Chemical companies drive sustainability through auditing and assessing global supply chains
- Based on a UN principle, the industry is working to improve sustainability practices in its global supply chains
- The TfS initiative commits chemical companies, worth a combined global yearly turnover of US$616 billion, to a framework of decision-making
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The Together for Sustainability (TfS) is a global, procurement-driven initiative created by chemical companies with the goal of assessing, auditing and improving sustainability practices within their global supply chains. Based on the UN Global Compact and Responsible Care® principles, TfS is a global organisation with regional representation in Asia (China, Japan and Singapore) and the Americas – and sets the de facto global environmental, social and governance (ESG) standards for chemical supply chains, aiming to improve sustainability performance.
Responsible, collaborative sourcing to support corporate sustainability goals
TfS drives and delivers sustainability through the chemical industry’s supply chains. The need for sustainable businesses has only intensified through current challenges such as climate change and market conditions, as well stakeholder expectations and regulatory developments. As of this month, TfS member companies represent a global turnover of more than €600 billion (US$616 billion) and a global spend of over €400 billion in the chemical industry, spanning sectors including consumer goods, pharmaceuticals, agricultural science, transportation and textiles. Together with its members, TfS offers the chemical industry innovative solutions to make supply chains a key contributor to overall corporate sustainability performance.
Sustainable supply chains have grown into a strategic business differentiator that contributes to supply security and corporate resilience, as well as reputational and regulatory risk management. In the context of procurement, sustainable supply chain management means that sustainability parameters are considered in procurement decisions, on top of traditional parameters such as price, product quality and on-time delivery. As such, TfS aims to foster sustainable and resilient supply chains with fair working conditions, climate change mitigation and environmental protection.
With a membership of 37 companies across the globe covering all segments of the chemical industry, TfS is committed to expanding its reach and impact on the sustainability performance of chemical supply chains around the world.
