solutions. In fact, they believe that innovation should play a key part.

“It’s all about understanding where your business impacts are, and how you can help to deal with sustainability challenges,” says Mr Daems. “It is the role of business to lead the way – to work with governments and others to deliver beneficial impacts for all.”

Read more: When does innovation have a true social impact?