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illuminem summarizes for you the essential news of the day. Read the full piece on World Economic Forum or enjoy below:
🗞️ Driving the news: Chief Procurement Officers (CPOs) are at the forefront of sustainability efforts, leveraging their roles to transform supply chains and operations
• Discussions at the Procure Innovation Dialogues 2024 emphasized procurement's central role in achieving climate goals
• Strategies include building a business case for sustainability and integrating it into broader organizational priorities
🔭 The context: Historically focused on cost-efficiency, procurement is now pivotal for enabling green and resilient supply chains
• Key international events, such as COP29 and COP16, spotlighted the need for systemic innovation in business practices
• CPOs are adopting collaborative approaches across functions to meet sustainability objectives
🌍 Why it matters for the planet: Sustainable procurement drives decarbonization, reduces waste, and promotes the development of green technologies
• It enables organizations to align business goals with global climate targets, fostering a shift toward eco-conscious production and consumption models
⏭️ What's next: CPOs aim to institutionalize sustainability within their companies, requiring executive buy-in and cross-departmental collaboration
• Long-term success depends on creating a culture that integrates sustainability into decision-making and supply chain innovation
💬 One quote: “Procurement is leading sustainability into the upstream part of the value chain. No one else is doing it. It’s us.” – Bertrand Conqueret, Henkel
📈 One stat: According to McKinsey, companies with strong Environmental, Social, and Governance (ESG) credentials can achieve cost savings of 5% to 10% and experience 10% to 20% higher value growth compared to competitors
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