- The UK is set to host a key UN climate summit, the COP26, starting from 31 October.
- Tesco finalised EV charging provider EO Charging for powering its EV delivery fleet as part of its goals to be net-zero by 2050
- Catering major Compass Group also laid out its net-zero strategies today, aiming to be net-zero across its global value chain by 2050
The UK is gearing up to host one of the most critical climate diplomatic talks towards the end of this month.
The country has made climate change and achieving net-zero emissions by 2050 a national focus and has since been ramping up investments and other government measures to help achieve the target.
The government is also aiming to push its plan to stop and even reverse global deforestation as a major agreement during the summit, according to a Guardian report.
The summit is set to begin on 31 October in Glasgow. It aims to realign and track the net-zero commitments set during the Paris Agreement in 2015. The Paris Agreement was a non-binding agreement that aimed to maintain global temperature rise well below 2 degree Celsius. World leaders are reportedly expected to announce the agreement on the second day of COP26.
Let us take a look at 2 FTSE 100 index listed climate-conscious stocks and how they have performed:
- Tesco PLC (LON: TSCO)
UK based retailer Tesco the biggest supermarket of the UK is the third-largest in the world in terms of gross revenues.
The company has selected electric vehicle charging firm EO Charging as the charging provider for its home delivery EV fleet.
Tesco plans to have an all EV powered fleet of delivery vehicles by the end of 2028. The group has already launched 30 EVs in 2021 and is set to add a further 150 EVs by 2022.
The move is part of the company’s net-zero strategies. Tesco had pledged in September to be net-zero across its supply chain by 2050.
The company has also set a goal of becoming operationally carbon neutral across the Tesco Group by 2035.
(Image source: Refinitiv)
Tesco’s shares were trading at GBX 267.25, up by 0.47 per cent as of 15 October 2021 at 12:33 PM BST. Meanwhile, the FTSE 100 index was trading at 7,226.57, up by 0.26 per cent.
The group’s market cap was at £20,566.34 million, and it gave a one-year return of 20.68 per cent to shareholders as of Friday.
- Compass Group PLC (LON: CPG)
Compass Group is a British multinational catering firm. It is considered the largest contract food service company globally.
The company unveiled its plans to use more plant-based products for its meals. The group also added that it plans to only use EVs as part of its pledge to become carbon neutral across its entire value chain, which is part of Scope 3 emissions, by 2050.
It also plans to reduce global food wastage by 50 per cent by 2030. The group has also set an ambitious goal to be operationally net-zero worldwide (which comprises Scope 1 and Scope 2 emissions) by 2030.
The group’s climate goals come ahead of the UN climate summit, the COP26.
(Image source: Refinitiv)
Compass’ shares were trading at GBX 1,485.00, down by 0.37 per cent as of 15 October 2021 at 12:50 PM BST.
The group’s market cap was at £26,591.00 million, and it gave a one-year return of 25.09 per cent to shareholders as of Friday.