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Engagement is the key to addressing Scope 3.
October 1, 2024
By: Davuluri Sucheth Rao
Vice Chairman and CEO, Neuland Labs
Companies throughout the pharmaceutical industry are developing strategies and implementing concrete actions to address sustainability. These efforts are critical to address the environmental, social, and governance (ESG) aspects of sustainability, such as greenhouse gas emissions, waste production, and water use (environmental); fair labor practices, employee health and safety, and diversity (social); as well as ethical business practices and anti-bribery and anti-corruption measures (governance). It’s important to remember, however, that sustainability is not about ticking boxes to meet external expectations or guidelines. Rather, it is a way to build an organization that stands the test of time by taking care of all its stakeholders—people and the earth we live on. This work is essential, particularly for the future of the planet, because the impact of the pharmaceutical industry is significant. Emissions from pharma are estimated to be 13% greater than those from the automotive industry.1 As firms across industries embark on their journey to sustainability, they generally find that the biggest challenge in achieving their goals lies in the areas beyond their direct control, in the work carried out by their suppliers. In the context of reducing emissions, this is the area that falls under “Scope 3,” but the same concept can be applied to social and governance concerns. Tackling Scope 3 and achieving meaningful sustainability improvements throughout the supply chain is fundamentally a matter of engagement. That engagement should be centered around working collaboratively with suppliers—working with them as partners in a project with a common goal. It requires not only sharing best practices with suppliers but also listening to them to set targets that are both meaningful and realistic, and to find the best ways to achieve them. Ultimately, this is a collaborative effort that can, and should, extend beyond individual organizations to involve collective action across the industry. Governments also have an important role to play in regulating policies for sustainability and promoting sustainability by offering tax incentives to encourage sustainable business practices. With the right engagement, significant progress can be achieved.
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