Sustainable Procurement: Definition
Sustainable procurement involves the integration of Corporate Social Responsibility (CSR) principles into a company’s procurement processes and decisions, all while meeting stakeholder requirements. It incorporates specifications, requirements, and criteria compatible with environmental and societal well-being. Commitment to sustainable procurement ensures that a company’s core sustainability values permeate the entire life cycle of its products and services.
For Sustainability Managers
Understanding Sustainable Procurement strengthens your sustainability strategy and stakeholder communications.
For CFOs
Sustainable Procurement has growing financial implications as climate regulation tightens and investors demand transparency.
For Sustainability Reporting
Including Sustainable Procurement in your reports demonstrates rigour and alignment with global best practice.
Related Terms
Sustainable economy
An ideal and sustainable economy seeks to maximise general well-being while minimising resource consumption and environmental harm. Achieving true sustainability requires that the demand for natural resources (ecological footprint) remains below nature's renewable supply (biocapacity).
Sustainable Development Goals
The Sustainable Development Goals (SDGs), also referred to as the Global Goals, consist of seventeen interconnected targets crafted to function as a mutual plan for ensuring peace and prosperity for both humanity and the planet, both in the present and in the future.
ACCC
The Australian Competition & Consumer Commission (ACCC) serves as Australia's national regulator overseeing competition, consumer protection, fair trade, and product safety.
ASIC
The Australian Securities and Investments Commission (ASIC) serves as Australia's unified regulator for corporate affairs, financial markets, financial services, and consumer credit.
Circular economy
The circular economy model entails sharing, leasing, reusing, repairing, refurbishing, and recycling products and materials to extend their lifecycle.