ESG: The Procurement Ticking Bomb
Theatre : Sustainability and Circular Economy
As the world moves towards a more sustainable future, the United Kingdom has taken ambitious steps to combat climate change. A significant aspect of this commitment is the legally binding Net Zero target by 2050. This has far-reaching implications for businesses, including their procurement practices. With Net Zero as a legal requirement, companies in the UK must align their operations and supply chains with emissions reduction goals. Procurement plays a pivotal role in this process.
Soon, the carbon content of products will become a critical factor in the business landscape. Failing to understand and disclose the carbon footprint of products could prove detrimental, resulting in the loss of contracts and business opportunities.
Moreover, governments and regulatory bodies are likely to impose carbon-related requirements in procurement processes, making it essential for businesses to have a clear understanding of their product’s carbon impact. Those unable to comply with such regulations may face legal consequences and exclusion from lucrative contracts or tenders.
In this era of heightened environmental responsibility, understanding the carbon content of products is no longer an option; it’s a crucial factor for business success and long-term sustainability.
This session will explore the evolving regulatory landscape and unveil proactive strategies for businesses to defuse the ticking ESG bomb.
UK Metals Expo