The social and environmental benefits of sustainable procurement are clear, but it should not be assumed this always comes at a higher price – indeed the opposite can be true, finds Adam Leach
When Prince Charles launched his Accounting For Sustainability project, he highlighted the need for “better accounting” in the pursuit of increasing sustainability in the business world. The International Integrated Reporting Committee (IIRC), which is part of HRH’s project, last month called for sustainability and financial reporting from companies to be more closely linked. It argued “globalisation and resulting interdependencies in economies and supply chains” has left reporting standards out of date. It’s a smart call because while sustainable procurement can produce significant environmental benefits, it can also bring savings and even profit.
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