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Economist Sustainability Week US 2024 panel discussion sponsored by Lythouse and Schneider Electric.
As corporate sustainability efforts evolve, the spotlight turns to the intricate task of addressing scope 3 emissions. How are companies forging closer ties with suppliers in the journey towards carbon neutrality? How can businesses reduce the environmental impact of complex supply chains while keeping operations efficient? And can the symbiotic relationship between buyers and suppliers become the linchpin of a sustainable future?
Key learnings
- Importance of Supplier Collaboration for Scope 3 Emissions: Scope 3 emissions can account for 80-90% of total emissions for some companies. Collaborating with suppliers is crucial to manage these emissions effectively, despite the challenges due to their disparate and dispersed nature.
- Use of Technology and AI in Managing Emissions: AI and technology are playing a significant role in managing Scope 3 emissions by helping companies accurately calculate emissions, engage with suppliers, and facilitate data reporting.
- Formation of Coalitions for Collective Action: The growing trend of forming coalitions within industries, such as the semiconductor or pharmaceutical sectors aim to engage their joint supply chains, enabling collective efforts in reporting, setting reduction targets, and taking actionable steps to reduce emissions.
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Speakers
Richard Waugh
Vice President, Corporate Development, Lythouse
Russell Chung
Chief procurement officer, University of California, Berkeley
