DISCLOSURE INSIGHT ACTION

Scoping Out:
Tracking Nature
Across the Supply Chain
Global Supply Chain Report 2022

March 2023

Written in collaboration with
Boston Consulting GroupCDP Supply Chain Report 2022

2

Executive summary

75%of the Earth’s ice-freeland surface has beensignificantly altered.

>85%

of wetland area has
been lost.

Awareness
and ambition
on nature are
growing, but thechallenges weface are also
accelerating.
We must act
urgently to halve
emissions andbecome nature
positive by 2030.

Society is only just waking up to the true scale ofthe damage we have inflicted on the natural world.
In October 2022, the WWF found that global wildlife
populations have declined by 69% since 1970. In someparts of the world, that decline is as steep as 94%.
Seventy-five percent of the Earth’s ice-free land surface has beensignificantly altered. Oceans are polluted with trillions of pieces of plastic.
More than 85% of wetland area has been lost.
Humanity cannot survive without biodiversity and a secure water cycle. We
cannot solve the climate crisis without working in tandem to protect nature,with at least one-third of the emissions reductions required to limit global
warming to 1.5°C linked to forestation and the water cycle.

This year’s data tells a stark story: change is not
happening at the scale required.
Climate is just one part of the bigger picture. Nature also includes forests,
water and biodiversity, which are all vital for our survival. Any action taken
in one area has an impact on the others, for better or worse. A company’senvironmental impact, therefore, goes beyond climate; forests, water andbiodiversity all desperately need our attention.
In practice, this means taking actions such as conserving, protecting andrestoring ecosystems, adopting more sustainable agriculture and forestry
practices, preserving water resources, and ensuring a circular economy.
For most companies, these actions will only be possible if they lookbeyond the impact of their direct operations. They need to exert their fullinfluence by engaging suppliers and bringing them along on this journey.
It’s not only the scale of the environmental crisis that should spurcompanies to action. Regulation is coming.

193
countries
at COP15 inDecember 2022,

4

committed to increased regulation through theKunming-Montreal Global Biodiversity Framework.
Each of them will require large and transnational
companies and financial institutions to monitor,
assess, and transparently disclose their risks,
dependencies and impacts on biodiversity throughtheir operations, supply and value chains andportfolios – by 2030 at the latest.

CDP Supply Chain Report 2022

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Further, disclosure on Scope 3 emissions may berequired imminently by the EU's European Sustainability
Reporting Standards, the US's SEC proposed climatedisclosure rule and in the ISSB global baseline standard
for climate-related financial disclosure.

In this report, we consider whether companies
are ready to take action on nature impacts in their
supply chain by examining their responses on how
they are tackling climate change, deforestation andwater security.

COP15 couldn’t have been clearer in the call to action on corporate reporting on nature. If a company is notpreparing for incoming regulations and stakeholder interest on addressing nature in the supply chain, they
are open to a wide range of risks and could also be missing out on the opportunities that safeguarding nature
will bring. Quite simply, if a company wants to be in business in the future, they need to start embedding
nature into the way that they buy and collaborating with suppliers to drive action in the supply chain.
Sonya Bhonsle
Global Head of Value Chains, CDP

Reporting
We can straight away see that companies are engaging more on some aspects of impact on nature thanothers. Climate change is often seen as the main impact they need to look at, despite evidence of the need foraction across all areas.
Total unique disclosing companies

18,600

Climate

7,700

Biodiversity

Water

Forests

4,000{ More than 18,600 companies around the world
disclosed climate change data through CDP in
2022 – a 42% increase on 2021.
{ More than 7,700 companies disclosed biodiversity
data through CDP in 2022 for the first time.
{ Almost 4,000 companies disclosed water security
data through CDP in 2022 – a 16% increase on 2021.
{ By contrast, more than 1,000 companies disclosed
data on forests. While this is a 30% increase on
last year, it only represents 30% of companies
requested to disclose.

1,000

While the figures for biodiversity, water and forests are low, they have all grown, even without mandatory regulationand incentives. Companies are becoming more aware of their responsibilities and the benefits of disclosure.
Percent of increases in responses (unique disclosing companies)

42%
Climate

16%
Water

30%
Forests

CDP Supply Chain Report 2022

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Supply chain emissions(upstream Scope 3) are,on average,

Measurement – what is measured can be managed

greater than operationalemissions.

Climate once again leads the way

11.4x
Only

41%

of companies reported
emissions for at least one
Scope 3 category.

Measurement is the entry point for companies to understand and quantify
their environmental impact. But there is a pattern of companies assessing
their own direct operations and not looking at their wider impacts.

For climate change, supply chain emissions (upstream Scope 3) are,on average, 11.4 times greater than operational emissions. This is amaterial impact for most companies, yet many still don’t measure it.
Seventy-two percent of CDP-responding companies reported operationalemissions (Scope 1 and/or 2); only 41% reported emissions for at least
one Scope 3 category.
There is, however, hope to be found when comparing first-time and repeat
respondents. The percentage of companies disclosing at least one
Scope 3 emissions category rises from 27% of the former to 53% of thelatter, demonstrating that disclosing through CDP year on year leads toimprovements in Scope 3 disclosure.

Other nature impact areas fall behindCompanies are at varying stages of maturity when it comes to quantifying
their supply-chain impacts on nature.
There is a lack of accounting methodology to work out the pure metrics
for upstream impacts in water security. But companies do not need to takeon the costly challenge of monitoring 100% of withdrawals and discharges
within their entire value chain. Each should act to reduce their impact incritical basins and/or areas where they are currently causing most harm,such as through pollution or water stress.
In the future, supply chain-related water impacts will play a greater role. The
Science Based Targets Network (SBTN) has stated in its methodologies that:

Companies are required to collect data in orderto define their baseline level of pressure forfreshwater quantity and/or quality for all theirdirect operations and upstream scope in eachbasin for which targets will be set.
The Science Based Targets Network (SBTN)

4CDP Supply Chain Report 2022

5Unique companies
disclosing

39%

7,304

Climate23%

Increasingly, companies are linking progress towards no-deforestation/
no-conversion goals with upstream environmental impacts, including
land-use change associated with their supply chain. In 2022, a third ofcompanies (198 companies) reported monitoring or estimating theirdeforestation/conversion footprint. Yet, nearly all companies that do
this assess the deforestation footprint of their entire commodity use(148 companies).

Engagement

915

Water

One of the biggest takeaways from this report is that the necessary
cascade of action down the supply chain is just not happening. With the
majority of impacts lying in a company’s supply chain, it is a key indicatorof the efficacy of their environmental strategies. Our data shows that it
often takes years from initial engagement to setting appropriate targets
and taking necessary action. Yet today, only:{ 39% of all respondents (7,304 companies) engage their supplierson climate-related issues, covering an average of 41% of theirprocurement spend; and{ 23% of all respondents (915 companies) engage their suppliers on
water-related issues.

69%
Forests

543{ Conversely, 69% of companies disclosing on deforestation are
engaging with their direct suppliers. However, due to the limited
number of companies responding, this is only 543 respondents.
To truly avert catastrophic climate change and ensure a deforestationfree, water-secure future, companies must transform the way theywork , and they must do it soon. This means engaging their leadershipto find opportunities across the value chain to create impact for theenvironment and to benefit the company, too.

Understanding that the majority of our corporate footprint is in our supply chain, we leverage our CDP Supply Chain
program membership to raise our suppliers’ awareness of best practices and drive them to improve environmental
management. With our highest priority suppliers, environmental management is embedded in our Sustainability
Scorecard, which is integrated into ongoing business performance evaluations. We use data from our suppliers’ CDP
responses to evaluate quantitative impacts, like greenhouse gas emissions, energy and renewable energy use, andwater consumption. We also use CDP to review their qualitative environmental management, such as transparency
of responses, ambitious science-based climate targets, verification of footprints, and water stewardship. CDP Supply
Chain enables us to scale supplier engagement and evaluation of our suppliers' performance.
James Riddle
Supply Chain Environmental Strategy Lead
HP Inc.

CDP Supply Chain Report 2022

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PeopleBoard-level oversight is a key requirement for transforming
environmental impacts from supply chains. Currently, only 38% ofcompanies’ C-suites are incentivized on management of water-related
issues in general.

6%of companies

23%of companies

74%

of companies

have C-suite incentives related to supply
chain engagement on water issues; only 3% ofcompanies state their CPO is incentivized onwater-related issues.

provide incentives to C-suite employees or board
members for managing forest-related issues;a further 7% plan to introduce them in the next
two years. This means 70% of companies do notplan to incentivize their C-suites to take action
on deforestation before 2025.

reported board-level oversight on climate change.
Of those that do not have board-level oversight,
41% plan to introduce it in the next two years. Thistranslates to ~15% of all companies having noboard oversight and no plans to introduce it.

But even with this degree of leadership oversight, is action cascading
to corporate buyers? Achieving climate transformation cannot happen
without internal organizational enablement. Procurement teams are at theforefront of supplier engagement.

In order to successfully abate supply
chain emissions, companies should
incentivize procurement-related teams
for the management of climate-related
issues. Currently, only 3% companies
do so.

CDP Supply Chain Report 2022

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Only

Purchasing processesof all companies
require suppliers to
set SBTs.

Key to these efforts is the transformation of purchasing processes so thatthey better incentivize and reward companies that take environmental
action beyond monitoring. For climate change, one in every 10 companies
includes climate-related requirements in supplier contracts. But 1.5°C
climate science needs to be built into purchasing as usual. Only 0.04%
of all companies report adhering to best practice in this area – that is,requiring suppliers to set science-based targets (SBTs).

0.04%
Just

1%

of companies
provide financial
and technical help to
support their direct
suppliers to reduce
their deforestation
impacts.

For water security, 47% of companies that engage their suppliers do so in
activities that target onboarding and compliance. Most often, they set a
requirement to adhere to a code of conduct regarding water stewardshipand management. Just 23% actually incentivize on water-related action,for example by integrating water management and stewardship into
supplier evaluations.
For deforestation, despite having the highest proportion of companies
that engage with their suppliers, the act of incentivizing action down the
supply chain remains difficult. Just 1% of companies provide financial andtechnical help to their direct suppliers to set deforestation/conversion
commitments across their entire operations and develop public timebound action plans with clear milestones to achieve this.

You cannot have a healthy business without a healthy planet. For Unilever, that means taking ambitious
action in our supply chain to protect and regenerate nature and reducing greenhouse gas emissions inline with the science. Our goals include having a deforestation-free supply chain in key commodities by
the end of 2023, helping to protect and regenerate 1.5 million hectares of land, forests, and oceans by2030, and reaching net zero emissions across our value chain by 2039.
Our Procurement team is crucial to so much of our delivery, with sustainability fully embedded into
our strategy. We’re supporting our suppliers to accelerate their climate journeys, working on 100%
sustainable sourcing of our key agricultural crops, and empowering smallholder farmers to use
regenerative agriculture practices that help to improve soil health and boost yields. We’ve a lot more
to do, and we know collaboration is key. That’s why we’re partnering with governments and others to
implement water stewardship programmes, and encouraging brand investments through our €1 billion
Climate & Nature Fund – designed to drive positive impact from producer to brand to consumer.
Thomas Lingard
Global Head of Sustainability (Environment)
Unilever4

CDP Supply Chain Report 2022

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We are increasingly reaching global agreement on what needs
to be done to avert an environmental crisis; we're even making
progress on how to do it. The missing piece of the puzzle remains:
scaling action at speed. And especially, action by companies andthroughout entire supply chains. CDP data shows how taking thefirst step – that is, building nature into purchasing processes –is a catalyst for increasing levels of action, and scaling beyond
national boundaries. However, too many companies are continuingpurchasing business as usual, and those that aren’t are focusing
on singular impact areas (mainly climate change) without starting
to work on their wider impacts across nature. Incentives frompolicymakers could support companies to scale up their efforts,
especially ahead of upcoming regulations.

As a sustainability leader, we have an obligation to take ownershipof our environmental impacts and see our suppliers as an extensionof ourselves. Our purchasing community and buying processes
are key to meeting our ambitions and driving plans to reduce theenvironmental impacts of our suppliers. This involves reducing
greenhouse gas emissions, energy consumption and water use
within our value chain. To track progress, we request our strategic
suppliers to report their climate and water impacts through CDP.
This year, 100% of the suppliers we requested to disclose theirclimate and water information through CDP, did so. Our buyers
regard the opportunity to obtain this information as a great
platform from which to improve. This is done by benchmarking anddiscussing the next steps with each supplier, to drive and align toa 1.5° pathway and water secure future. Our suppliers see this as agreat opportunity to work with us as we jointly improve.
Carla De Luca
Sustainable Procurement Senior Program Manager
Electrolux

CDP Supply Chain Report 2022

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Contents
Executive summary

03

Climate10

Measurement

11

Ambition

15

Action16

Transitioning & people

20

Water

23

Supplier engagement

24

Action26

People27

Sector snapshot –water pollution in the apparel sector

28

Forests

31

Measurement

34

Ambition

36

People37

Supporting companies to scale
supply chain action

38

Acknowledgements

44

Important Notice

The contents of this report may be used by anyone providing acknowledgment is given to CDP. This does not represent a license to repackage or resell any of the data reported to CDP or thecontributing authors and presented in this report. If you intend to repackage or resell any of the contents of this report, you need to obtain express permission from CDP before doing so. CDP has
prepared the data and analysis in this report based on responses to the CDP 2022 information request. No representation or warranty (express or implied) is given by CDP as to the accuracy orcompleteness of the information and opinions contained in this report. You should not act upon the information contained in this publication without obtaining specific professional advice. To
the extent permitted by law, CDP does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on theinformation contained in this report or for any decision based on it. All information and views expressed herein by CDP are based on their judgment at the time of this report and are subject tochange without notice due to economic, political, industry and firm-specific factors. Guest commentaries where included in this report reflect the views of their respective authors; their inclusion
is not an endorsement of them. CDP, their affiliated member firms or companies, or their respective shareholders, members, partners, principals, directors, officers and / or employees, may have aposition in the securities of the companies discussed herein. The securities of the companies mentioned in this document may not be eligible for sale in some states or countries, nor suitable forall types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates. ‘CDP’ refers to CDP North America, Inc, a not–for-profit organization
with 501(c)3 charitable status in the US and CDP Worldwide, a registered charity number 1122330 and a company limited by guarantee, registered in England number 05013650.
© 2023 CDP. All rights reserved.

CDP Supply Chain Report 2022

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Climate

101

CDP Supply Chain Report 2022

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Measurement
CO2 reporting

41%
reported emissions for one ormore Scope 3 categories

Only 41% of disclosing companies reported emissions
for one or more Scope 3 categories in 2022, despite
those emissions being on average 11.4 times higher
than operational emissions. Companies are missing ahuge opportunity to create impact.
These emissions play a critical role in achieving climate goals.
In the same period, 71% of disclosing companies reported Scope 1 and/or 2 emissions. This disparity is due to the challenges associated withmeasuring and disclosing Scope 3 emissions:{ Limited data transparency and traceability across the value chain;{ Low quality and/or granularity of data;{ Lack of automated and scalable tools for data extraction;{ Limited influence over most Scope 3 categories; and71%
reported Scope 1 and/or 2
emissions{ An ever-changing regulatory environment.

Key categories of Scope 3 emissions
Only 36% of companies reported their Purchased Goods and Services(Category 1) emissions, which are relevant for almost every sector.
Despite this, they made up the largest proportion of Scope 3 emissions(43%) reported.
A total of 39% of companies have indicated that this major contributor
to Scope 3 emissions is ‘not relevant’ or ‘not evaluated’, including 6% of
all Manufacturing companies; it represents a quarter of all emissions inthis sector.
By contrast, Business Travel (Category 6) is less high-impact, but far easier
to measure. Forty-two percent of companies – the highest response rateof all Scope 3 categories – calculated their Business Travel emissions.

Only 36% of companies reported
their Purchased Goods and Services(Category 1) emissions, which are
relevant for almost every sector.

CDP Supply Chain Report 2022

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Identifying and calculating emissions in all relevant Scope 3 categories
is crucial for effective emissions reduction strategies. These figures
represent an important call to action for companies to enhance their ability
to accurately calculate their emissions so that they can understand – andtherefore properly address – the problem.
Companies calculating Scope 3 upstream emissions (%)
Purchased goods
and services
Capital goods

36%
21%

24%
21%

7%

19%

32%
39%

Fuel-and-energyrelated activities

33%

16%

18%

34%

Upstream transportation+ distribution

28%

23%

16%

34%

Waste generated
in operations

34%

Business travel
Employee commuting

21%

42%

18%

35%

Upstream leased assets

8% 11%

Other (upstream)

7% 14%

22%

14%

30%

11%

29%

11%

32%

41%

40%
79%

Relevant, calculated
Relevant, not yet calculated
Not relevantNot evaluatedCompanies can find a breakdown of Scope 1, 2 and 3 emissions bysector and category in the CDP Technical Note: Relevance of Scope 3
Categories by Sector.

Methodologies for assessing Scope 3 emissions
Spend-based assessment of Scope 3 emissions can be the least accurate
method – when using publicly available (and often outdated) emissions
factors, for example. But it’s also the most commonly used approachacross all upstream Scope 3 categories. It is the minimum requirement for
high-level reporting, and a foundational step for companies in developing
their Scope 3 emissions baseline.
However, in using this approach, a company’s only opportunity to reduce
their impact is to change what they buy or to buy less of it, which is notalways an option. For Scope 3 categories that mandate a cradle-to-CDP Supply Chain Report 2022

13

Distribution of methodologies for calculating
upstream Scope 3 emissions

7%

Supplier-specific6%

method19%

46%

Hybrid method(Supplier-specific+ additional data)
Average data method(mass)

22%

Spend-based method(economic value)
Other

gate approach, companies are increasingly moving
towards hybrid methodologies. By utilizing supplierdata or product-level data in their calculations, they
can prioritize high-impact interventions, such asencouraging their suppliers to purchase renewableelectricity, which in turn reduces the emissions
associated with the goods and services they purchase.
For example, supplier-specific methodologies,
which use product-level or corporate-level emission
factors directly from suppliers themselves, are far
more accurate for identifying priority hotspots and‘abatement levers’ that can create maximum impact.
A total of 13% of Scope 3 respondents used supplierspecific or hybrid methodologies in 2022. This number
is likely to increase as more companies decide to
take action to reduce emissions by changing supplier
behaviors and/or product footprints.

CO2 AI Product Ecosystem
A data-sharing ecosystem to accelerate thedecarbonization of supply chains.
BCG and CDP are collaborating to build CO2 AI
Product Ecosystem, a platform that will allow the
sharing of product-level climate and environment
data. This platform will allow for granular product-level reporting at scale, allowing companies topursue concrete and actionable abatement levers
and, ultimately, accelerating the decarbonization of
supply chains.

Collaborative

SecureAction oriented

The platform will allow users tocollect and share product-leveldata.

All data exchanges will take placethrough a secured infrastructure toguarantee safety and privacy.

Transparent

User friendly

Users can share and collaborateon their abatement roadmap,
encouraging ecosystem-level
initiatives (eg first-mover coalition).

A self-service product-emission
calculator makes it easy to accessthe desired information.

Data quality is enhanced bybenchmark-based checks andconfidence scoring (leveraging
CO2 AI & CDP databases), andestimated product footprints will
include transparent calculation
details, compliant withinternational standards.

CDP Supply Chain Report 2022

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Third party verification

35%

Third party verification is vital for ensuring that the information disclosed
through CDP is accurate. Despite this, only 35% of disclosing companies
verify Scope 3 emissions data using a third party. Of those, only 18% reporthigh, reasonable or moderate assurance. The remainder are only partway
through the process or can only report limited assurance.

The importance of validated measurement
verify Scope 3 emissions datausing a third party

18%
reported high, reasonable ormoderate assurance

Regulations are being tightened. The proposed SEC climate disclosurerule1 will require companies to disclose Scope 3 emissions if determined
to be material and included in targets. This is data that will feed into
leadership decisions, transparency initiatives and impact reporting todemonstrate that incremental progress is being made. The CSRD, to beenacted during 2023, will require high-quality, comparative data about
strategy, targets and board/management responsibilities. It will also
require third party assurance.
It takes an average of 12–18 months for companies to prepare for a partial
disclosure, and two to three years for full disclosure. Action is required
today to ensure that companies are prepared for the upcoming regulatorychanges, and to avoid an increase in pressure from investors, as well as
scrutiny from customers and the media.
Despite these increasingly stringent requirements, companies with limited
resources should prioritize action over higher levels of assurance.

1

https://www.sec.gov/rules/proposed/2022/33-11042.pdf

CDP Supply Chain Report 2022

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Ambition
Scope 3 targets (vs Scope 1 & 2 targets)

At Stanley Black & Decker,
our buyers & suppliers
play a critical role indetermining the ESG
success of our company.
From actively collaborating
on innovation projects with
us to individually improving
their own operations, oursupplier’s successes show
up in our overall Company
footprint. In order toensure we are working
with suppliers aligned with
our ESG vision, we haveset a target that requires
67% of our supply chain
by spend setting Scope
1 and Scope 2 Science
Based Targets by 2027.
Our buyers are actively
engaging and tracking
progress on this target
with their suppliers. These
supplier targets establish
baseline expectations
from which additional ESG
collaboration opportunities
are developed with our
suppliers through our
Supplier RelationshipManagement program.
Steven Katzfey
Chief Procurement Officer
Stanley Black & Decker, Inc.

Target setting is the next step after identifying
baseline emissions and emission hotspots. Climate
ambitions are increasingly common, but only 46%
of respondents reported having absolute and/or
intensity targets.
Companies must scale up their data collection to support more ambitious
target setting in a larger variety of categories. Scope 3 targets only makeup 15% of all new or in-progress targets, despite accounting for 11.4 times
the direct emissions per company.
The quality of targets needs to be taken into consideration. They mustalign with a 1.5°C future. Science-based targets define an evidence-backed
pathway for companies to reduce greenhouse gas (GHG) emissionsaligned with limiting global warming to 1.5°C above pre-industrial levels.
They help businesses futureproof growth and invest in abatement
initiatives that will have the most impact in companies’ transition to a netzero emissions operating model. They also build resilience, boost investor
confidence and act as a catalyst for innovation. Yet currently only:

5%

<1%

of disclosing companies have
Science Based Targets initiative(SBTi)-validated near-termtargets that are 1.5°C-aligned,with an additional 3% committed
to set and validate them.

of disclosing companies have
SBTi-validated net-zero targets,
plus an additional 4% committed
to set and validate them.

Considering the transition from committed to validated targets can takeyears, companies wanting to align their suppliers’ ambition to a 1.5°C
future should engage now.

CDP Supply Chain Report 2022

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ActionEngaging suppliers to reduce Scope 3
emissions and align to a 1.5°C future
Companies must have a coordinated approachthroughout the value chain, particularly focusing on
supplier engagement, in order to:

Focusing efforts on the highest emitting suppliers is themost cost-effective way to reduce emissions at pace.
Engagement can include:{ Tackle supply chain sustainability{ Supplier training and education;{ Reduce emissions{ Policy incentives and requirements during
procurement; and{ Save money/reduce costs
Understanding how emissions are distributed acrosstheir supply chain allows companies to collaborate
with suppliers based on the proportion of total
emissions they account for.

{ Partnered initiatives to drive innovation and reengineer the supply chain.
These efforts to build an industry-wide ecosystem thatis dedicated to accelerating decarbonization could
drive rapid, industry-wide change.

Supplier engagement38%

of companies
reported in 2021

39%

of companies
reported in 2022

For companies that are engaging –how many suppliers do they engage on
climate change?
The average respondent engages 34% of its suppliers,
which represents:

This year, 7,304 respondents (39% of all responding
companies) reported that they engaged their
suppliers on climate-related issues. This is an
improvement on last year’s 38%, but not by much.
More companies do not engage their suppliers on
climate change than do.

41%

26%

of procurement
spend, andof supplier-related
Scope 3 emissions.

CDP Supply Chain Report 2022

But there is a huge disparity between the efforts of
those companies leading on engagement and thosethat lag behind.
{ The leading 20% of companies engage over 80% of
their suppliers.
{ The bottom 50% of companies engage less than
25% of their suppliers.

17

Only one in every 10
responding companies iscurrently engaging with morethan half of their suppliers
about climate change.

For companies that are engaging their suppliers –what do they engage on?

24%

use engagement andincentivization activities

use innovation andcollaboration activities

to support supplier behavior
change; this is a year-onyear increase from one inevery 25 companies to one inevery 20 companies offering
educational programs to their
suppliers – the most common
such activity.

to support market behavior
change, up from 9% last year.
57% of those activities were
campaigns to encourage
innovative ideas for reducing
climate impacts of products
and services.

12%

Focusing efforts
Currently, companies that engage with more than 80% of their suppliers are still only covering less than 50% of
their Scope 3 emissions. This highlights how prioritizing efforts based on hotspots could increase the impactthat companies’ change initiatives have. It is not necessary for companies to engage with all their suppliers;
prioritization based on emissions and influence is key.
Those suppliers responsible for the most emissions are likely to require close partnerships and one-to-one
engagement to create change on the scale that is required.

CDP Supply Chain Report 2022

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Purchasing processes
Current situation11%of respondents
include climate-related
requirements in their
supplier contracts.

14%

have climate-related
requirements thatare not included intheir contracts.

<3%

require their
suppliers todisclose climaterelated data.

36%

plan to incorporate
sustainability KPIs into
their purchasing process
by introducing contractual
requirements of suppliers
within the next two years.

What will progress look like?
Companies should begin to encourage – or require –their suppliers to act by implementing climate-related
requirements, and by monitoring their compliance withthese requirements. As a minimum, companies cannot
accurately ascertain their own Scope 3 emissions
unless their suppliers baseline and publicly disclose
Scope 1, 2 & 3 emissions.

The most common requirement companies arereporting is compliance with regulatory requirements(28% of those who have climate-related requirements).
This is foundational, but to create change at the scalerequired, companies must encourage suppliers to takeadditional steps towards carbon abatement.

Ideal end goal
Relatively few disclosing companies have moved
beyond requiring supplier compliance. Of those 10%that do have additional climate-related requirements
when engaging suppliers:

4%

require suppliers to set SBTs (0.04% of
the total sample);<1% require suppliers to set renewableenergy targets;
45% have self-assessment processes inplace to monitor supplier compliance; and24% have incorporated sustainability KPIs
into supplier scorecards and ratings.

CDP Supply Chain Report 2022

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Reducing Scope 3 emissions is an important part of our net-zerostrategy. That’s why we’re working with suppliers and CDP Supply
Chain to collaborate on creating a net-zero future. In the last 6
years we’ve cut our supply chain emissions by 28%, making good
progress towards meeting our end of March 2031 42% interim
reduction target and getting to net-zero by end of March 2041 forour supply chain and customer emissions. (We have an end of
March 2031 net-zero target for our own operations.) We’re tracking
progress via our suppliers’ CDP responses. We’ve worked with CDP
and SBTi on encouraging companies to start their science basedtarget journey and now we are starting a new campaign reachingout to suppliers on net-zero targets and engaging with their
suppliers in turn. This message has been further strengthened as
we are asking suppliers with new contracts worth over £25m tohave a net-zero science-based target in place or commit to one
within six months.
Gabrielle Ginér
Head Of Environmental Sustainability
BT GroupCDP Supply Chain Report 2022

20

Transitioning & people
A recent CDP report on companies’ climate transition
plans showed promise for the future:

6,520

4,100

organizations plan to develop
a climate transition plan within
two years.

have already developed a
1.5°C-aligned climate transition
plan.

But the current situation falls far short of what is required:{ 0.4% of companies that disclosed through CDP in 2022 reported
sufficient detail on all 21 key indicators of a credible climatetransition plan.
{ >60% of disclosing organizations disclosed less than seven of the 21
key indicators of a credible climate transition plan.
Fortunately, board-level oversight is better represented in the same report,with more than one-third of disclosing organizations having board-level
oversight of climate transition plans.
In fact, 74% of companies reported board-level oversight on climatechange. Of those who do not have board-level oversight, 41% plan
to introduce it in the next two years. This paints a positive pictureof leadership on climate change. However, is it filtering down andincentivizing buyers?

Buyer and Scope 3 incentivization
Once business leaders have a stake in climate-related goals andtransition plans are in place, making change happen is a company-wide
responsibility. The entire ecosystem must be involved in implementing
abatement levers.

CDP Supply Chain Report 2022

21

Of the companies that use
climate incentives:

For this, cross-functional engagement and targets are necessary. Actions
to facilitate this change include:21%{ Launching, evaluating against and allocating incentives based onscope 3 KPIs for functional support and business owners;

incentivize supply chain
engagement.

19%

incentivize
environmental
criteria included inpurchases.

This means threeout of every
20 companies
incentivize
managementof Scope 3
emissions{ Embedding sustainability into supplier management (eg by using
data management tools and through procurement standards andrelationship management);{ Incorporating Scope 3 governance into critical business decisions; and{ Facilitating active change management to build internal and external
communication strategies, and to upskill where necessary.
Incentivizing buyers and building climate change into their job description is
critical for achieving this cross-functional engagement. Thirty-nine percent
of respondents provide incentives for management of climate-related
issues, with an additional 28% planning to do so in the next two years.

We need common approaches to reporting to simplify
processes and accelerate sustainability. CDP Supply Chain
membership, of a robust third-party platform, allows us togain consistent insight into our Scope 3 emissions and deliveron our sustainability priorities. In 2022, we stepped up ouraction and have now invited over 700 suppliers to reportthrough CDP – nearly three times the number invited in 2021.
We also target that by the end of 2025, all of our key suppliers
will have science-based targets in place. In addition, all C-suite
are incentivized to manage climate-related issues throughthe annual bonus scheme. Key performance indicators
include reducing total energy consumption by 10% from 2015
to 2025, delivering on our 2025 road fleet decarbonisation
strategy, and reducing absolute Scope 1 and 2 emissions by
98% by 2026, making the scheme directly linked to company
performance against our science-based targets.
Robert Williams
Director of Sustainable Procurement
AstraZeneca

CDP Supply Chain Report 2022

22

Procurement teams are at the forefront of supplier engagement
and can influence and drive substantial action towards supply chain
emissions abatement.
{ Currently, of those that provide incentives, only 3% reported Chief
Procurement Officer (CPO)s, 3% reported procurement managers, and
2% reported buyers/purchasers to be entitled to incentives.
{ Overall, this means only three out of every 100 companies
incentivize procurement-related teams for the management ofclimate-related issues.
The numbers are still low, but the picture is sharpening on leadership on
Scope 3 management. People and processes sit at the heart of effective
transformation. Buyers are starting to be incentivized and have climatechange baked into their job. Purchasing processes are increasingly
tightening on climate change, with leaders mandating alignment to a 1.5 °C
future into tenders and contracts.

Vale is committed to making its suppliers aware of the issue of climatechange and engaging them in reducing their emissions. We believe
you can only manage what is measured. As such since 2020, we haveencouraged our suppliers to measure and report their emissions via
the annual CDP Climate questionnaire. To underline how important thisinformation is to us we placed a contractual clause into purchasing
templates requesting companies disclose to CDP when asked. In 2022,
492 suppliers were invited, of this total, 412 answered the CDP climate
questionnaire, which represents an increase of 10% compared to the lastyear and 51% compared to the 1st cycle.
However, reducing GHG emissions in line with the Paris Agreement is partof Vale's goal of reducing indirect emissions by 33% (scope 3). So, we areworking with our entire supply chain focusing on those suppliers whose
activity is critical in GHG emissions to engage them and looking at how
they can take the next steps to achieve a sustainable mining, this is crucial
for our mission of improving life and transforming the future together.
Thais Santiago
Suppliers’ Innovation and Development Manager
Vale SACDP Supply Chain Report 2022

23

Water

23

2

CDP Supply Chain Report 2022

24

Supplier engagement>$92bnis the combined potential
financial impact ofwater-related risks inrespondents' value chain.
The cost of impact is

6.5x

the cost of response($14bn).

In 2022, companies reported water-related risks intheir value chain had a combined financial impact ofover $92bn, showing the scale of supply chain impact.
They also reported that the cost of that damage that would be caused
by not responding to water-related risks is 6.5 times higher than theestimated $14 billion it would cost to respond.
Not all water-risk mitigation activities are created equal. For example, afood company that invests in improving water efficiency in its processing
plants will have less of an impact – especially over time – than one that
promotes regenerative agricultural practices throughout its supply chain.
Companies can bolster their operational and financial resilience andincrease the value of their brand by directing investment towards activities
with the greatest water-related impact, and exposed to the greatest water
risk. That means prioritizing long-term progress, too; fundamental changes
such as identifying new market opportunities and improving supplierperformance, for example.

Quantifying upstream footprints

Unlike climatechange, there isno accounting
methodology towork out the pure
metrics required
for supply
chain water
consumption.

2

European Environment Agency, ‘Water use in the
upstream supply chain’, eea.europa.eu, 2023, https://www.eea.europa.eu/data-and-maps/figures/wateruse-in-the-upstream, (accessed February 6, 2023).

Not many companies currently quantify the water footprint of their supply
chain. Unlike climate change, there is no accounting methodology towork out the pure metrics required for supply chain water consumption.
However, this complexity is not the only reason. Only 33% of companies
are monitoring 100% of withdrawals and discharges in their own
operations; a far easier task. Without using those capabilities in-house,companies are poorly positioned to require it from suppliers.
However, companies will soon be asked more frequently about
upstream impacts.
{ Policy makers are becoming increasingly aware of supply chainrelated water impacts. For example the EEA reported that to produce
and handle all clothing, footwear and household textiles purchased by
EU-27 households in 2020, an estimated 4,024 million m³ of blue water
was used (9m³ per person)2. This makes this consumption domain thethird highest impact category after food and recreation. Only 12% ofblue water consumption takes place within Europe2.
{ Environmental NGOs such as SBTN are including value chain impacts
in their gold-standard methodologies. They state: "Companies are
required to collect data in order to define their baseline level of pressure
for freshwater quantity and/or quality for all their direct operations andupstream scope in each basin for which targets will be set."CDP Supply Chain Report 2022

25

SBTN Briefing
Science-based targets for nature (nature SBTs) will provide globally applicable and consistent methods
for measuring companies’ nature-based impacts and dependencies. It will also provide methods formeasuring ecosystem improvement.
Freshwater targets will be dependent on the conditions within the watershed.
There may be nutrient pollution
reduction targets when sourcing
from agricultural areas.

When multiple sites
occur within one
watershed, data willneed to be aggregated.

There may be water
quantity reduction targets
when large quantities areused for manufacturing
and processing.

Methods for groundwater
usage will also be developed.

For example, freshwater quantity and quality targets will be based on the watershed (or ‘basin’) from which
a company operates and sources its goods and commodities. Depending upon the number of operations
and sourcing sites, a company will have multiple sets of freshwater quantity and quality targets.

Companies are
required to collectdata in order todefine their baseline
level of pressure forfreshwater quantity
and/or quality for
all their direct
operations andupstream scope ineach basin for whichtargets will be set.
SBTN

What can companies do today toaddress many of their nature-based(and freshwater) challenges?
{ Get started with nature SBTs (Step 1 and 2) tounderstand their material impacts on natureand how to prioritize their efforts;{ Get started with a Taskforce on Naturerelated Financial Disclosures (TNFD) LEAP
assessment; and{ Answer CDP’s water security questionnaire.
The CDP disclosure process and the data it
produces can support companies in reporting
recommendations and elements of nature SBTs.

CDP Supply Chain Report 2022

26

ActionEngagement and processes
Engaging suppliers on water security builds resilienceand reduces risks. Yet it trails behind climate change
and forests - the other supply chain issues that CDP
examines - in terms of engagement.

23%
Only

(912) respondents

reported engaging their
suppliers on water-related
issues.

So, who is taking action and what are they doing?
At Cisco, we believe inpowering an inclusive
future for all by bringing
communities together
and fostering meaningfulenvironmental stewardship.
Cisco’s environmental
efforts include supply chain
water stewardship, where
our risk-based approachflags suppliers whose CDP
water reporting is not yet
comprehensive based on
our suppliers’ water maturity
stage mapping. Once
identified, we create webinars
and capacity-building
opportunities for the suppliers
to improve their overall water
stewardship performance.
Cisco’s partnership with
CDP’s supply chain programs
is a key component of Cisco’s
water stewardship program.
Maria Gorsuch-Kennedy
Supply Chain Sustainability
Director
Cisco

Of those companies that reported engaging their suppliers on waterrelated issues:{ 47% engage on onboarding and compliance, most commonly
requiring adherence to a code of conduct regarding water stewardshipand management.
{ 29% engage on innovation and collaboration, most commonly byencouraging innovative efforts to reduce water impacts in products
and services and by educating suppliers about water stewardship andcollaboration.
{ 23% engage on the incentivization of improved water management andstewardship, most commonly by integration into supplier evaluation.
With many suppliers still not engaging their suppliers on water-related
issues, when looking at all water respondents, only:

10%

companies
engaging throughonboarding andcompliance.

7%companies
engaging throughinnovation andcollaboration.

5%

engaging throughwater management
and stewardshipincentivization.

Even among those that do engage with suppliers, the percentage of their
suppliers that they engage with varies widely. A total of 35% only cover
1–25% of all suppliers. Only 25% who engage suppliers at all engage with
>75% of them, and 37% cover >75% of their total procurement spend.

CDP Supply Chain Report 2022

27

PeopleGovernance and incentivization
There are key foundational capabilities that need to bein place to enable companies to achieve their watertargets. Water-aligned governance is vital. This requires
water-related oversight, responsibility and knowledge
from those in leadership positions.
{ A total of 20% of companies have no board-level
oversight or plans to introduce it.
{ Only 33% of respondents have one or moreboard members with competence on waterrelated issues.

It is promising that:

69%

26%

38%

of companies
reported having
board-level
oversight onwater security.

of those that do
not are planning
to introduce
it within two
years.

of C-suites are
incentivized on
management ofwater-related
issues.

But this is not nearly enough, especially when considering that only:

6%of companies have incentives that
relate directly to supply-chain
engagement on this issue; and3%of companies have water-related
incentivization in place for their CPO.
Leaders, and especially procurement leaders, need to be educated and incentivized about the importance ofwater security before they can effectively engage suppliers on the issue. Currently, water-related issues are notbeing treated with the same urgency or importance as climate-related issues. Water-related clauses are vital for
progress, but still largely missing from supplier contracts.

CDP Supply Chain Report 2022

28

Sector snapshot –water pollution in theapparel sector
Water in the apparel sector

20%of global wastewaterand industrial pollution,with textile dyeingalone being the largest
contributor to waterpollution worldwide

93

trillion Lof water are
consumed by theindustry each year

The rapid growth of fast fashion has propelled theglobal apparel industry to double its production
output in just two decades3, with significant impact
on water resources.
This industry is now responsible for an estimated 20% of global
wastewater and industrial pollution, with textile dyeing alone being thelargest contributor to water pollution worldwide4. The industry consumes
an incredible estimate of 93 trillion liters of water each year5, exceeding
the total water consumption of the whole of the UK6. These alarming
statistics highlight the urgent need for apparel companies to engage with
their supply chains to safeguard our planet's precious resources.

Apparel sector supply chains
Supply chains that feed the apparel sector are complex by nature,
characterized by:{ A very large number of companies operating at different scales;{ Varying regulatory environments;{ Extreme pressure/high product turnover;{ Low margins/high production volumes creating a ‘race to the bottom’on standards; and{ Hazardous chemicals and water-intensive materials and processes.

3

4
5
6
7
8

https://www.ellenmacarthurfoundation.org/assets/
downloads/publications/A-New-Textiles-Economy_
Full-Report.pdf
https://www.unep.org/news-and-stories/story/
putting-brakes-fast-fashionhttps://www.commonobjective.co/article/theissues-waterhttps://waterfootprint.org/en/resources/interactivetools/national-water-footprint-explorer
https://ceowatermandate.org/accounting/corefunctions/
https://planet-tracker.org/wp-content/
uploads/2023/01/Under-Dressed.pdf

The water pollution generated in this sector not only puts health,
livelihoods, ecosystems and other industries at risk; it undermines theapparel industry itself. The reputational and regulatory risks posed bythis pollution are significant, as is the risk of supply chain disruption andthreats to long-term sustainability7.
Investors are starting to pay closer attention to water pollution. Public
scrutiny of companies that pass their environmental responsibilities
on to others is intensifying8. Consumers are, increasingly, demanding
more environmentally friendly products from more socially responsible
manufacturers. Companies associated with water pollution risk losing
market share to more responsible competitors.

CDP Supply Chain Report 2022

29

CDP data suggests that the apparelindustry is significantly underestimating
the potential risks associated withwater pollution throughout its value
chain. These risks have far-reachingconsequences for people and the planet,
as well as the overall health and longterm sustainability of businesses within
the industry.
Lack of awareness and action by apparel companies

27%
reported that asufficient amountof high-quality
freshwater is vital to
the success of theirbusiness

While investors and customers are aware of the need to improve water
security, CDP data suggests that relatively few apparel companies
themselves are conscious of their water usage. Fewer still are attempting
to engage with their supply chains, despite the clear importance of thisapproach in mitigating the sector’s negative impact.
Only 56 apparel companies responded to CDP’s water questionnairein 2022. Of those, just 27% reported that a sufficient amount of highquality freshwater is vital to the success of their business, an unfeasibly
low percentage given the critical materiality of water at all stages oftextile production.
This lack of awareness is seen throughout disclosing companies’
responses to CDP’s water questionnaire.
{ None identified pollution incidents as a risk-driver with the potential tohave financial or strategic impact on business anywhere in their value
chains.
{ More than 60% do not consider their suppliers to be stakeholders inwater risk assessments.
{ None have set targets related to both supplier engagement andreducing water pollution.
{ Only one incentivizes C-suite employees or board members based on
improvements in waste-water quality in their supply chains.

CDP Supply Chain Report 2022

30

A stitch in time (saves nine)
Despite poor performance across the sector, some companies are making
an exceptional effort to engage with their supply chain and to reduce theirwater pollution impact. Hermès International received an A from CDP forwater security in 2022 thanks to some of their forward-thinking practices.
{ Hermès requests 100% of their suppliers to report water risks.
{ They request an external audit for any supplier where a water risk isconfirmed.
{ They carry out additional regular visits and third-party supply chain
audits that cover wastewater discharge monitoring.
{ The procurement department monitors suppliers’ reported
wastewater discharge.
{ Subcontractors must be reported by suppliers to Hermès and are also
subject to visit-based pre-accreditation, or to third-party audits thatcover water-related risks including wastewater discharge.

A paradigm shift is necessary
So, what must apparelcompanies do to improvetheir water practices and,
therefore, the outlook of
the industry?
{ Improve their risk
assessment processes.
{ Set ambitious targets.
{ Incentivize positive water
practices from their
suppliers.

To address issues caused by poor water practices, apparel companies
must do far more than they do currently. This will require thoroughidentification and monitoring of risks across the value chain, andcollaboration with suppliers to create meaningful reductions in waterpollution. But before any of that can happen, apparel companies must firstrecognize the material importance of water in their sector, and the vital
importance of their role as stewards of water resources.
Better risk assessments will help companies to understand and capture thebusiness, environmental and social risks associated with water pollution in
their supply chains; an important foundational step on the path to change.
Ambitious targets must be coupled with strong internal incentives around
activities such as monitoring supply-chain wastewater discharges,
and monitoring and reducing water pollution. These positive waterstewardship practices not only help improve the companies’ resilience towater-related risk, they also provide the business with the knowledge andexperience to support their suppliers to make such changes too.
Additionally, apparel companies should take the opportunity to disclose
through CDP. The 2023 water questionnaire will increase accountability
with new and strengthened questions regarding pollution and hazardous
chemicals, as well as supplier action and targets on water pollution.

CDP Supply Chain Report 2022

31

Forests

3

CDP Supply Chain Report 2022

32

The role of forests

As naturecontinues todeteriorate,businesses areprogressively
more at risk fromnot only growing
reputational andlegal risk but
operational andfinancial as direct
inputs disappear
and the ecosystemservices, on
which businesses
depend, stopfunctioning12.

To achieve the Paris Agreement andSustainable Development Goals,
deforestation must be halted. There isno ‘1.5°C’ without forests.
Each of the pathways considered by the Intergovernmental Panel on
Climate Change (IPCC) requires that deforestation is not only halted
altogether by 2030, but also reversed over the coming decades.
Agriculture, forestry and other land uses contribute 22% of all global GHG
emissions. This significant contribution – and the potential for change it
represents – is what underpins the IPCC pathways.
Apart from regulating the climate and removing emissions, forests
provide a number of services upon which businesses depend. Forests
help supply water, control pollution and soil erosion, protect people andbiodiversity, and provide wood-based products and livelihoods9. The
global economy is embedded within natural ecosystems, such as forests,
and dependant on the fundamental services they provide10. Over half of
the world’s GDP is estimated to be moderately or highly dependent on
nature and its services11.
The SBTi launched Forest, Land and Agriculture Guidance (FLAG) to
provide the world’s first standardized methodology for companies in landintensive sectors to set SBTs that include land-based emissions reductions
and removals. This includes a requirement that “zero-deforestation targets
must be set for no later than 202513”. As with other SBTi methodologies, it
includes supply chain engagement as standard. Companies cannot claim
to be climate leaders without taking steps to tackle deforestation within
their supply chain.

Zero-deforestation targets must
be set for no later than 2025.
9
10
11
12
13
32

de Groot, R., Brander, L., van der Ploeg, S., Costanza, R., (2012). Global estimates of the value of ecosystems and their services
in monetary units. Ecosystem services. 1(1). Available from: doi.org/10.1016/j.ecoser.2012.07.005
OECD, 2019, “Beyond growth: Towards a new economic approach”, https://www.oecd.org/naec/averting-systemic-collapse/
SG-NAEC(2019)3_Beyond%20Growth.pdf (link as of 16th Dec 2019).
World Economic Forum. (2020). Nature Risk Rising. https://www3.weforum.org/docs/WEF_New_Nature_Economy_
Report_2020.pdf
World Economic Forum. (2020). Nature Risk Rising. https://www3.weforum.org/docs/WEF_New_Nature_Economy_
Report_2020.pdf
https://sciencebasedtargets.org/sectors/forest-land-and-agriculture

CDP Supply Chain Report 2022

33

The role of companies
Companies are instrumental in the halting of deforestation because their revenue
depends on commodities that cause it.
They are the ‘demand’, which means they can influence
how such commodities are produced. It is notconsumers but companies that can alter purchasing
processes and engage with supply chains – and drivechange at scale.
Encouragingly, the benefits of acting on deforestation
are being recognized by more companies. Over 1,000
companies disclosed data on forests this year; a 20.5%
increase on 2021. But, with perspective, that number isstill not enough.

18
Only

companies

are leading the way andengaging their suppliers
through CDP’s supply chain
program>7,700companies

disclosed through CDP on
biodiversity in 2022**Disclosed through CDP's climate questionnaire

Just over 1,000 pales in comparison to the 18,000 thatreported on climate impacts.

30%

of all companies
requested to respondon forests did so.

Deforestation is not a material issue for all sectors,
but that is not the sole cause of this lack of activity
when compared with climate action. Crucially, action
on forests is subject to perceived lower investor orpurchasing pressure, possibly because the hidden
dependencies of secondary or tertiary industries onforests and forest risk commodities can be difficult
to grasp.

Companies are increasingly recognizing their relianceon nature and taking action to mitigate their impacts
and risks. More than 7,700 companies disclosed
through CDP on biodiversity in 2022, with almost halfconsidering biodiversity in their strategies, making
commitments and putting governance mechanisms
in place. Yet, greater supply chain awareness andengagement is also needed here - nearly threequarters (70%) of these companies do not assess theimpact of their value chain on biodiversity.

CDP Supply Chain Report 2022

34

Measurement
Companies take a number of actions to implement nodeforestation/conversion goals, from traceability tosupplier engagement.
Robust monitoring and verification systems are essential components ofcompany operations, supply chain management, and accountability as
they provide critical information on performance and progress for internal
assessments and to buyers, investors, and other stakeholders.
{ Just 52% of companies have a system to control, monitor or verify
compliance with forest-related commitments and policies.
{ Only a third (36%) of companies have a monitoring system that covers
all of their direct operations and supply chain and report over 90%
of total volume of commodity in compliance with best-practice nodeforestation commitments.
In 2022, CDP in collaboration with the Accountability Framework initiative,
introduced reporting on deforestation/conversion footprints to linkprogress towards no-deforestation/no-conversion goals with upstream
environmental impacts, including land use change emissions associatedwith a company’s supply chain.

37%

148

(198 companies) reported
monitoring or estimating theirdeforestation/conversion
footprint.

Nearly all companies that do
this assess the deforestation
footprint of their entire
commodity use.

Halting deforestation is criticalto achieving 1.5°C ambitions anda nature-secure future. For mostcompanies, that means implementing
strategic supply chain measures tomake full use of their influence.

CDP Supply Chain Report 2022

35

CDP Supply Chain Report 2022

36

ActionEngagement and processes

543
companies report engaging
their direct suppliers onforest-related issues.

7,304
companies report engaging
their suppliers on climaterelated issues.

For many companies, the deforestation created bytheir activity comes from their supply chain rather thandirect operations. Engaging with suppliers is therefore
the main way to improve the situation.
It is highly positive therefore that, of those companies that disclosed dataon forests, 69% report engaging with their direct suppliers on forest-related
issues (543 companies). More encouraging still, 51% of those are working
beyond their tier one suppliers (242 companies).
Again, though, this number shrinks in perspective when compared withthe 7,304 companies that report engaging their suppliers on climaterelated issues. Even the most strategic interventions on deforestation
cannot compete with the scale of impact that will come from the level ofengagement seen regarding climate.

CDP Supply Chain Report 2022

37

PeopleLeadership on deforestation is notably low comparedwith that on climate change and water security. This
could be a key reason for the low level of disclosure to
CDP – and action – on forests.
Of those that did disclose:{ 23% provide incentives to C-suite employees or board members for the
management of forest-related issues.
{ 7% plan to introduce such incentives within the next two years.

70%

reported C-suite and board members will not be
incentivized to take action against deforestation
before 2025.
Without such incentivization, middle managers are unlikely to be
motivated, empowered and enabled to build action on forest-related issues
into their purchasing processes.

Processes
Despite companies that disclosed on deforestation having the highest
level of supply chain engagement (compared with climate or water action),cascading action down that supply chain remains tricky.

21%

engage their direct suppliers with financial
and commercial incentives to drive action andreduce deforestation.

1%

provide financial and technical help to incentivize
their direct suppliers to set deforestation/conversion
commitments across their entire operations anddevelop public time-bound action plans with clear
milestones to achieve this.
Deforestation overall has a more mature established framework formonitoring and driving action in the supply chain, however not enoughcompanies and sectors are acting on it.

CDP Supply Chain Report 2022

38

Supporting companies to scale
supply chain action

280+

CDP’s Supply Chain program
CDP is currently working with over 280 sustainability leaders via its Supply
Chain program. They know that their environmental risks and impacts do
not end at the office door. Investors, consumers and policymakers want tosee companies taking responsibility for their value chain and purchasing
decisions. The global pandemic has shown that resiliency in supply chainsand business models is more essential than ever.

CDP Supply
Chain members
in 2022

Driving transparency
Measurement is the entry point for most buyers that engage with suppliers to understand and quantify impact.
The environmental information reported via CDP is used by members of the Supply Chain program and their
suppliers to track their value-chain performance year on year and drive action.

280+

27%

70mtCO2eThis year, 16,462 suppliers reported to CDP at the request of their customers. This increase in response islinked to growing pressure on environmental transparency from customers and other stakeholders. Increased
CDPandSupplyChainof first-time
respondents
saved due willto lay theawarenessaccountability,
demonstrated
through moregranular quantitative emissions
data and verification,members in 2023
disclosed at least one
engagement by CDP
foundation for meaningful change. What is not measured cannot be managed; data disclosure enables action.
Scope 3 category in 2022.
Supply Chain members

16,462

suppliers disclosed
in 2022

suppliers were requested todisclose through CDP in 2022

40,697Growth in CDP Supply Chain disclosures 2008-2022
Year
2022

16,4622021

23,487

11,457

2020

8,098

2019

6,957

2018

15,637
13,111
11,000

5,600

2017

4,800

2016

4,366

8,298

2015

4,005

7,879

2014

9,970

6,503

3,396

2013

5,659

2,868

2012

6,215

2,415

2011 1,864

4,234

2010

1,000/1,853

2009

710/1,402

2008

40,697634/2,318
0

2,000

4,000 6,000

8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 28,000 30,000 32,000 34,000 36,000 38,000 40,000 42,000

Total suppliers who disclosed through CDP

Total suppliers requested to discloseCDP Supply Chain Report 2022

39

Disclosure drives action in the supply chain

27%
of first-time
respondents
disclosed at least
one Scope 3
category in 2022.

CDP has seen that leading purchasing organizations asking suppliers year
on year to report drives environmental action and even cascades action
down the supply chain.
For instance – only 27% of first-time respondents disclosed at least one
Scope 3 category in 2022. This number almost doubles (to 53%) among
companies that have previously disclosed.
Companies reporting at least one Scope 3 emission category~2x27%First-time respondents

70
mtCO e2

emissions saved
due to engagementby CDP Supply
Chain members

53%

Repeat respondents

Of the companies that disclosed through CDP, only 26% of first-time
respondents fall into this category of having absolute/intensity targets,
while 57% of repeat respondents do so, highlighting how disclosure drives
target setting.
Companies reporting having absolute/intensity targets

~2x

57%

26%
First-time respondents

Repeat respondents

The suppliers themselves reported saving 70,385,721 tCO2 due
specifically to CDP supply chain member engagement, showing thatengagement, does drive action globally.

CDP Supply Chain Report 2022

40

1 The sustainable procurement pathway
The framework analyses thedevelopment of a sustainableprocurement strategy in fivedifferent phases, definedaccording to the maturity levelof the company: from theFoundation phase to the Leadphase, which represents theend goal.
At the same time, the Pathway
addresses the fundamental
pillars of a comprehensive
sustainable procurement
strategy:

CDP and Boston Consulting Group (BCG) want to accelerate the speed andscale of supplier engagement globally by offering real solutions to tangible
challenges, leveraging CDP’s 10+ years of sustainable supply chain
experience and BCG’s cross-industry expertise and dynamic tech capacity.
As such, CDP and BCG provide innovative tools for organizations to assess
and improve their supply chain engagement, increase transparency andreduce supply chain emissions.
This framework, co-developed by CDP and BCG, is a comprehensive guidefor organizations to assess and improve the maturity of their supply chain
footprint management. It is a starting point to be leveraged and tailored byeach organization to its specific activities (eg KPIs and target definition). It
is enriched by CDP questionnaire respondent feedback, with the ambition
to share best practice.

{ People{ Supplier engagement{ Process (internal)

Strategy

Communication{ Technology backbone{ Communication

PeopleSustainable
Procurement Pathway

Supplier
engagement

Process(internal)

Technology
backbone

CDP Supply Chain Report 2022

41

CDP's Sustainable Procurement Pathway, co-created with BCG
Foundation

Practice

Embed

Enhance

Lead

Agree overarching
Sustainability
objectives for
procurement.
Simple Sustainable
Procurement policy
in place endorsed byCEO. Communicate tostaff and key suppliers.

Review and enhance
the Sustainable
Procurement
strategy, in particular
recognising thepotential of newtechnologies. Try
to link strategy toenvironmental strategy
and include in overall
corporate strategy.

Augment the
Sustainable
Procurement policy
into a strategy
covering risk, processintegration, marketing,supplier engagement,
measurement anda review process.
Strategy endorsed byCEO.

Ensure Sustainable
Procurement policy
fits in with industry
best practices andcommunicate theprogressing natureof the policy with key
stakeholders.

Integrateenvironmental,
purchasing andbusiness strategy andmove the businesstowards a successful
1.5 aligned future.

Strategy

Illustrative KPIs you could leverage
Overall scope 3
upstream emissions
reduction: 0-10%

Overall scope 3
upstream emissions
reduction: 10-20%

Overall scope 3
upstream emissions
reduction: 20-30%

Overall scope 3
upstream emissions
reduction: 30-40%

Overall scope 3
upstream emissions
reduction: > 40%
1.5 compliancecertification

Adopt Sustainable
Procurement KPIs
into C-Suite. Give
key procurement
staff basic training
in Sustainable
Procurement
principles. Include
Sustainable
Procurement as partof a key employee
induction programme.

Organize targetedrefresher training onlatest Sustainable
Procurement
principles. Include
Sustainable
Procurement factors
in Performance
objectives andappraisal. Develop
a simple incentive
programme.

Include Sustainable
Procurement incompetencies andselection criteria.
Include Sustainable
Procurement as partof employee induction
programme.

Publish and celebrateachievements such as
internal and externalawards for buyers
achieving sustainable
results. Build KPIs
into all buyers
annual objectives.
Integrate Sustainable
Procurement KPIS into
all C-suite KPIS.

Illustrative KPIs you could leverage

PeopleSupplier
Engagement

Give procurement
staff basic training
in sustainableprocurement
principles. Give
key staff advanced
training on sustainableprocurement
principles.

% procurement staff
trained to sustainableprocurement
principles: 30%% procurement staff
trained to sustainableprocurement
principles: 80%% procurement staff
trained to sustainableprocurement
principles: 100%% procurement staff
trained to sustainableprocurement
principles: 100%% procurement staff
trained to sustainableprocurement
principles: 100%% procurement staff
trained to advanced
sustainable principles:0%% procurement staff
trained to advanced
sustainable principles:30%% procurement staff
trained to advanced
sustainable principles:50%% procurement staff
trained to advanced
sustainable principles:100%% procurement staff
trained to advanced
sustainable principles:
100%

Procurement staff
incentivized onemission reduction:
25%

Procurement staff
incentivized onemission reduction:
50%

Procurement staff
incentivized onemission reduction:
100%

Implement a targeted
supplier engagement
programme promoting
continual sustainability
improvement.
Establish a two-way
communication
between procurerand supplier withincentives. Map key
spend areas of supply
chains.

Target Key suppliers
for intensive
development.
Implement
Sustainability audits
and/or supply
chain improvement
programmes.
Achievements areformally recorded.
Ensure CEO in the
supplier engagement
programme.

Agree on Sustainability
Key Performance
Indicators withkey suppliers.
Reward progress or
penalize based on
performance relevantto the contract.
Ensure all C-suiteis involved in the
supplier engagement
programme.

Undertake a Key
supplier spend
analysis (incl. degreeof buying power)
and identify highsustainability impact
suppliers. Target
key suppliers forengagement andsought views on
procurement policy.

Undertake detailed
supplier spend
analysis. Initiate
general programme of
supplier engagementwith senior manager
involvement.

Illustrative KPIs you could leverage
Suppliers engaged(spend): 0-10%

Suppliers engaged(spend): 10-40%

Suppliers engaged(spend): 40-60%

Supplier engaged(spend): 60-80%

supplier engaged(spend): >80%

Suppliers engaged(emission): 50-60%

Suppliers engaged(emission): 60-80%

suppliers engaged(emission): >80%

CDP Supply Chain Report 2022

42

Foundation

Practice

Embed

Enhance

Lead

Start including generalsustainability criteria
in key contracts.

Systematicallyaward contracts
based on value-formoney (included
environmental criteria),
not lowest price.

Assess all contracts
for general
Sustainability risks andidentify management
actions. Manage
all risks managed
throughout all stagesof the procurement
process (including
in Requests For
Proposals).

Build a long-term plan
and adjust related
processes to remove
suppliers that do notmeet the Sustainability
criteria or show noprogress towards thecriteria; Provide higher
rating for proposals
including sustainability
criteria.

Ensure suppliers
recognized they must
continually improvetheir Sustainability
profile to keep theclient’s business.

Process(internal)

Illustrative KPIs you could leverage
Sustainability criteria
included in contracts
between to 0-10%
procurement spend.

Sustainability criteria
included in contracts
between to 10-40%
procurement spend.

Sustainability criteria
included in contracts
between to 40-60%
procurement spend.

Sustainability criteria
included in contracts
60-80% procurement
spend.

Sustainability criteria
included in contracts> 80% procurement
spend.

Review current scope
1&21 data collection
and quality and define
new standards.

Finalize automationof scope 1&2 datacollection andcentralize in data hub.

Start automating
scope 1&2 datacollection and reduce
data silos.

Embed KPIs forthe data collection
process.

Agree on terminology
standards across key
suppliers.
Establish annual data
export according toagreed format.

Integrate
sustainability-related
information fromkey suppliers in data
hub and establish
automatic data upload.

Start reporting on
scope 3 data based on
generic estimations(procurement spend
x generic emission
factors).

Develop data models
describing the SC
and define suppliers'
profiles across the SC .
Get ad-hoc annual
analysis from key
suppliers.

Ensure automaticand reproduceable
data analysis on key
supplier data.

Develop simplified
dashboard to trackprogress on key
initiatives.

Ensure continuous
data integration across
SC for sustainabilityrelated data.
Develop Datavisualization /dashboarding tool to
track status quo andprogress of initiatives.
Build statisticalmodels to estimate
scope 3 emissions
where primary data is
not available.

EHS compliancein supplier code of
conduct: 100%.

Technology
backbone

Develop scenariobased simulations to
support abatementdriven decision
making.

Define data
governance processes
and checks.

Illustrative KPIs you could leverage
Data quality:
50% error rate

Data quality:
35% error rate

Data quality:
20% error rate

Data quality:
10% error rate

Data quality:
5% error rate

Average time spenton carbon reporting(days): 60

Average time spenton carbon reporting(days): 30

Average time spenton carbon reporting(days): 20

Average time spenton carbon reporting(days): 10

Average time spenton carbon reporting(days): 5

Start reporting onhonest progress
via standardized
mechanisms such as
CDP.

Communicate
performance tosuppliers and key
stakeholders ensuretransparency inprogress.

Ensure frequent
communication to
suppliers and key
stakeholders.

Compare with peerorganizations.
Produce benefit
statements.

Publish independent
audit reports available.

Communication

Illustrative KPIs you could leverage
Results release: annual

Results release: biannual

Results release:quarterly

Results release:quarterly

Results release:quarterly
Audit report release

CDP Supply Chain Report 2022

43

Foundation

Practice

Embed

Enhance

Lead

Key Sustainability
impacts ofprocurement activity
have been identified.

Detailed appraisalof the Sustainability
impacts of the
procurement
activity has been
undertaken. Measures
implemented to
manage the identified
high risk impact
areas.Reviewed andenhanced sustainableprocurement policy
including supplierengagement.
Policy is part of awider Sustainable
Development strategy.

Sustainability
measures refined fromgeneral departmental
measures to include
individual procurers
and are linked
to development
objectives.

Measures areintegrated into abalanced score card
approach reflecting
both input and output.
Regular meetings
with procurement andsustainability teams
to assess progress totarget.

Measures used todrive organizationalsustainable
development strategy
direction. Progressformally benchmarked
with peerorganizations. Benefits
from Sustainable
Procurement areclearly evidenced.

Results

Illustrative KPIs you could leverage
Results release: annual

Results release: biannual

Results release:quarterly

Results release:quarterly

Results release:quarterly
Audit report release

2 The supplier engagement rating
Companies canaccess the public SER
methodology here
Companies canaccess the public
Supplier Engagement
Leaderboard here

Alongside this tool, any company who reported to CDP’s full climate
questionnaire will receive a Supplier Engagement rating (SER). This
analyzes data from all companies that disclose through CDP on climatechange, relating to supplier engagement, governance, Scope 3 emissions
accounting, targets, and overall CDP climate change score.
Those who obtain the highest SER score join the Supplier Engagement
Leaderboard. Inclusion on this list demonstrates that a company isproactively working with its suppliers to ensure that climate change action
is cascading down their supply chain.

CDP Supply Chain Report 2022

44

Acknowledgements
CDP would like to thank the members and responding
companies consulted during the preparation of thisreport. Firstly, BCG, who supported in the productionof this report and the creation of the flexible
framework. We are grateful to receive funding for
CDP’s Power of Procurement project from Norway’s
International Climate and Forest Initiative. Our
appreciation also goes to our Japanese scoring
partners, and to our global scoring partner, Incite
Insight, for its help and support. Thanks also go to
the contributions from the CDP Supply Chain, Climate,
Forests, Water Security and Communications team.
Sonya Bhonsle
Global Head of Value Chains, CDP

CDP Supply chain members
Premium members
AstraZeneca
L'OréalSLB
Microsoft Corporation
NTT DATA Corporation
Stanley Black & Decker, Inc.
Taiwan Semiconductor
Manufacturing Company, Ltd.
Walmart, Inc.

{{{

Climate change member
Forests member
Water security member

We are grateful to receive funding
for CDP’s Power of Procurement
project from:

{
{{{
{
{{
{
{
{{
{{

As a global technology company driving
energy innovation for a balanced planet, ourfocus is to place sustainability at the centre ofeverything we do. Our supply chain emissions
represent ~20% of Scope 3 inventory. This
inventory is represented by 35,000 suppliers
spread across 100+ countries. 2022 was our
2nd year as a CDP supply chain member, we
invited 1250 suppliers, representing 58% of ourscope 3 upstream emissions and have achieved
72% response rate. We believe our successlies in several factors. First, our disclosure
cycles are driven from within our procurement
organization. We align our teams on thiseffort through a yearly common performance
objective tied to annual incentives.
Going forward in 2023, our focus will evolve toalso include suppliers’ disclosure quality: weare eager to drive their climate maturity and to
start using CDP data into our sourcing decision
making. To do so, we are embedding climate
action into our policies & procedures, equipping
our internal procurement teams with climaterelated knowledge as well as digital tools to
help them engage their respective supplierson their maturity journey through targetedrecommendations for actions.
Our partnership with CDP is a key enabler toassess our suppliers’ climate maturity andthis has helped us in defining a clear roadmap
to drive actionable steps. We, as an industry,need to go further and rapidly decarbonize SLB is taking up this bold challenge and arecommitted to drive our suppliers to embark
on the same pathway. Now more than ever,
it is imperative that we collaborate with our
suppliers and partners to balance the need forenergy with the needs of the planet.
Gwenola Boyault
VP Planning & Supply Chain
SLBCDP Supply Chain Report 202245

CDP Supply chain members
Lead members
Ahold Delhaize
Airbus SE
Alphabet, Inc.
Altria Group, Inc.
AnsellArcos Dorados
ASM International
Bank of America
Barclays
Bayer AG
British American Tobacco
British Broadcasting
Corporation
Colgate Palmolive Company

Standard members

{
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Deutsche Bank AG{
Electrolux{{
Estee Lauder Companies Inc. {{{Experian Group{
Flex Ltd.
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Goldman Sachs Group Inc.
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Grupo Bimbo, S.A.B. de C.V.
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GSMA
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Imperial Brands{{{
J Sainsbury Plc{{{
Johnson & Johnson{{{
JT International SA{{
Juniper Networks, Inc.
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Koninklijke Philips NV{{
KPMG International{
Lloyds Banking Group{

Mastercard Incorporated
McDonald's Corporation
McKinsey & Company
NIKE Inc.
Nokia Group
Nomura Research Institute,
Ltd.
Nordstrom, Inc.
Novartis
NRG Energy IncØrstedPayPal Holdings Inc
Philips Domestic Appliances
Phoenix Group Holdings
Robert Bosch GmbHRoyal London Mutual
Insurance Society Limited
Salling Group A/S
Schneider Electric
Swisscom
Target Corporation
The Coca-Cola Company
The Dow Chemical
Company
The LEGO Group
U.S. General Services
Administration - OMB ICR#3090-0319
Virgin Money UK PLC
Wells Fargo & Company
Xylem Inc

{
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Accenture

{
Accor
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Acer Inc.
{
Adani Green Energy{
Adani Transmission Ltd{
Advance Auto Parts Inc{
AGC Inc.
{
Aguas Andinas SA{
AIB Group Plc{
Ajinomoto Co.Inc.
{{
Ambev S.A{{
Amdocs Ltd{
Anheuser Busch InBev{{
Aon plc{
ARKEMA{
Arm Ltd.
{
AT&T Inc.
{
Autodesk, Inc.
{
Avery Dennison Corporation{
Aveva Group{
Avianca Group{
Baker Hughes Company{
Banco Bradesco S/A{
Banco do Brasil S/A{{
Banco Santander Brasil SA{
Bank of Montreal{
Beiersdorf AG{{
BMW AG{{{BNY Mellon{
Boeing Company{
Braskem S/A{{CDP Supply Chain Report 2022

46

CDP Supply chain members (continued)
Standard members (continued)
Bristol-Myers Squibb

Burns & McDonnell, Inc.

{{{

Business Environment
Council (BEC){

BT Group

C&C GROUP PLC
Caesars Entertainment
Caixa Econômica Federal
CANPACK Group
Capital One Financial
CBRE Group, Inc.
Cellnex Telecom SA
Cementir Holding NV
Chunghwa Telecom
CIA ULTRAGAZ S/ACisco Systems, Inc.
Citrix Systems
Clorox Company
CNH Industrial NV
Compagnie Financière
Richemont SA
CSX Corporation
CVS Health
Daimler Truck AG
Deutsche Telekom AG
Diageo Plc
Downer EDI
DURACELL
Eaton Corporation
Ecolab Inc.
EdelmanElevance Health, Inc.

{
{
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Elisa Oyj

ESB Group{{{

Fashion Industry Charter for
Climate Action (FICCA){

EQUINIX, INC.

Faurecia
Ferguson plc
FerrariFIRMENICH SA
Fletcher Building
Fluence Energy
Ford Motor Company
Franke Management AG
Fujitsu Limited
General Motors Company
Givaudan SA

{
{
{
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{
{
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Isuzu Motors Limited
Itaú Unibanco Holding S.A.
ITV
Jacobs{{{{Jaguar Land RoverAutomotive plc{{{

KAO Corporation{{{

KAUTEX TEXTRON GMBH &CO. KG
Kellogg Company{

Keurig Dr Pepper{{{

Kobayashi PharmaceuticalCo., Ltd.

{

Kobe Steel, Ltd.

{

Koninklijke KPN NV(Royal KPN){

Kesko Corporation

KPMG UK

Harman International
Industries Inc{

LinkedIn Corp.

{
{
{
{

Helen of Troy LP{

Hewlett Packard EnterpriseCompany

Los Angeles Department of
Water and Power{{

Lowe's Companies, Inc.

{
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{{
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{{

Magna International Inc.

Grupo Boticário
Grupo CCRHMD Global Oy
Honda Motor Co., Ltd.
HP IncHusqvarna ABIntel Corporation
International Flavors &Fragrances Inc.

{

International Paper
Company{

Iochpe-Maxion SA{

Lear
Lenovo Group Limited

Micron Technology, Inc.

{
{
{
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{

Mitsubishi Motors
Corporation{

Movida Participacoes SA{

Medtronic PLC
Melrose PLC
Mercedes-Benz Group AG
MetLife, Inc.
MichelinCDP Supply Chain Report 2022

47

CDP Supply chain members (continued)
Standard members (continued)
Nasdaq, Inc

News Corp

{
{
{
{
{

NHS England and NHS
Improvement{

National Grid PLC
Naturgy Energy Group SA
NEC Corporation

Nissan Motor Co., Ltd.
OMV AG
Ordnance Survey
Parker-Hannifin Corporation
Petróleo Brasileiro SA Petrobras
Pinsent Masons LLP
Pirelli
Philip Morris International
Prudential Financial, Inc.
Prysmian SpA
Puig, S.L.
Raia Drogasil SA
Raizen S.A.
Renault Group
Renesas Electronics
Corporation
Restaurant Brands
International
S Group
SABIC
Samsung Display Co.,Ltd
Samsung Electronics
Santa Catarina

{{
{
{
{
{
{
{
{{{
{
{{
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{
{
{

SBM Offshore
Sekisui Chemical Co.,Ltd.
Senior Plc
ServiceNow Inc
Sidel
Sigma Foods
Signify N.V.
SK Hynix
Sky Ltd
Smith & Nephew
Snam S.P.A
Specialist Computer
Centres PLC
SSE

{
{
{
{
{
{{{
{
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{
{
{

{
Stadium{
Stéarinerie Dubois{{
Stellantis N.V.
{
Sumitomo Chemical Co., Ltd.
{
Suzano Papel & Celulose{{
Symrise AG{{{
Syncreon{
TD Bank Group{{ Telefónica
{Telstra Corporation{{{
T. Hasegawa Co., Ltd.
{{The Allstate Corporation{{
The Yokohama Rubber Co.,{
{ Ltd.
{ Thule Group Ab{{ Topsoe A/S{

Toyota Motor Corporation

Wal Mart de Mexico

{{
{
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{{

West Japan Railway
Company{

Transurban Group
Trelleborg AB
Trimble Inc.
TT Electronics Plc
UBS
UNFI
UnidasUnilever plc
UnitedHealth Group
Vale SA
Valeo Sa
Vattenfall Group
Velux A/S
Verizon Communications Inc.
Virgin Management Limited
Visa
VisteonVodafone Group
Volvo Car Group

Western Digital Corp
Wipro
Yamaha Corporation{{{{

Zimmer Biomet Holdings,
Inc.

{

Zurich Insurance Group{CDP Supply Chain Report 2022

48

DISCLOSURE INSIGHT ACTIONCDP Contact

NORTH AMERICAPaul Dickinson
Executive Chairman

Laura Hohmann
Jeremy Edelman
Sarah BlochGerald Welch
Richard Oliveras
Justine Giordano
Dana Alia
Alaina Passavant
Christopher Sonnier
Cecilia Giordano
Mahica Iyer

Dexter Galvin
Global Director, Corporations &Supply Chains
Sonya Bhonsle
Global Head of Value Chains &Regional Director of Corporations
George Hodge
Global Head of Sales & Business
Development

LATIN AMERICA
UK & GLOBALJames Chamberlayne
Vena Gadher
Phoebe Bridges
Imogen Terry
Lee Fennell
Jennelle Anderson
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Juliet Zhu

Lais César
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Celine TapiaÍtalo Eduardo
Luz Dondero
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Taís Salles

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Indrit Selmani
Marta Lewandowska
Quentin Charbonnier

CDP Worldwide
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Tel: +44 (0) 20 3818 3900

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With support from Boston
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Managing Director and Senior Partner
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Managing Director and Partner

JAPAN
EUROPE

SOUTHEAST ASIA &OCEANIAEmi Matsukawa
Kosuke Hiromatsu
Takuya Harada
Tsukasa Fukuda
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Michela Vicariotto
Project Leader
Vera Koutnik
Consultant
Gabrielle Branin
Associate

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This report and all of the public
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