Wal-mart

US-based Wal-Mart is undertaking an ambitious project to create a comprehensive indexing system, documenting the social and environmental impact of every product that it sells in its stores.

As part of the move, the retail giant has recruited scholars, suppliers and environmental groups to help put together a universal rating system – information that could be added to labels on products.

According to a report in the New York Times, Wal-Mart's long-term goal is to have other retailers adopt the indexing system, which could take up to five years to put together.

The New York Times, citing a copy of prepared remarks, said that group president and CEO Michael Duke will tell employees at a sustainability meeting today: 'We have to change how we make and sell products. We have to make consumption itself smarter and sustainable.'

The prospect of a social and environmental index is one that would be worthwhile but difficult to put together, according to industry stakeholders.

'I think it's going to be a lot of work for a lot of people,' Jon Johnson, a professor at the University of Arkansas, told the publication. 'But obviously we're optimistic about the prospects.'

The group will begin the study by asking its more than 100 suppliers across the world to answer 15 questions on sustainable practices.