What do we mean by sustainable development?

Responsible growth

At the Colombian Insurers Association (Fasecolda) we adopted the internationally accepted concept of sustainable development, which considers responsible growth in three areas: social, environmental, and economic. Sustainable development is summarized in the concept promulgated by the United Nations (UN): “meeting the needs of the present without compromising the ability of future generations to meet their own needs.” This premise, over time, has evolved to define sustainable development as a process focused on ensuring the continuity of humanity with the best possible living standards. By the 2030 Agenda for Sustainable Development, Fasecolda promotes the change of the country through the implementation of activities focused on meeting the Sustainable Development Goals (SDGs) proposed in 2015 by the UN.

2030 Agenda: Sustainable Development Goals

The concept of sustainable development, embraced and promoted by the United Nations and the countries belonging to the Organization for Economic Cooperation and Development (OECD, 2009), was translated into a global commitment to work for meeting eight goals for 2015, approved during the Millennium Summit in 2000; they were considered the essential guidelines for achieving global sustainability and were known as the Millennium Development Goals (MDGs) [A1].

In 2015, at the plenary meeting of the United Nations General Assembly, the international community reviewed the progress made and expanded the targets; it approved 17 priority goals to achieve the sustainable development of humanity by 2030, through the achievement of 169 targets; these are the Sustainable Development Goals (SDGs).

This new agenda proposes the implementation of concrete actions to achieve a balance between the social, environmental, and economic fields of development, linking the private sector as an indispensable actor to solve the urgent problems that are faced by humanity. The proposed actions are aimed at building a prosperous, resilient1, fair, transparent, and responsible society.

Archivo:Sustainable Development Goals.svg - Wikipedia, la enciclopedia libre

The Sustainable Growth Strategy

The Colombian insurance sector, aware of its roles and responsibilities as a company, risk manager, and institutional investor, defined specific actions to contribute to the implementation of the SDGs in the country.

These actions are the result of a sectoral construction process led by the Colombian Insurers Association(Fasecolda) and are focused on those SDG targets where the industry can have the greatest impact. Because of this, we decided to approach these actions with the utmost discipline and commitment.

To implement these actions, which are intended to support the transition to more sustainable development and improve our economic models, the Association created the Sustainable Growth Strategy [A2].

The Strategy definition started with the analysis of the SDGs and their targets, the identification of the roles in which the insurance sector takes part in the market and the SDGs in which it can contribute most, to which priority was given; then the strategic axes were established, i.e., the actions to be developed for the prioritized SDGs.

Once the Strategy was defined, the sector began the development of activities aimed to achieve sustainable development by 2030, which are also linked to the national government’s policies on these issues.

Fasecolda Sustainable Growth Strategy can be found in the attached file or by accessing the following link: See document

1 Resilient: having the ability to adapt and recover when facing an adverse situation.

 [A1]https://www.undp.org/content/undp/es/home/sustainable-development-goals.html

 [A2]https://revista.fasecolda.com/index.php/revfasecolda [A2]

Additional links

For more information, the Sustainable Growth Strategy is available at the following link: https://revista.fasecolda.com/index.php/revfasecolda/article/view/623/585