Last Updated on: 22nd November 2023, 09:33 am
Vizibl, the world’s foremost digital procurement platform for Supplier Collaboration and Innovation, is proud to introduce its new Science-Based Targets Initiative (SBTi) Framework. Designed to expedite the launch of supplier engagement programmes focused on sustainability, this innovative addition to Vizibl’s existing supplier collaboration and innovation platform enables large corporations to initiate such programmes in just four weeks.
Expanding upon Vizibl’s existing supplier collaboration and innovation capabilities, this new configuration empowers organisations to:
- Commence with their supplier’s raw spending data, which Vizibl takes in at the outset.
- Observe this data undergo cleansing, normalisation, enrichment, mapping, and integration into Vizibl’s sustainability launchpad for emissions.
- Utilize the launchpad to swiftly visualise emissions hotspots, supplier responses to CDP in the past 12 months, commitments to science-based targets by those suppliers, and segment and prioritize suppliers for the most effective reduction of the organisation’s scope 3 GHG emissions.
- Promptly select groups of suppliers to include in supplier engagement programmes and be ready to take action within four weeks.
- Establish a roadmap of phased improvement targets for the programme, guiding the organisation toward setting and achieving science-based targets, both for the customer company and their suppliers.
- Document all supplier engagement actions taken to decarbonise their supplier base in a central location using the Vizibl platform, ensuring compliance with emerging and existing ESG regulations.
This process follows SBTi’s supplier engagement guidance steps and streamlines the organisation through the process, automating key aspects of the framework that would otherwise involve administrative tasks such as spreadsheets, document libraries, email correspondence, and reporting analytics.
Furthermore, the programme ready for launch at the end of this process aligns with a UN-backed global sustainability standard for supplier engagement in the Science-Based Targets Initiative. This helps Vizibl’s customers demonstrate collaborative actions required by upcoming mandatory ESG regulations concerning scope 3 reduction. It is supported by a library of content crafted by Vizibl, aimed at guiding the organisation further in the process of establishing and ultimately achieving short-term science-based targets.
Upon programme readiness, the Vizibl team offers guidance through the launch process and ongoing programme rollout and maintenance, accompanied by a series of communication templates, guides, and a comprehensive content library. The team continually monitors progress to ensure the programme remains on track and achieves its stated objectives.
Background:
One of the most effective approaches to transition from emissions measurement to concrete scope 3 reduction actions is to employ the Science-Based Targets Initiative’s (SBTi) supplier engagement guidance framework. This framework guides organisations through five stages, ensuring robust action, accurate reporting, and independent verification of progress.
The integration of the SBTi framework into Vizibl’s supplier collaboration and innovation platform aligns the platform with SBTi’s supplier engagement guidance. Through this framework, enterprise organisations can work towards meeting science-based targets within their designated timeframes, implementing and executing a robust supplier engagement strategy.
The SBTi Framework functionality is reinforced by Vizibl’s existing Supplier Relationship Management, Supplier Collaboration Workspace, Supplier Sustainability Management, and Supplier Innovation Hub, with future releases considering support for nature and biodiversity.
Richard Hogg, Vizibl CEO, stated, “With increasing ESG regulatory pressures on businesses, ensuring our customers have the tools to rapidly and accurately assess and enhance sustainability performance across their supply base is essential to Vizibl. Equipping our customers with a robust body of evidence that showcases their efforts, both in terms of speed and scale, to engage their suppliers in decarbonising their supply chains is crucial for achieving net-zero targets. By incorporating the SBTi supplier engagement guidance framework and robust target-setting capabilities into our platform to complement our existing Supplier Collaboration and Innovation functionality, we are equipping our customers with potent supplier engagement and sustainability tools to swiftly transition from measurement to action.”
To discover more about Vizibl’s SBTi Supplier Engagement Framework, please visit Vizibl.co.
