Environmental, social, and governance (ESG) has become a mandate for businesses around the globe. Across every industry, consumers, investors, and employees are demanding change. In response, governments are implementing new regulations – rightfully so. We all have a responsibility to minimize our impact on the environment and contribute positively to society.
Procurement leaders play an essential role in helping companies achieve their ESG goals. With access to nearly all business functions, procurement is not only critical to driving efficiency and resiliency, but it is also increasingly becoming a key business partner to tackle ESG commitments. In fact, according to a survey by the Stanford Business School, 51% of global businesses have a sustainable procurement policy in place, contributing to the resilience of their value chains.
What’s more, while sustainable procurement has long been a priority for the private sector, we are now seeing major investment from the public sector – with U.S. policymakers proposing the Federal Supplier Climate Risks and Resilience Rule to require major federal contractors to disclose their environmental data. In Germany, lawmakers passed the LkSG Act to regulate companies’ social and environmental responsibility.
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