EcoVadis Assessment: Driving UAE Businesses towards Sustainability
In this Era of rapid development and industrialisation, the world faces a dual challenge!! At one side we reap economic progress with infrastructure and technological advancements; while on the other end, we are exposed to the clear-cut indicators of climate change, global warming and rising sea levels- all of which points towards the adverse effects of unchecked growth without maintaining the balance between nature and human development.
Now this is a crucial stage, where our existence on this planet hangs in question. At this juncture, it is inevitable to address the need for sustainability; which is no more a choice but the need of the hour.
Often misunderstood as Environmental Protection alone, Sustainability is actually a more complex concept which lies over the three pillars of Environmental, Social and Economic.
What is EcoVadis Rating?
Nowadays businesses in UAE are increasingly trying out ways where they can really showcase the commitment to the Environmental, Social and Economic Sustainability. The reason why they are doing so is that; now companies recognise that adopting sustainability is crucial for them to get future businesses. By maintaining the transparency of their operation, showcasing the social responsibility and by prioritising human rights and inclusivity, UAE companies are positioning themselves as leaders in the global sustainability movement.
EcoVadis is a globally recognised sustainability rating platform to help companies to showcase their ESG practices. EcoVadis rating evaluate companies based on 21 sustainability criteria which are categories into four major themes;
a. Environment
b. Labor & Human Rights
c. Ethics
d. Sustainable Procurement
Through the assessment, companies will get a scoring ranging from 0 to 100; and then based on the score’s companies are awarded medals and badges.
How EcoVadis Assessment differ from others?
The best part of choosing EcoVadis Assessment is that, whatever is the size of your company, in whichever locations you are operational, which sector you are functioning...nothing matters for this platform!!! EcoVadis functions like an amoeba, seamlessly adapting to any of the sustainability reporting needs of any organisation, in any region.
What EcoVadis does is that based upon the industry and company characteristics, EcoVadis will prioritise each theme and will give you a very customised questionnaire for assessment. This customised and tailored approach ensures the evaluation perfectly aligns with the organisation’s unique context.
a. Top 1% companies will get Platinum Medal
b. Top 5% companies will get Gold Medal
c. Top 15% - Silver medal
d. Top 35% - Bronze Medal
Based on the company’s ability to show progress in sustainability performance they will be entitled to obtain committed and fast mover badges based upon the rating. All these ratings are easy to understand, with the improvement areas clearly pointed out after evaluation with customised improvement recommendations.
How EcoVadis Assessment is going to be a game changer for UAE businesses?
Now more and more companies are under immense pressure to improve the transparency and sustainable practices, which have increasingly critical for long term success. As per the insights updated by Ecovadis, there is a noticeable increase in demand for Ecovadis in UAE from 2019 onwards. This trend clearly shows how valuable EcoVadis is, in driving business development and growth. Through EcoVadis Assessment companies not only enhance their competitive edges but also contributes to the region’s commitment to align with global sustainability standards and frameworks.
This is how businesses find it useful for them with the Ecovadis Assessment;
1. EcoVadis will helps in attracting new business; where nowadays most of the multinational companies highly prioritising the suppliers, who is able to demonstrate fair amount of transparency in the sustainability practices.
2. EcoVadis Assessment will help you to put your health safety and quality systems in order.
3. Globally all government increases the focus on sustainability and thus businesses are facing stringent regulations. By showcasing good sustainability score, businesses can showcase their alignment with global frameworks and regulatory requirements.
4. It helps in improving the brand reputation; where all customers and investors are keener at partnering with whoever have strong sustainability credentials.
EHS Consultants with proven experience in supporting businesses in keeping up them on the sustainability reporting landscape is here to support you with the EcoVadis Assessment.
You can reach out at +971 52 416 9197 to know more about this support.
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