Business leaders can no longer afford to look the other way on climate change. The recent National Climate Assessment revealed that regional economies and industries dependent on natural resources are increasingly vulnerable to the impacts of climate change – as are energy systems. Warmer climates will increasingly disrupt international trade, prices, and supply chains, and costs could reach hundreds of billion dollars per year by the end of the century. Climate change doesn’t just threaten ecological balance, it threatens corporate balance sheets.
In light of these findings I’m encouraged by a recent survey of corporate leaders, 82 percent of whom said companies need to advocate for or take a stand on environmental, social and governance issues and that “climate and environment” was one of the three highest priorities for their organizations.
Knowing that a company should take action, however, is a long way from actually taking action on climate. While there are a growing number of cases where leading companies and major investors are ahead of the federal government on climate action, it’s simply not enough, and many more U.S. businesses need to step up.
The role that CEOs and companies play in global governance is changing. Leaders and laggards, winners and losers, will all be defined by how they respond to climate change. The leaders will surface based on their ability to take these four critical steps. Read more
The Mind the Store campaign recently released their third annual Who’s Minding the Store? report, which ranks retailer action on the removal of toxic chemicals from products. Many of this year’s top performing retailers are familiar. Apple, Walmart, Target, and CVS, all in the top 10, are companies that EDF considers to be safer chemicals leaders. Importantly, several retailers received much improved scores – Amazon, Walgreens, and Rite-Aid are the most improved retailers compared to 2016. We’ve previously blogged on Amazon and Rite-Aid’s new chemicals policies (see here and here, respectively). Walgreens is the newest face in this crowd, releasing its chemicals policy earlier this month. With more and more retailers making commitments, the market demand for safer chemistry in products is now undeniable.
Retail demand for safer products is not only here to stay – it’s now a source of competition in the evolving marketplace. Amazon is the latest retailer to join Walmart, Target, CVS Health, Home Depot, and Rite-Aid by publishing a chemicals policy and a public Restricted Substances List. Amazon and several of the above-mentioned retailers represent half of the top ten retailers in the US. Amazon’s new policy is a big deal: not only is Amazon the third largest retailer by sales in the US, it is the first primarily ecommerce retailer to create a chemicals policy. Ecommerce represents a challenge in terms of implementing such a policy, but as shoppers increasingly turn to online retailers for many of their purchasing needs, this also presents a major opportunity to increase the availability of safer products.
Earlier this month, the national drugstore chain Rite Aid released a new Chemical Policy and Restricted Substances List (RSL). Rite Aid joined a growing list of retailers taking action to ensure safer products for their customers. This public, written corporate chemicals policy communicates to Rite Aid’s suppliers, consumers, and other stakeholders that increasing Rite Aid’s assortment of safer products is important to the company’s mission.
How does Rite-Aid’s policy measure up?