We integrate social and environmental considerations across our entire supply chain to ensure that our procurement practices serve the best interests of our suppliers, communities, and the environment.
Experience has shown that increased supplier diversity is good for our business, and good for the communities we serve. A broader pool of suppliers encourages competition, innovation, and substantial economic development opportunities to local communities. Our Supplier Diversity Program encourages increased participation by small, local and diverse businesses in our procurement process. To help deliver value to our customers and communities, we are committed to a diverse supplier base reflective of the diverse population in the communities we support. We aim to achieve a diversity spend percentage of at least 20% of our annual procurement spend by 2025.
In 2021, we achieved $1 billion in diverse spend and a diversity spend percentage of 15.2%. Since 2016, we increased spending with diverse suppliers by 95%.
Supplier Diversity Spend Trend
In 2021, we hosted Convergence, our second annual virtual supplier diversity event. More than 250 diverse businesses attended. We also established the Supplier Diversity Showcase Series, which enables business-segment decision-makers to meet with diverse suppliers. Thirty-six showcase meetings were held in the program’s inaugural year. The Supplier Diversity Showcase Series and Convergence resulted in new contracts with diverse suppliers and contributed to a 31% increase in spending with Black-owned businesses compared to 2020.
For more on why supplier diversity matters, see our latest Diversity, Equity, and Inclusion Reportopens in a new window.
Dominion Energy believes every person has a right to be treated with dignity and respect; to exercise autonomy and self-determination; to receive fair and equal treatment; and to work in a safe and supportive workplace regardless of individual attributes or membership in a demographic class. Throughout our operations and across our value chain we are committed to a humane workplace free from discrimination, harassment, physical coercion, and any form of workplace violence. This commitment to human rights is expressed in our compliance with labor laws; our nondiscrimination policies; our human resources policies, including those dictating procedural rights in personnel matters; and elsewhere.
The company’s Human Rights Policyopens in a new window sets out our commitment to human rights in connection with our workforce, supply chain, customers, and communities. It outlines our governance approach to human rights issues and provides instructions for reporting human rights concerns.
Supplier Code of Ethics and Business Conduct
Dominion Energy expects all suppliers to share our commitment to ethics and compliance. Our Supplier Code of Ethics and Business Conductopens in a new window outlines our minimum expectations, including human labor practices, responsible sourcing, environmental compliance, sustainability, and the health and safety of suppliers and their employees. Suppliers have a responsibility to share Dominion Energy’s commitment to human rights and are expected to follow all applicable laws and regulations.
Further extending our supplier expectations, in early 2022, Dominion Energy cosigned the Solar Energy Industries Association’s Forced Labor Prevention Pledge, committing to help ensure that the solar supply chain is free of forced labor and supporting the development of a solar supply chain traceability protocol.