What are the best practices for implementing sustainable procurement policies that align with ESG goals?
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Sustainable procurement is indeed a critical component of an effective ESG strategy. A great starting point is to thoroughly evaluate and categorize suppliers. Identifying key suppliers and engaging them in the process early on is essential. Using contracts and agreements, we can secure their commitment to fundamental ESG principles, such as labor and human rights, health and safety, training, and living wages. As their clients, we hold significant influence; they want to sell, so they will eventually adjust to meet these requirements. All of this must be described in a Supplier Code of Conduct policy, either as a standalone document or included in the company's overall Code of Conduct. This foundational step sets the stage for a robust and sustainable supply chain, ensuring all partners are aligned with the organization's ESG goals from the outset.