ReNew has taken a comprehensive approach to integrating sustainability into its value chain by engaging its suppliers and service providers in the organization's sustainability efforts. The company's commitment to the UN Global Compact 10 Principles has driven this endeavour. In addition, ReNew adopted an ESG policy that emphasizes supply chain management as a focus area.
To de-risk its supply chain of environmental and social hazards, ReNew assessed its supply chain management from an ESG perspective. This assessment helped ReNew develop a roadmap to strengthen its supply chain management, and in the first phase of rollout, suppliers were required to respond to a supplier assessment questionnaire addressing ESG concerns. The questionnaires were evaluated against a Vendor Rating Framework that accounts for specific ESG parameters, issues, and concerns.
In 2021-22, ReNew undertook a benchmarking exercise to compare its supply chain practices with those of its peers and international ESG frameworks and guidelines such as the UN Global Compact, OECD guidelines, ILO’s fundamental principles, and Rights At Work. This exercise led to the development and rollout of a Sustainable Supplier Code of Conduct that all suppliers and service providers are expected to sign. The Code of Conduct is part of all subsequent long-term contractual agreements and work orders.
Through these efforts, ReNew has demonstrated its commitment to creating a sustainable supply chain and engaging its suppliers and service providers in its sustainability efforts. This approach not only helps to de-risk the supply chain but also creates a positive impact on the environment and society while enhancing the company's reputation and competitive edge.
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