A third of global businesses are looking to improve the sustainability of their supply chains over the next three years, according to a new survey from HSBC.
The survey of 8,500 companies in 34 countries, published in HSBC’s Global Report, shows that those businesses making environmentally sustainable changes to their supply chains are motivated primarily by cost efficiencies and improved revenues. Furthermore, one in five claim that they have taken greater control of their supply chains over the past two years.
Bryan Pascoe, global head of client coverage at HSBC, suggested companies are starting to recognise that improving environmental performance offers financial rewards.
"As businesses explore and invest in ways to stay competitive for the future, the most forward thinking are already taking action," he said. "Transitioning to become more sustainable is not only beneficial for the environment and for society, but for the bottom line too."
The survey shows that 85% of businesses want to achieve a sustainability standard recognised by their sector or market. This is likely to be in response to regulators and investors putting pressure on firms to disclose their sustainability practices, HSBC claims.
The survey also suggests that the drive to encourage greener supply chains was more pronounced in emerging markets than developed countries. More than one in five businesses based in emerging markets said they plan to make improvements to their supply chain over the next two years, compared with just 15 per cent in industrialised markets.
The results of the 2018 HSBC Navigator survey can be found in HSBC’s Global Report which can be downloaded here: https://www.business.hsbc.com/trade-navigator