A third of global businesses are looking to improve the sustainability of their supply chains over the next three years, according to an extensive new survey from HSBC. The poll of 8,500 companies in 34 countries shows that those businesses making environmentally sustainable changes to their supply chains are motivated primarily by cost efficiencies (84%) and improved revenues (84%). Furthermore, one in five (20%) claim that they have taken greater control of their supply chains over the past two years.
For financial service organizations with no physical supply chain, sustainability improvements stem from how and where they choose to spend money, and the partners they select to act on their behalf. The need for sustainable development is urgent. Businesses are increasingly responsible, both legally and practically for the actions of their suppliers, and their suppliers’ suppliers. This means that in the eyes of the law if your supplier is not compliant with a regulation or labour practice, you’re guilty by association.