New MIT Report: 70% of Companies Struggle with Supply Chain Emissions Data
A new report, 'Sustainability Still Matters', from the MIT Sustainable Supply Chain Lab, underscores the significance of sustainability in supply chains. The study, based on a global survey of 1,203 professionals, reveals that 70% of companies struggle to gather sufficient data from suppliers to accurately calculate their supply chain's total greenhouse gas and climate impact.
The report highlights that European Union enterprises face particular challenges in acquiring data from suppliers. Inadequate supplier data transparency and the complexity of collecting comprehensive Scope 3 emissions data across the supply chain are key obstacles. To improve emissions data collection, firms are encouraged to adopt life cycle assessment software instead of spreadsheets.
Regulations are the primary catalyst for European-based firms to act on supply chain sustainability. Meanwhile, corporations worldwide are actively seeking advancements in this area. Companies are exploring innovative solutions like biofuels, electric vehicles, and hydrogen-powered vehicles to reduce transportation emissions. However, only 40% of firms closely track Scope 3 emissions, which can account for up to 75% of a company's total emissions.
The report indicates that 85% of companies are either maintaining or increasing their supply chain sustainability practices. However, the lack of sufficient data from suppliers remains a significant barrier. Firms are urged to embrace technology and regulatory compliance to enhance their sustainability efforts and accurately assess their supply chain's environmental impact.
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