04 July 2024
Topics in this article
  • Financial Services

Our Financial Service client is a bank with ~$10T in assets that provides services in retail and commercial banking, investment services, and wealth management to tens of millions of customers globally.

Challenge

Our client made significant climate commitments, targeting Net Zero GHG emissions by 2050 and 30% reduced emissions by 2030, as part of their ambition to be a leader in the transition to a Net Zero world.

Prior sustainability efforts to date have focused on supplier diversity. To reach their ambition of becoming “world-class,” they must expand their focus into carbon, working to build a leading sustainable procurement function as a necessary enabler on their Net Zero journey.

Approach

Maturity Assessment

  • Assessed client’s Scope 3 procurement maturity against industry peers and identified their Upstream Scope 3 carbon emissions baseline
  • Defined client’s Procurement Climate Ambition, ensuring alignment with enterprise-wide Net Zero goals
  • Created a high-level 2-year roadmap to help improve their sustainable procurement maturity and developed detailed action plans for achieving key milestones in the near-term.

Carbon Assessment

  • Identified key Upstream Scope 3 carbon emissions hotspots to focus on understanding further
  • Defined enablers, levers & capabilities required by the client to become a leader in sustainable procurement

Results

Working closely with the Client’s Sustainability and Procurement stakeholders, we:

  • Defined Banking Client’s Sustainable Procurement Climate Ambition and aligned on a set of guiding principles to deliver on the ambition.
  • Demonstrated what ‘best in class’ Sustainable Procurement looks like across peers and identified critical dimensions to prioritize next actions against in order to make meaningful progress toward establishing a sustainable procurement function.
  • Using carbon emissions data, we identified key carbon hotspots across different categories, business units, and suppliers.
  • We defined key capabilities needed to establish a sustainable procurement function (e.g., people, data, partnerships & investment, etc.).

Get in touch to find out how our procurement specialists can help you achieve your business goals now, and for the future.

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