Sustainable procurement a 'vital issue' for financial services sector
Sustainable procurement is one of the key issues examined in a new document published today (December 12th) calling for action by the financial sector to combat climate change.
The report, published by the FORGE group of UK-based banks and insurance companies, looks at the role played by financial firms' business functions and also their corporate operations, including strategy risk and procurement.
In particular the authors highlight issues relating to procurement policy, supplier selection contract negotiation, property procurement and business travel booking, calling on companies to introduce measures such as centralised buying, reducing carbon-emitting travel and making increased use of local suppliers.
Richard Cooper, chair of the FORGE group, said: "We do not expect that any organisation should implement each and every action point in this document. Each firm will have its own views on these issues, not least on the potential costs and benefits.
"But we do believe that climate change presents one of the biggest challenges to 21st century business, and that we have a key role in creating a genuinely low carbon economy," he added.
Additional areas cited by the report as requiring close attention by firms included property and facilities management and external communications such as annual reporting.
Article Date: 12 December 2007
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