All major suppliers of products and services to Deutsche Bank will be required to undergo an ESG assessment, according to a new policy unveiled by the bank, with new contracts only approved for vendors that meet a minimum sustainability score starting next year.
With over €8 billion in third-party vendor spend annually, Deutsche Bank stated that it aims to use its purchasing power to drive greater supply chain ESG accountability and transparency, and ensure that suppliers meet high ESG requirements.
Alf Noto, Chief Procurement Officer at Deutsche Bank, said: “Sustainability is a collective responsibility. We want to collaborate with suppliers to help make a positive impact to extend the reach and impact of our ESG footprint.”
Jörg Eigendorf, Head of Sustainability at Deutsche Bank, said: “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. This is a big step to gradually improve the sustainability of our value chain.”
Read more on: esgtoday.com