Britain’s M&S aims to be fully net zero on emissions by 2040

Stock Markets37 minutes ago (Sep 29, 2021 07:26PM ET)

3/3
(C) Reuters. FILE PHOTO: People walk outside a Marks and Spencer (M&S) store amid the outbreak of the coronavirus disease (COVID-19), in Cheshire, Britain August 18, 2020. REUTERS/Jason Cairnduff

2/3

LONDON (Reuters) – Marks & Spencer (OTC:MAKSY) pledged on Thursday to become net zero in carbon emissions across its own operations, its entire supply chain and its products by 2040, ten years ahead of a government target for Britain.

Britons have become increasingly aware of the urgency of addressing climate change, spurred on by campaigners including veteran naturalist and broadcaster David Attenborough and Swedish teen activist Greta Thunberg.

Retailers have responded by cutting waste and their use of plastic, although some environmental groups have criticised these efforts as “greenwashing”.

The M&S target is more ambitious than one set out by Tesco (OTC:TSCDY), Britain’s biggest retailer, last week.

M&S, which sells food, clothing and homeware, launched a sustainability programme in 2007 and in 2012 became the first major carbon neutral retailer for its direct emissions.

It wants to cut its total carbon footprint by a third by 2025 and has committed to zero deforestation in sourcing palm oil and soy by 2025, using more sustainable fibres by 2025 and supporting suppliers to advance lower carbon farming methods.

“This won’t be easy. We need to transform how we make, move and sell our products to customers and fundamentally change the future shape of our business,” M&S CEO Steve Rowe said.

To get customers on board, the retailer will now reward the 12.5 million members of its “Sparks” loyalty scheme with treats if they donate unwanted clothes to British-based charity Oxfam.

In May, Britain reaffirmed its commitment to achieve net zero greenhouse gas emissions by 2050, a pledge it hopes will spur on other nations before November’s COP26 climate summit.

Last month, M&S upgraded its profit outlook after a jump in demand for food in its home market and an online clothes sales surge indicated a turnaround plan was working.

Britain’s M&S aims to be fully net zero on emissions by 2040

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

More from author

Subscribe

Related posts

Latest posts

U.S. surgeons successfully test pig kidney transplant in human patient

Stock Markets9 minutes ago (Oct 19, 2021 07:11PM ET) (C) Reuters. By Nancy Lapid NEW YORK (Reuters) - For the first time, a pig kidney...

Haiti gang seeks $1 million per person for kidnapped missionaries

World29 minutes ago (Oct 19, 2021 06:50PM ET) (C) Reuters. An entrance to the Christian Aid Ministries compound is seen after the abduction of a...

U.S. House committee nears contempt vote on Trump aide Bannon

World18 minutes ago (Oct 19, 2021 07:01PM ET) (C) Reuters. FILE PHOTO: Former White House Chief Strategist Steve Bannon exits the Manhattan Federal Court, following...

Categories

Want to stay up to date with the latest news?

We would love to hear from you! Please fill in your details and we will stay in touch. It's that simple!