Supply chain News and trends

The Covid pandemic has rightly received most of the blame for global supply chain upheavals in the last two years. But the less publicized threat to supply chains from climate change poses a far more serious threat and is already being felt, scholars and experts say.

The pandemic is “a temporary problem,” while climate change is “long-term dire,” said Austin Becker, a maritime infrastructure resilience scholar at the University of Rhode Island. “Climate change is a slow-moving crisis that is going to last a very, very long time, and it’s going to require some fundamental changes,” said Becker. “Every coastal community, every coastal transportation network is going to face some risks from this, and we’re not going to have nearly enough resources to make all the investments that are required.”

Via EcoVadis

- The global economy has shown remarkable resilience throughout the pandemic, but history shows that real recoveries depend on adaptability and decisive decision-taking.
- As many parts of the world look forward to the most acute parts of the Covid-19 pandemic subsiding, we must unify around a sustainable, inclusive growth agenda.
- With a prosperous future for life on the planet at stake, decisions and financial commitments made now will have a lasting impact on the global economic direction.

Via EcoVadis

The COVID-19 pandemic accelerated many things in the business world, but one item that temporarily fell off the priority list was sustainability. In a survey of 750 executives, Deloitte found that nearly two-thirds of organizations had to cut back on environmental sustainability efforts due to the pandemic and resulting economic downturn.

But ongoing pressure from consumers, employees and even regulators has forced businesses — especially retailers — to reprioritize sustainability along with broader corporate social responsibility (CSR) strategies. Retail TouchPoints recently partnered with Amazon Web Services on a survey of 500 retail and brand executives and found that the vast majority (84%) have incorporated CSR in some way into their business strategies, largely because they think it is the right thing to do (72%). But that isn’t the only reason. There are a multitude of internal and external factors motivating action, including the desire to protect their company’s reputation (50%) and even to reduce costs (35%).

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As governments and businesses pursue a resilient recovery from the Covid-19 crisis, the circular economy policy goals detailed in the paper can offer solutions to key global challenges such as climate change, biodiversity loss, and pollution, whilst delivering economic development. 

The Foundation worked with an extensive group of representatives from across its global network of businesses and policymakers to create five Universal circular economy policy goals :

Stimulate design for the circular economy
Manage resources to preserve value
Make the economics work 
Invest in innovation, infrastructure, and skills
Collaborate for system change

Work by the Foundation has shown that moving to a circular economy – in which waste is eliminated, products and materials are kept in use, and natural systems are regenerated – can play a pivotal role in tackling climate change, while delivering new opportunities for better growth.

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Today’s supply chains were designed to optimize efficiency and speed while minimizing costs. Unfortunately, the COVID-19 pandemic exposed crucial weaknesses in the paradigm. Resource shortages, product scarcity and end-to-end traceability gaps have caused system breakdowns and rampant distribution delays. Transformation is needed to create a more forgiving, sustainable supply chain that can better navigate future challenges.

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Supply chains are critical to the global community, yet the COVID-19 pandemic has highlighted how many dangers are poised to disrupt it. 

The Insight Report The Future of Supply Chain: Why the End of the Pandemic Isn’t the End of Risk looks at the state of the global supply chain during the pandemic and proposes ways to help organizations mitigate risk and build resilience. You will learn about the following: 

How criminal elements and civil unrest are disrupting supply chains. 
How regulation is increasing the burden of compliance. 
How technology can help your organization protect your supply chain.

Via EcoVadis

Austrian fibre producer Lenzing has published its 2020 sustainability report, reflecting on what has been a successful year for the company despite market turbulence brought on by COVID-19.

The report offers a timely update on the business’s efforts to scale production, particularly in Brazil and Thailand, innovate around the circular economy and improve transparency in line with progress.

Via EcoVadis