Title: Evaluating the Triple Bottom Line (TBL) Benefits of Sustainable Procurement
Authors: Akhuewu Emmanuel Eromosele
Volume: 8
Issue: 12
Pages: 1-9
Publication Date: 2024/12/28
Abstract:
Evaluating the Triple Bottom Line (TBL) Benefits of Sustainable Procurement is a crucial study that examines the economic, social and environmental impacts of sustainable procurement practices. Utilizing Edward Freeman's Stakeholder Theory, this research employs a descriptive approach, collecting and analysing secondary data from academic and grey literature. The findings reveal substantial benefits, including enhanced cost savings, revenue growth, supply chain efficiency, social responsibility and reduced environmental impacts. Effective assessment and integration of sustainable procurement practices can unlock value, improve supply chain efficiency and contribute to a sustainable future. To sustain these benefits, policy recommendations include integrating sustainability into procurement decisions, establishing clear sustainability goals and metrics, conducting regular supplier assessments and engaging stakeholders. This study provides valuable insights for organizations seeking to leverage sustainable procurement's full potential, contributing to a more sustainable future while improving their bottom line. By adopting sustainable procurement practices, organizations can mitigate climate change, preserve natural capital, minimize waste generation and conserve ecosystems.