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Member, Beacon International Group, Ltd.
Over 70% of respondents to a recent survey said that supply chain risks from climate change had major cost implications, but only 38% have set emission reduction targets.
The Carbon Disclosure Project Supply Chain sent information request to over 6,000 suppliers of which only 2,415 suppliers responded, highlighting the fact that majority of suppliers are unable to fully assess the substantial climate risks or opportunities they face, reported The Sustainability Report.
The number of companies investing in emission reduction initiatives increased from 482 to 642 and those reporting savings from these initiatives rose from 505 to 686.
Respondents said that investment in initiatives was triggered by physical risk posed by climate change.
Paul Simpson, chief executive officer at CDP said that the report highlights a marked difference in the sustainable actions of companies and their suppliers.
He said that suppliers are missing an opportunity to reduce energy costs and risks by failing to take sustainable initiatives.