Coles (ASX:COL) targets net-zero greenhouse emissions target by 2050

• Supermarket chain Coles (COL) is targeting net-zero greenhouse emissions by 2050 as part of a growing global effort to address climate change
• It pledged it would be entirely powered by renewable electricity by the end of 2025
• The company also said it would work on reducing its combined scope one and two greenhouse gas emissions by more than 75 per cent by the end of 2030
• The news comes as other companies around the world unveil their own commitments to tackling climate change, like Fortescue Metals, which is aiming for carbon neutrality by 2030
• Coles is down 0.71 per cent to $15.46 per share

Supermarket chain Coles (COL) is targeting net-zero greenhouse emissions by 2050 as part of a growing global effort to address climate change.

Australia’s number two grocer pledged that it would be entirely powered by renewable electricity by the end of 2025, adding it would work on reducing its combined scope one and two greenhouse gas emissions by more than 75 per cent by the end of 2030.

“We have already reduced scope one and scope two greenhouse gas emissions by 36.5 per cent since 2009 and have been a leader in securing renewable energy,” said chief executive Steven Cain.

“Our new targets for scope one and two emissions commit us to an accelerated reduction in greenhouse gas emissions that exceed the climate change ambitions of the Paris Agreement and will help sustain Australia for generations to come by working together with our customers, suppliers and members of the community.”

Coles’ new commitment follows a deal signed in September, under which it agreed to source more than 90 per cent of its Queensland energy requirements from state-owned energy generator CleanCo, three-quarters of which would come from renewable sources.

Companies around the world have been facing pressure from both investors and consumers seeking more transparency when it comes to emission reduction and decarbonisation targets.

Earlier this week, mining giant Fortescue Metals said it is aiming to become carbon neutral by 2030, ten years ahead of its previous target.

Carbon emission targets will be integrated with the company’s formal remuneration structure, which includes both short- and long-term incentives.

Fortescue also said its wholly owned subsidiary, Fortescue Future Industries (FFI), “will be a key enabler” of these targets by developing green electricity, green hydrogen and green ammonia projects in Australia.

Coles is down 0.71 per cent to $15.46 per share at 11:18am AEDT.