Organizations outside of Asia Pacific are leading the way in adopting environmental policies to make their supply chains more sustainable, whereas companies inside Asia Pacific have a greater focus on policies that target health and wellbeing. Respondents both within Asia Pacific and outside Asia Pacific show an equal measure of enthusiasm when it comes to implementing health and wellbeing policies in the next two years.
A significant number (43%) of organizations based outside of Asia Pacific have already implemented environmental policies, compared to 37% of those inside the region. HSBC customers are also more likely (80%) to have implemented environmental policies than non-HSBC customers (74%).
“Sustainable supply chain financing is a key support mechanism for companies on their transition to net zero. This transition looks different for each of our customers, which is why we’re always working to provide a complete suite of sustainable financing products that help businesses with both their sustainability and business goals. Large corporates will also need to collaborate with their suppliers as they move towards circular business models and rethink product design. They can co-invest, share knowledge and resources; encourage innovation and adoption of new technologies.” says Andrew Skinner, Head of Trade and Receivables Finance, HSBC Bank Canada
As sustainability becomes an essential component of supplier relationships, organizations are looking for ways to track sustainable transactions. The most common metrics are regulatory compliance, competitor benchmarking, and sustainability ratings. Organizations outside of Asia Pacific are leading the way in implementing sustainability tracking metrics, with 64% adoption compared to only 37% adoption inside Asia Pacific.
The report reveals that organizations have an increased interest in investing in more sustainable supply chains, with 47% having already invested and 37% planning to do so in the coming period. Key sustainability areas include energy efficiency, environmentally friendly plants and machinery, and sustainable buildings.
“We can help organizations identify opportunities to improve their sustainability performance, implement sustainability best practices, and access a range of green finance solutions,” says Angie Lamarsh, Head of Sustainability, Commercial Banking, HSBC Bank Canada. “Together, we can help Canadian businesses build the sustainable and resilient supply chains of tomorrow.”
Read the full report, Global Supply Chains – Networks of Tomorrow: Navigating the future of trade
Today, we and many of our customers contribute to greenhouse gas emissions. We have a strategy to reduce our own emissions and to help our customers reduce theirs. Find out more about our climate strategy in Canada and globally.