What Is Ecovadis

[Cecelia Seiner]

Sinceits founding, it has grown to become the largest sustainability ratings provider, giving scores to over 100,000 companies in 175 countries. To become an EcoVadis-rated, companies have to go through the EcoVadis assessment process, after which they will receive an EcoVadis rating score, both of which are explained below.

The rating score and medal are based on the publication date, not the questionnaire completion date. The trend for medals is that they get harder to achieve every year. In 2022, for example, Platinum had to have an overall score between 75 and 100, and Gold had to have an overall score between 67 and 74.

A good score is important as it can differentiate your business, improve your brand reputation, and be the deal breaker for hiring a new investment, securing investments, and attracting new customers. Research suggests that 91% of companies take sustainability ratings into consideration when making a purchasing decision.

EcoVadis ratings are also important for supply chain sustainability. Buyers can use EcoVadis to send their suppliers customized questionnaires to get a better understanding of the sustainability risks in their supply chains and improve procurement practices.

Multiple studies show the widespread financial and brand image benefits of having a sustainable supply chain. One study from the World Economic Forum showed that sustainable supply chains can reduce supply chain costs by 9%-16%.

CDP and EcoVadis are by far the most common ways companies assess their sustainability performance and send requests to suppliers for sustainability information. However, they differ in some key ways, which include:

If your company received an EcoVadis medal below your goal or the dreaded no medal (score below 50%), you have 12 months to take measures to improve your rating. Follow these five simple steps to improve your score:

Develop a comprehensive action plan based on the results of your gap analysis or materiality assessment. Prioritize actions that will yield the most significant impact on your score, assign tasks to specific teams or individuals, and set achievable deadlines.

Utilize a specialized ESG software partner to collect, prepare, and manage your sustainability data. These platforms can automate the tracking of KPIs, streamline data collection, and even generate reports that you can directly submit for your EcoVadis evaluation. This will not only make the process more efficient but also ensure accuracy.

EcoVadis places a significant emphasis on proper documentation. Gather all the necessary documents that support your sustainability and CSR efforts, including policies, evidence of initiatives, and compliance records. There is a limit of 55 documents. Make these documents easily accessible for the EcoVadis evaluation.

At Good.Lab, we understand what it takes to achieve a high EcoVadis rating, how to collect the necessary data, and how to use that to make data-driven strategies to improve your ESG performance. With our best-in-class ESG software and sustainability experts we can help you through the process.

The EcoVadis assessment process involves four main steps: Registration, filling out a customized questionnaire, expert analysis, and receiving results. The questionnaire should take a few hours to a couple of days to complete. After that, EcoVadis experts spend 6-8 weeks reviewing your submission before releasing your scorecard.

To improve your EcoVadis rating, conduct a gap analysis to identify weak areas, develop a comprehensive action plan, use specialized ESG software for data preparation, compile supporting documentation, and invest in employee training and awareness.

Video tutorial explaining how to respond to the EcoVadis Sustainability questionnaire. An easy-to-understand explanation for going through the questionnaire, what type of information is relevant and why it is important to upload documents as evidence.

The 'XS Scoring Principles' document provides a brief summary of the EcoVadis methodology, before delving into the characteristics of the analysis and scoring process for XS companies (1-25 Employees)

An EcoVadis ESG-linked supply chain finance program gives your organization the opportunity to manage and track your ESG performance and share it with your corporate buyers and financial institutions.

Carmeuse has been active in the field of Sustainability for many years. Being sustainable is the right thing to do and is in line with our core Company culture and values. For Carmeuse, these certifications and ratings are frameworks and recognitions at the international level that allow our company to have a long-term strategic vision as well as improve our organization, the quality of our services and the way in which we work. It is also a great economic and reputational opportunity, which demonstrates to our customers, suppliers and employees our determination to contribute to a better world.

We use Ecovadis to evaluate and rate our Sustainability program and aspects. Ecovadis is an international Sustainability rating platform for global supply chain entities (www.ecovadis.com). The platform supports over 50,000 subscribers, based in 150 countries and 190 industry sectors. More than 300 multinational companies use Ecovadis to monitor the performance of their program and suppliers, some include: Axa, Alcatel-Lucent, Bayer, Coca-Cola Enterprises, Heineken, Lafarge, Renault-Nissan, and Schneider Electric (to name a few). More than 45,000 companies use EcoVadis to reduce risk, drive innovation and foster transparency and trust between trading partners.

EcoVadis is an internationally recognized provider of business sustainability ratings and a reference in the B2B industries and global supply chains. Based on 21 criteria, the evaluation is in four domains: environment, labor and human rights, ethics and sustainable procurement. EcoVadis recertified multiple entities of Carmeuse worldwide.

Carmeuse is committed to providing financial and volunteering support to agencies whose primary emphasis is helping underprivileged children in need with educational, training and mentoring opportunities.

It allows us to demonstrate to all our stakeholders the investment that Toyota puts into CSR, and also that part of our success comes from being an ethical organisation that takes care of our people, our customers, the environment and the communities we live in.

Toyota has teams dedicated to ensuring high standards of CSR. Ecovadis allows us to measure how good we are and the areas in which we may be able to improve. It is good to have people looking in from the outside who deal with many CSR leading organisations analysing what and how we do things. This allows us to benchmark ourselves against other leading organisations, many of which are our customers.

Tranemo wants to continuously improve our sustainability efforts. By joining EcoVadis, Tranemo has taken another step in this direction. The EcoVadis rating is a natural part of our sustainability work and will help us improve our efforts in all four aspects that EcoVadis covers while simultaneously giving us accountability in working towards a better future. As well as give our stakeholders a better picture of our efforts and progress.

One of our core goals at Tranemo is to develop workwear as sustainably as possible without compromising the protection of our products. To do this, we decided to work with EcoVadis to provide our clients with a rating from a sustainability assessment system built on internationally accepted principles for sustainability reporting, such as GRI (Global Reporting Initiative), UN's Global Compact and ISO:26000. Independent sustainability experts also revise the evaluation.

This has also been done to help us get a benchmark of where we are right now on our sustainability journey compared to our industry and what we can do to improve. EcoVadis helps companies to comply with the ever-growing global regulations and to improve sustainability across their supply chains.

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Merck KGaA, Darmstadt, Germany, a leading science and technology company, today announced that it has again been awarded the gold certificate by the rating agency EcoVadis. Thus, the company maintains its top rating of previous years. EcoVadis examines the sustainable procurement policies of companies. With 71 out of 100 possible points, Merck KGaA, Darmstadt, Germany is among the best 1% of all companies recorded.

EcoVadis annually examines around 45,000 suppliers from 150 countries and 190 industry sectors. The rating focuses on 21 criteria, divided into four topic areas: environment, social affairs, ethics, and sustainable procurement. These criteria are based on international standards such as the ten principles of the UN Global Compact, the conventions of the International Labor Organization (ILO), the standards of the Global Reporting Initiative (GRI), ISO 26000, and the UN Guiding Principles for Business and Human Rights.

Merck KGaA, Darmstadt, Germany takes part in the rating as a member of the Together for Sustainability industry initiative. This initiative enables its member companies to utilize the results of supplier self-disclosures and audit reports jointly while complying with all restrictions stipulated within competition law. The platform provides access to rated self-disclosures of around 11,000 suppliers and audit reports of more than 1,000 suppliers.

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