Sep 22, 2016 Mumbai / India
Indian chemical industry pledge support for a sustainable supply chain
On September 20, 19 companies of the Indian chemical industry came together for the Together for Sustainability (TfS) summit in Mumbai. The summit built awareness around the importance of creating a sustainable supply chain in the chemical Industry, and saw participation from over 500 representatives from suppliers and TfS member companies as well as local and international associations, international audit companies and experts. The attendees pledged their commitment towards creating sustainable supply chains in the chemical industry.
TfS’ formal launch in India comes at a time when the Indian Chemical industry is rated 6th in the World and 3rd in Asia in value added terms at constant prices. India is close to becoming the manufacturing hub for the world with government support and initiatives like “Make in India”. Business activities of all organizations are thus becoming more global and supply chains more complex. Considering the important role played by the chemical industry across sectors including automobile, pharmaceuticals, textiles and even manufacturing, aligning with sustainability will help the sector to drive innovation as well as their growth engine. It is here that the TfS initiative leads by example in corporate responsibility through creating benchmarks for sustainable supply chains.
Since its initiation, the sustainability performance of over 5,500 suppliers has been rated within the TfS initiative based on EcoVadis assessments and 580 TfS audits have been conducted globally. The initiative plans to establish benchmarks in the supply chain that can cover all the pillars of sustainability and grant relevant long-term gains both – to the companies and to their suppliers. In 2015, a total of 2,580 sustainability assessments have been shared among TfS Members and 179 new TfS audit reports were received by the TfS initiative. In India, 300 suppliers have been assessed through EcoVadis and audits at 28 sites have been concluded already.
Established in 2011, TfS has tripled its membership in the last five years and has commitment from 19 leading chemical companies. The initiative is based on good practices and builds on established principles – such as the United Nations Global Compact (UNGC) and the Responsible Care Global Charter as well as standards developed by the International Labor Organization (ILO), the International Organization for Standardization (ISO), Social Accountability International (SAI) and others. For more information about the initiative, access www.tfs-initiative.com.