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Sustainability Initiatives in Global Supply Chains
The Planet
Sustainability efforts addressing the "planet" aspect would tend to focus on reducing the environmental impact. This would involve having policies that reduce waste, and energy usage. They might include using suppliers who offer renewable resources.
Companies could address the planet aspect in different ways like switching to renewable energy source suppliers, innovating with energy-efficient technologies for last-mile delivery or production, using recycled packaging, and so on. They could also insist that suppliers get certified by third party sustainability groups like for fair trade certification.
The impact to the company can be huge. On the positive side, sustainability can cut costs and boost savings or profits. Energy-efficient tech even move the company to the front of the industry in terms of being advanced and environmentally friendly (Bohnsack et al., 2020). No more waste can obviously mean that disposal costs come down. And on top of all this it would be big for the companys own image as it would appeal to consumers and investors who want to see more of this type of thing in the free market.
On the downside, though, sustainability would require some upfront investment. Plus, working with sustainable suppliers can be more expensive than working with traditional ones. There can also be challenges in terms of managing all...…being introduced to help create greater transparency in terms of where things are being sourced from (which would make customers happy if they want to know about that). It could even therefore boost the reputation of the firm as it would show consciousness and responsibility. That would likely win favor with ESG investors.
In conclusion, sustainability initiatives addressing the "planet" aspect can have a significant impact on global supply chains. They can lead to cost savings, reputation enhancement, and other benefits, but they also require investment and pose challenges in terms of managing change and ensuring compliance. Despite these challenges, such initiatives are crucial for the long-term viability of our…
References
Bohnsack, R., Kolk, A., Pinkse, J., & Bidmon, C. M. (2020). Driving the electric bandwagon:The dynamics of incumbents' sustainable innovation. Business Strategy and the Environment, 29(2), 727-743.
Koroneos, C. J., Achillas, C., Moussiopoulos, N., & Nanaki, E. A. (2013). Life cycle thinking inthe use of natural resources. Open Environmental Sciences, 7(1).
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