ETHICAL SOURCING
EU TAXONOMY
“ There is also a feeling of urgency to get ahead of ethical sourcing before a non-compliance or issue arises in your supply chain , causing reputational and financial damage ”
GEMMA THOMPSON SENIOR CONSULTANT FOR STRATEGY AND GROWTH , PROXIMA
it also must be balanced with profit , costs , and demand , “ but it ’ s important to not let short-term vision cloud the longerterm ,” she adds .
“ The ‘ quick fix ’ that might generate a profit now , but risks non-ethical practices , may impact your ability to achieve sustainable
The EU Taxonomy is an initiative designed to help investors and businesses identify sustainable projects . It provides them with a common language that can be used to describe , compare and measure sustainable activities . This makes it easier for companies to track the impact of their investments on sustainability goals across different sectors .
The regulatory landscape is expanding and evolving constantly . To succeed in a sustainable environment , global companies should develop a comprehensive system to collect , report on , and verify climate data to ensure full compliance with the new regulations and be prepared for any future ones . With the right technology , businesses can easily track their progress towards meeting sustainability goals and adapt quickly to changing regulations . Transparent reporting of this data is key to gaining customers ’ trust and can also be used as a marketing tool to demonstrate a brand ’ s commitment to sustainability . Kathleen Harmeston FCIPS , Supply Chain & Procurement Specialist
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