Sustainable Development Goals in ESG Reports of TSX 60 Companies: What’s reported and what’s concerning

In September 2015, United Nations (UN) member countries agreed to a set of 17 goals to promote sustainable development by strengthening the economy, improving people’s well-being, and protecting the planet.

Since then, the 17 goals, known as the Sustainable Development Goals (SDGs), have been frequently cited in companies’ ESG reports to showcase their positive impact on people and the planet. Focusing on the ESG reports of TSX 60 companies, members of the Climate Measures and Reporting Impact Lab at the Climate Business Institute, John Molson School of Business, found notable differences in how these companies report the SDGs.

SDG coverage in ESG reports of TSX 60 companies

According to their analysis, most TSX companies (38 out of 60) included the SDGs in their reports. Among these companies, only one company covered all 17 SDGs. Most other companies focused on a subset of SDGs (typically six to 11 goals), which represent areas where these firms could make the biggest impact through their current business models and capabilities. As a result, some goals are reported more often than others in the ESG reports of TSX companies.

For example, “SDG 13: Climate Action” stands out as a top reporting priority (reported by 35 companies), where companies disclose their greenhouse gas emissions (GHG), actions taken and future plans. Following this, companies most often report on goals that support social inclusion and economic growth, such as “SDG 5: Gender Equality” (reported by 34 companies) and “SDG 8: Decent Work and Economic Growth” (reported by 31 companies).

SDG interconnections in ESG reports of TSX 60 companies

When considering the SDGs, it is crucial to recognize that they are interconnected. This means that progress on each goal can influence the outcomes of others. For example, a company’s efforts to promote gender equality (SDG 5) may support progress on other goals, such as economic growth (SDG 8). As a result, meaningful progress on the SDGs depends on understanding how the goals are connected, including where they support each other or create trade-offs.

To see if TSX companies considered the interconnections between the goals in their ESG reports, a co-occurrence analysis was conducted. The analysis showed that the companies frequently reported economic-related SDGs alongside the social and environmental ones. This observation suggests that TSX companies are mindful of how economic, social and environmental goals can reinforce or compete with each other.

The Impact Lab team also found that “SDG 17: Partnership for the Goals” was rarely mentioned alongside the top priority SDGs “Climate Action," “Gender Equality," and “Decent Work and Economic Growth.” This suggests that TSX companies primarily focus on internal sustainability efforts in their ESG reports, rather than on broader initiatives involving other stakeholders.

Recommendation

While most TSX companies report the economic, social and environmental aspects of SDGs in a fairly balanced way, there are two main issues with their approach.

First, they seem to prioritize the goals that are more closely aligned with their current business models and capabilities. Second, the importance of partnerships for achieving the goals appears to be underemphasized.

Companies that want to contribute more meaningfully to the SDGs should take stronger action and be open to working with new partners and adapting their business models.

Read the full article in 2025 ESG Reporting Radar: Talebian, M., Audousset-Coulier, S., Sener, B., & Yao, L. (2025). 17 SDGs and 60 TSX Companies. In H. Al Maleh et al. (Eds.), 2025 ESG Reporting Radar: TSX 60 Spotlight (pp.21-24). Climate Business Institute, Concordia University, John Molson School of Business, Montreal, Canada.

About the John Molson Climate Business Institute  

The John Molson Climate Business Institute (CBI) focuses on rethinking how businesses operate to better align with environmental goals, social well-being and organizational principles. By conducting practical research, collaborating with stakeholders and offering educational programs, the institute drives meaningful change and helps businesses tackle the challenges of the modern world.  

About Climate Measures and Reporting Impact Lab  

The Impact Lab on Climate Measures and Reporting drives business decarbonization and environmental progress through research, teaching and community engagement. It focuses on improving climate-related communication, guiding businesses in transitioning to sustainable models and enhancing methods for measuring and managing emissions. By aligning strategies with sustainability goals, the lab helps organizations meet stakeholder expectations, improve decision-making and build trust in their environmental performance.