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Summary
- Tesco would be conducting a six-week experiment with environmental charity group Hubbub where they will advise families on meal planning, food storage and using leftovers.
- Since the outbreak of the pandemic and the subsequent lockdown people's perception of food and food waste have changed
- Tesco's experiment and any subsequent consumer awareness programme would go a long way in fulfilling the UK's global sustainable target of halving food waste by the year 2030.
In order to create a sustainable environmental practice among the citizens of the country, Tesco Plc has initiated an experiment in association with an environmental charity Hubbub, whereby it will try to inculcate responsible behaviour regarding food waste. The experiment which will run for six-weeks is aimed at reducing the annual household food wastage of the country, which runs to around 6.6 million tons. It has been estimated that this wastage costs a British household an average of £60 per month. Moreover, in a study conducted by government waste advisory body, “Wrap” last month, it was reported that after the lockdown was eased, the average household food wastage had increased by nearly 33 per cent. These wastes, which is not only costing the country billions but are also making the cost of living of an average Briton relatively less sustainable. The UK, which has pledged to halve its food waste by the year 2030 has a long way to go before achieving this target, and consumer advisory programmes like these hold the key to bring about positive changes.
How will this experiment help Tesco?
Tesco is the largest retailing company in the United Kingdom. Its large customer base provides it with the opportunity to reach out to a large number of Britons, who would participate in a targeted experiment, which will reduce their own food cost while also contributing significantly to the objective.
The company itself has a pledge to contribute more towards bringing about positive environmental changes and as undertaken several such programs in the past in this regard. Reducing the implicit cost will help Tesco reduce its operating costs in the long run and will have a positive impact on its profitability.
How will this experiment help the UK?
The United Kingdom has a massive programme to reduce its carbon footprint and also bring about more ecologically positive changes in the country. Reducing the household food wastage by 50 per cent by 2030 is one of the ecological targets the country has pledged to keep but has not achieved much progress in this regard because of no mandatory reporting or any such institutionalised enforcement measure.
This experiment conducted by Tesco, though not requiring any mandatory disclosures to be made to the government but will come up with some ideas that could then be widely implemented. The data that would be obtained from this experiment would give the government an idea of how much more work needs to be done to reach its target.
The effect of the pandemic on people’s perception on their way of living
The pandemic has brought about significant changes in the minds of people about their lives and livelihoods. In a poll conducted by Tesco from among 2000 of its adult shoppers, it found that about 67 people have now a different perception of food than what they had before the outbreak of the pandemic. In the survey conducted by the company 35 per cent of the people said that they had reduced their food wastage during the lockdown, whereas 35 per cent said that they had kept up with the practice after the reopening. About 61 per cent reported cooking with leftovers every week, 22 per cent reported batch cooking and freezing while 32 per cent reported they were planning meals. However, the recent growth in food waste after the opening of the lockdown goes against this change in perception, which is the reason why this experiment could have the greatest efficacy now as people would be more responsive to suggestions.
Food retail chains like Tesco are also a major contributor to food wastage, as a result of improper handling and storage. Tesco was one of the first to report its numbers in this regard and had been taking positive actions to bring about more efficiency in its operations.
The performance of Tesco on the London Stock Exchange over the past one month
The shares of Tesco have not been performing well on the London Stock Exchange over the past month. The Shares of the company were trading at GBX 223.30 on 7 August 2020, and from there they have slid to GBX 217.25 on 7 September 2020 (GMT 14:06 PM) losing 2.68 per cent in one-month period.
Conclusion – The task that Tesco has set out for itself could be the precursor to significant positive changes that may come about to British society. The billions of pounds worth of food that gets wasted every year, could have contributed significantly to the economic growth of the country, and creating thousands if not millions of job opportunities. These costs, which are implicit costs, are reminiscence of the earlier industrial era when we used our resources stupendously. Now that the effects of environmental degradation and sustainability have become so apparent, we are taking cognisance.
The pandemic and the economic slowdown represents a unique opportunity before the government to take some concrete steps in this regard. The pledge to reduce food waste by 50 per cent by the end of 2030 can only be achieved if quantified targets re given to businesses and people to adhere to. Giving leftover food to food banks and to charities who feed poor and needy people is also a very good way to improve the country's performance on this front.
There are many aspects which can be followed from the experiment that is being done by Tesco. Changing habits is perhaps one of the greatest challenging things we undertake in our lives. If this experiment comes up with practical measures that would help people change their habits, it will help the nation in long run in halving food waste by the year 2030.
