Change in Government ESG regulations : is your Supply Chain ready ?
With the growing importance of sustainability and ESG-related topics, Governments across the world are increasingly determined to ensure ethical sourcing and secure critical supplies for their citizens. Whether it is the European CHIP act, German Supply Chain due diligence act, or American Supply Chain resilience act, there are common elements such as ensuring supplier compliance and transparency, or resilience in supply chains driven by onshoring or nearshoring, and the failure to comply can be punitive.
For companies, although many have previously adopted ESG and due diligence standards voluntarily, this means an increasing push to implement more robust, resilient end-to-end ESG practices across their supply chain, thus allowing for more transparency into their supplier base in order to ensure compliance, and prevent commercial and legal risks.
