- Coles Group released its Climate Change Position Statement with new target announcements.
- The retail giant is set to cut its greenhouse gas emissions down to 0% by the year 2050 under the ‘Together to Zero’ ambition.
- The company’s share prices dropped 0.5% this morning with a slight recovery afterwards to reach AUD 15.57 per share.
Coles Group (ASX:COL) on Friday released its Climate Change Position Statement, announcing its new emissions target under the ‘Together to Zero’ ambition. The retail giant has affirmed its commitments towards a greener future by vowing to reduce greenhouse gas emissions.
The Group aims to achieve near zero greenhouse gas emissions by the year 2050. The company has also set a target to completely shift to 100% renewable electricity by the end of FY25.
The new target list also includes a reduction in combined Scope 1 and 2 greenhouses gas emissions by a percentage higher than 75% by the end of FY30, from a FY20 baseline.
The company’s CEO Steven Cain commented that the Scope 1 and 2 emissions have already been reduced by 36.5% since 2009. However, the company continues to work in this sphere to push this figure down to 75%.
These new targets are slated to provide an “accelerated reduction in greenhouse gas emissions exceeding the Paris Agreement ambitions”, said CEO Cain.
About Coles Group
Coles Group is a food and groceries retailer providing retail services through its flagship supermarket chain Coles. The company is also engaged in the sale of liquor and petrol through its Coles liquor and Coles Express outlets.
In a bid to be more environmentally conscious, the company has dedicated climate change operations in action, just like various other commercial businesses. The company’s board is the regulator of its governance policies and assesses the effectiveness of the company’s sustainability initiatives.
This regulation is further enhanced by the Audit and Risk Committee, which oversees and assists the company board in fulfilling these initiatives.
Coles also has a Sustainability Steering Committee, which manages Group-wide identification and response to sustainability risks. Another Subcommittee oversees the company’s approach towards climate change.
Coles as a Stock
The company also released its half year results for 1HFY21 earlier this year. The company’s total sales revenue was up 8.1% during the period to reach AUD 20.4 million. EBIT also rose 12.1% to reach AUD 1 billion, while the Net profit after tax improved 14.5% to AUD 560 million.
The company was able to draw in an improved half year performance due to its growing online sales.
The company’s share prices remain volatile as it is trading lower since the past one month. The company’s share price today saw a drop of 0.5% early this morning. However, the prices have recovered back to reach AUD 15.50 at 3:18 PM AEDT on 19 March 2021.