With more emphasis on transparency and traceability, The Sustainability Consortium provides great insights and tools to support ESG improvement
Since COP26, businesses have been focused on developing their strategies for change as the world encounters its most pressing challenge yet. With the global target for net-zero emissions set and the demand for transparency of environmental, social and governance (ESG) actions, businesses are looking to monitor and improve their sustainability credentials.
With the help of The Sustainability Consortium (TSC), companies are able to do this. The consortium consists of some big-name organisations, including Amazon, Kroger, Procter & Gamble, Walmart, WWF, and HSBC. All these firms are working on the same things, to get the world in order and to make consumer goods businesses sustainable.
TSC plays an important role in the shift to sustainable processes, by setting key performance indicators (KPIs), through its standardised approach, to ensure consistency and effectiveness when monitoring sustainable success. The group does this by following a nine-step process:
- Identifying the product category
- Reviewing scientific data to get a background of the product
- Find any activities within the product’s lifecycle that could have potential social or environmental impacts
- More research to understand how the product can be developed to mitigate those issues
- Evaluate any evidence surrounding the product’s impact
- Come up with KPIs to track the sustainability of the product
- Ensure KPIs align with the outcome for the product
- Publish KPIs and supporting documentation
- Continuously review KPIs to ensure they remain effective
Providing digital sustainability tools
As it creates methods for organisations to manage their sustainability performance, TSC has devised its own solution for managing the communication between the buyer and supplier, which is already used by organisations like Unilever, Fiskars, Cascades, and over one hundred other businesses. To find out more about TSC and its THESIS supply chain platform, click here.