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Deutsche Bank demands sustainability ratings from suppliers

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Deutsche Bank is taking a big step towards cleaning up its supply chain, mandating that suppliers doing business with the bank must undertake a vendor sustainability rating from EcoVadis or another eligible rating agency.Deutsche Bank spends more than €8 billion euros a year on products and services from third-party vendors. Under the new regime, beginning in July, vendors will have prove their ESG credentials for every new or extended contract worth over €500,000 a year.

Initially, suppliers will need to register with EcoVadis to undergo ESG assessment. The agency gives suppliers a score out of 100 and identifies ways in which companies can boost their SEG rating.

From the beginning of 2023, the bank will only grant new high value contracts to vendors who have achieved at least 25 of the 100 possible points. 

“Global Procurement is a great example of how we are moving from ambition to impact and partnering with our vendors to cover our whole value chain,” says Jörg Eigendorf, head of sustainability at Deutsche Bank.  “This is a big step to gradually improve the sustainability of our value chain.”

Source:finextra.com

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