ARTICLE 1
Create Sustainable Industries
Article 1 - Create Sustainable Industries provides a direct challenge to industries to rethink their business models, create new business rules, and reinvent supply chains to ensure a just and sustainable transition.
Global Picture
A 2022 EY survey of 525 CEOs of large businesses, found that 70% of CEOs expect to see increased revenue by transitioning to more sustainable supply chains, and 44% expect to have increased customer loyalty from doing so.
While the market certainly exhibits strong demand for more sustainable supply chains, the data shows that significant action is still required by the private sector to fulfil this demand. While 10% of the businesses in the same EY survey reported plans to reach net zero in their supply chains by 2025 and 22% by 2040, none of the businesses surveyed had reached this goal in 2022.
ARTICLE 1
Create Sustainable Industries
Article 1 - Create Sustainable Industries provides a direct challenge to industries to rethink their business models, create new business rules, and reinvent supply chains to ensure a just and sustainable transition.
Global Picture
A 2022 EY survey of 525 CEOs of large businesses, found that 70% of CEOs expect to see increased revenue by transitioning to more sustainable supply chains, and 44% expect to have increased customer loyalty from doing so.
While the market certainly exhibits strong demand for more sustainable supply chains, the data shows that significant action is still required by the private sector to fulfil this demand. While 10% of the businesses in the same EY survey reported plans to reach net zero in their supply chains by 2025 and 22% by 2040, none of the businesses surveyed had reached this goal in 2022.
Projects
SMI companies are driving Global Demand Signals in sustainable procurement
SMI businesses with an aggregated annual revenue exceeding $1.2 trillion have committed to ensuring sustainability is central to their procurement and supply chain decision-making processes to help accelerate a just and sustainable transition.
The SMI Agribusiness Task Force produced an action plan for scaling for regenerative farming
Dame Alison Rose, CEO, NatWestAgriculture is an ecosystem of complex and interconnected networks, where the actions of individual players impact on others. Interaction, coordination and collaboration are critical to finding the right solutions to bring about powerful change at pace
Grant Reid, CEO, Mars, speaking on the action plan for scaling regenerative farming at COP27
Grant Reid, CEO, Mars, speaking on the action plan for scaling regenerative farming at COP27
Throughout 2022, the SMI Agribusiness Task Force set out to identify what can be done by the private sector to accelerate the adoption of regenerative farming.
Based on their learnings, the Agribusiness Task Force has created an action plan around three case studies to explore different value chains.
The SMI Insurance Task Force created the Sustainable Supply Chain Pledge
John Neal CEO, Lloyd’s and Lead, SMI Insurance Task ForceAlongside partnering with our customers to insure their transition, encouraging our suppliers around the world to embed sustainability into the goods and services they provide, including the choices we give customers as we help them manage risks or recover from loss, will ensure we are playing an active role in cross-sector decarbonisation at pace.
John Neal, Lloyd's CEO, speaking on a Financing the Transition panel during New York Climate Week
John Neal, Lloyd's CEO, speaking on a Financing the Transition panel during New York Climate Week
The SMI Insurance Task Force’s Sustainable Supply Chain Pledge demonstrates the power of businesses convening within industry and influencing supply chains. As of November 2022, 13 major insurance businesses have signed the pledge as well as the Association of British Insurers, who represent over 200 member businesses managing investments of nearly £1.7 trillion.
Pledge signatories have committed to:
- Encourage and help suppliers to set meaningful sustainability targets with an ultimate goal of adopting Paris-aligned net-zero targets
- Advance initiatives with a goal of measuring the carbon footprint of insurance supply chains and report transparently on progress
- Work to tackle supply chain carbon hotspots
Spotlight on: The Tyre Collective
In collaboration with the Royal College of Art (RCA), the Terra Carta Design Lab has brought together art, science, design, and engineering, inviting RCA students and alumni to develop credible and sustainable solutions to the climate crisis.
One of the winning innovations of 2022 put forward a device capturing the second largest microplastic pollutant: pollution caused by tyre wear from vehicles. Thanks to their ingenuity, the device designed creates a closed-loop system and contributes to accelerating the shift to zero-emission mobility.
The Tyre Collective at Terra Carta Action Forum at COP27
The Tyre Collective at Terra Carta Action Forum at COP27
The Tyre Collective exhibition stand at Terra Carta Action Forum at COP27
The Tyre Collective exhibition stand at Terra Carta Action Forum at COP27
Spotlight on: Ampd Energy
The Ampd Enertainer is an advanced, compact, and connected battery energy storage system designed to replace the dirty, noisy, and hazardous diesel generators that power the world’s construction sites.
Spotlight on: The City of Amsterdam
The City of Amsterdam has pledged to become a circular economy by 2050 and halve its use of new raw materials by 2030. The city has already made significant progress on their circular economy strategy and have built a circular monitor that tracks all material streams in the city to help monitor and prioritise materials and their life cycles.
Sustainable Market Initiative 2022 IMPACT REPORT
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