Understanding the EcoVadis Medals
EcoVadis medals are awarded based on a company’s overall score in the EcoVadis assessment, which ranges from 0 to 100. The score reflects the quality of the company’s sustainability management system at the time of the assessment. The medals are awarded as follows:
- Bronze: 45-54 Top 35%
- Silver: 55-64 Top 15%
- Gold: 65-84 Top 5%
- Platinum: 85-100 Top 1%
(These are based off scores from 1st January 2024)
Achieving these medals requires a strategic approach to improving your company’s performance in key sustainability areas, including Environment, Labour & Human Rights, Ethics, and Sustainable Procurement.
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The impact of Having a Medal
Having an EcoVadis medal signifies your company’s commitment to sustainability and ethical practises, enhancing your reputation, building trust with stakeholders, and opening doors to new business opportunities. It demonstrates to clients, investors, and partners that the company meets high standards in environmental, social, and governance (ESG) criteria, making it a preferred choice in a competitive market. Over 55000 companies globally including top industry leaders.
Key Strategies for Earning EcoVadis Medals
Conduct an Internal Review: Begin by thoroughly reviewing your current sustainability practices across all four EcoVadis themes: Environment, Labour & Human Rights, Ethics, and Sustainable Procurement. Identify strengths and areas for improvement to set realistic goals for your assessment.
Strengthen Environmental Policies: Enhance your environmental practices by reducing energy consumption, minimising waste, and managing emissions. Focus on robust resource management and biodiversity preservation to boost your score.
Improve Labour and Human Rights: Ensure high standards in employee health, safety, and human rights. Promote fair wages, diversity, and eliminate forced or child labour. Regular training and development are key to improving your score in this area.
Commit to Ethical Practices: Strengthen anti-corruption measures, ensure fair competition, and manage information responsibly. A solid ethical foundation is crucial for earning higher medals.
Optimise Sustainable Procurement: Work closely with suppliers to meet environmental and social standards. Implement risk assessments and collaborate to enhance their sustainability, demonstrating your commitment beyond your operations.
Submit Accurate Documentation: Ensure all documentation, including sustainability reports and certifications, is comprehensive, accurate, and current. Prioritise documents that cover multiple areas to avoid negative impacts on your score.
Use the Corrective Action Plan: After receiving your score, utilise the Corrective Action Plan (CAP) to target specific areas for improvement. Systematically addressing these recommendations can help you achieve higher medals in future assessments.
Conclusion: Aim for Continuous Improvement
Achieving an EcoVadis medal is not just about securing a one-time score; it’s about committing to continuous improvement in your sustainability practices. Whether you are aiming for Bronze, Silver, Gold, or Platinum, the key is to regularly review and enhance your practices across all assessed areas. By following these strategies and focusing on high-impact areas, your company can earn an EcoVadis medal that reflects your dedication to sustainability and responsible business practices.
As sustainability becomes increasingly important in the global business landscape, earning an EcoVadis medal can significantly enhance your company’s reputation and position you as a leader in ethical and sustainable practices. Start your journey today and aim for the highest standards in sustainability.