Sustainable Procurement Barometer 2024

February 22, 2024 EcoVadis EN

Transforming Procurement Into a Strategic Sustainability and Resilience Partner

Over the past few years, a unique confluence of forces has been reshaping the global business landscape. The Sustainable Procurement Barometer, published biennially since 2007 and co-developed this year by EcoVadis and Accenture, benchmarks sustainable procurement practices across industries and explores how they adapt to this changing landscape. Based on online surveys of both buyers and suppliers, followed by selected interviews, the report highlights trends around procurement priorities, sustainability monitoring tools, supplier engagement and internal process integration.

Key findings include:

  • More than 70% of companies say “delivering on corporate sustainability goals and commitments” is a top procurement driver.

  • 50% of mainstream programs use integrated ESG data to "operationally inform" or "strategically engage" their executive stakeholders.

  • Although about 50-60% of respondents have some form of manual or digital integration of ESG into key procurement processes, only 30% of these integrations are reported as being “very or extremely effective.

  • Digital integration of ESG (e.g. via API) averages just 10% across procurement processes.

The report also identifies primary obstacles slowing the adoption of best practices needed to deliver on the sustainable procurement agenda are, such as lack of ongoing C-Suite engagement and buy-in, low ESG integration into existing procurement tech stack and limited value chain visibility and engagement. It then goes on to offer best practices for overcoming these and other challenges packed in an insightful formula for success that can help companies unlock the value of sustainable procurement for more resilient compliance, as well as value creation and impact.

About the Author

EcoVadis EN

EcoVadis is a purpose-driven company whose mission is to provide the world's most trusted business sustainability ratings. Businesses of all sizes rely on EcoVadis’ expert intelligence and evidence-based ratings to manage risk and compliance, drive decarbonization, and improve the sustainability performance of their business and value chain. Its AI-powered risk mapping, actionable scorecards, benchmarks, carbon action tools, and insights guide a resilience and improvement journey for environmental, social and ethical practices across 200 industry categories and 175 countries.

Follow on Twitter Follow on Linkedin Visit Website More Content by EcoVadis EN
Previous Article
Unlocking the Power of Sustainable Procurement: Insights from the 2024 Barometer
Unlocking the Power of Sustainable Procurement: Insights from the 2024 Barometer

Discover actionable insights from the Sustainable Procurement Barometer, guiding businesses toward sustaina...

Next Article
AstraZeneca's Pioneering Approach to Supplier Diversity and Sustainability
AstraZeneca's Pioneering Approach to Supplier Diversity and Sustainability

In the latest episode of the Sustainable Value Chains Podcast with EcoVadis, host Fergal Byrne interviews A...