Sometimes referred to as responsible procurement, ethical procurement or green procurement, simply put, sustainable procurement is when a company balances the need to embed responsible and sustainable business principles into its procurement processes while also meeting the needs and requirements of the company and customers.
It’s the consideration of how a procurement decision could improve social, economic or environmental well-being and how through the procurement process, one may act in securing value creation.
Sustainable procurement is the new fundamental priority joining quality, cost, reliability, timeliness, flexibility and innovation as a key component for sustaining a competitive business, integrating purpose, corporate accountability and delivering benefit to our customers.
