Wal-Mart Stores Inc unveiled an environmental labeling program that could redefine the design and makeup of consumer goods sold around the world. This program could also create a rise in costs for suppliers and customers. Wal-Mart will tell suppliers they must calculate and disclose the full environmental costs of making their products, then allow Wal-Mart to distill the information into a rating system. Shoppers will be able to see the rating of their products alongside prices on just about any product Wal-Mart will carry.

Wal-Mart said the initiative represents a bold new step in its efforts to reduce energy consumption, cut waste and introduce sustainable products. The new program will take years to form (about 5 years or longer), however Wal-Mart is confident their movement will be effective. Earlier environmental successes of Wal-Mart include selling more than 100 million low-energy fluorescent bulbs and the creation of concentrated detergents that use less packaging and water.

Click here to read the full article from the Wall Street Journal.