Sustainable Procurement Practices: Adoption of Renewable Energy Sources and Technologies through Strategic Procurement Policies
Year: 2024
Type: article
Abstract: The integration of sustainable procurement practices in the adoption of renewable energy sources and technologies is crucial for fostering environmental sustainability and economic efficiency. Sustainable procurement involves sourcing goods and services in a manner that not only achieves value for money but also minimizes environmental impacts and promotes social benefits (Walker & Brammer, 2012). This article explores the strategies and policies that organizations can implement to transition to renewable energy, highlighting the benefits and challenges associated with this shift. It delves into the role of strategic procurement policies in promoting renewable energy adoption, examining key drivers such as regulatory frameworks, organizational leadership, market demand, and technological advancements (Lund, 2007). Through a comprehensive review of current literature and case studies, including successful implementations in cities like Copenhagen and corporations like IKEA, the article provides insights into the best practices for sustainable procurement and the impact of these practices on overall organizational performance (C40 Cities, 2019; IKEA Group Sustainability Report, 2020). The findings underscore the importance of a strategic approach to procurement that aligns with broader sustainability goals, emphasizing the need for policy support, capacity building, and stakeholder collaboration. By adopting these practices, organizations can achieve significant environmental and economic benefits, contributing to a more sustainable future (Testa et al., 2016).
Authors: Yewande Mariam Ogunsuji, Olamide Raimat Amosu, Divya Choubey, Bibitayo Ebunlomo Abikoye, Praveen Kumar, Stanley Chidozie Umeorah
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W6893142813
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