Standard Gibbs free energy change ($\Delta G^{\circ}$) is the change in Gibbs free energy of a system when it transitions from reactants to products under standard conditions (1 bar pressure, 298 K temperature, and 1 M concentration for all reactants and products). It provides insight into the spontaneity of a reaction, as negative values indicate that a process is thermodynamically favorable while positive values suggest non-spontaneity.