A group of retailers and NGO leaders on Monday released a new tool for assessing how businesses manage their chemical risks.
The Chemical Footprint Project (CFP) is said to be the first-ever common metric of its kind for publicly benchmarking corporate chemicals management and profiling leadership companies.
CFP was created by Clean Production Action, a nonprofit organization that designs and delivers sustainability solutions, along with research institute, The Lowell Center for Sustainable Production at the University of Massachusetts Lowell, and Pure Strategies, a sustainability consultancy with a mission of transforming global chemical use.
Dr. Mark Rossi, co-director of the Clean Production Action and Chair and Founder of BizNGO, said, “You can’t manage what you don’t measure. The CFP finally establishes a meaningful measurement of overall corporate performance to safer chemicals in products and supply chains. We look forward to engaging business leaders in tracking and disclosing their Chemical Footprints.”
The tool will help business leaders who hope to move ahead of regulations to avoid chemicals that are harmful to human health or the environment in their products and supply chains.
Chemical Footprinting can be applied to any industry including, retailers, health care organizations, governments and investors. Purchasers of these various industries who are looking for products made with safer chemicals can use the CFP to quickly compare and benchmark suppliers.
Investment firms can also utilize the tool to evaluate companies on their chemical management efforts, to select preferred companies for investment. The CFP also allows brands to market their progress and success in using safer chemicals.
Roger McFadden of Staples Inc. said, “CFP is a market differentiator and provides a competitive advantage for business leaders. This new tool will add a level of transparency and help companies mitigate reputational and regulatory risks and exploit opportunities afforded by moving to safer chemicals.”
CFP publicly measures overall corporate chemicals management performance by evaluating management strategy, chemical inventory, progress measurement and public disclosure.
The CFP Steering Committee members include representatives from Staples Inc., Target Corporation and the U.S. Green Building Council, among others.