This white paper discusses the role of procurement in driving sustainability and ESG excellence within an organization. It highlights the changing consumer trends, activist investors, and government regulations that have made sustainability a top priority for many organizations. The procurement function is uniquely positioned to respond to these challenges and opportunities, as it sits at the intersection of all arms of the business and its suppliers. The paper argues that procurement should not simply keep pace with the demands of the business when it comes to sustainability, but should act as a catalyst to drive change and exceed targets. To do so, CFOs and CPOs need to equip their teams with the right methodologies and expertise. The paper suggests adopting a holistic framework with environmental, social, and governance (ESG) aspects, which will support sustainable decision-making and unlock benefits in terms of company value and growth, ecological footprint, and social equity. The paper concludes by emphasizing the importance of reimagining cost to focus on ESG-based value, which empowers procurement to drive the sustainability agenda and maximize value for the wider business.
