With increased supplier and consumer demand for transparency, an ESG (environmental, societal, governance) rating is a valuable tool to show organizational commitment to sustainability. With 91% of companies taking sustainability criteria into account for purchasing decisions*, now is the time to commit to sustainability within your own organization and among your trading partners. In fact, it is vital. A great, or poor, ESG rating can have lasting impacts on your business.
EcoVadis is a worldwide trusted provider of business sustainability/ESG ratings for global supply chains. The EcoVadis platform guides organizations through the assessment of the environmental, social, and ethical risks and efforts associated with their supply chains and own business model.
The submission process includes a questionnaire tailored to the organization’s industry, reflecting relevant metrics across four key areas of sustainability: Environment, Ethics, Labor & Human Rights, and Sustainable Procurement. EcoVadis then provides a benchmark scorecard with scores ranging from 1-100 across the four themes. This scorecard also details where the organization currently has strengths and areas of opportunity.
The combined score unveils the overall rating: Platinum, Gold, Silver, or Bronze. The rating and achievement level are easy to share with stakeholders in just a few clicks. Displaying an EcoVadis rating is useful for procurement teams making purchasing decisions and provides a transparent reflection of an organization’s sustainability initiatives. The EcoVadis platform allows users to compare scorecards among industry peers which can aid in identifying best practices and providing guidance on how to communicate performance to maximize success.
Our 3R consulting specialists are trained to perform a deep-dive gap assessment of EcoVadis submissions to identify the areas in need of attention. With a customized, prioritized action item list created by 3R, our consultants will work with your team to create, update, and enhance policies, goals, metric tracking, and pathways to a robust sustainability program. To see how 3R has helped clients with their EcoVadis score, follow this link to one of our case studies.
Contact us today to get started achieving or improving your EcoVadis score.
Visit https://ecovadis.com/ to learn more.
*Source: HEC Sustainable Procurement Benchmark