Woolworths Group has moved closer to its target of reducing carbon emissions and its vision to create a positive impact on people and the planet. It recently launched its first Sustainability-linked bonds (SLBs) with support from HSBC, further aligning its financing strategy with its sustainability plan.
The retail grocery industry has a large impact on climate change due to emissions from energy consumption, refrigerants and other sources. But being the nexus of the food system, supermarket chains like Woolworths can have a great influence on reducing emissions across the food supply chain.
We’re working hard to materially reduce our carbon emissions by 2030, in line with our contribution to the goal of limiting climate change to 1.5 degrees set by the Paris Agreement,” says Woolworths Group Chief Financial Officer Stephen Harrison in a company announcement.
To drive change, Woolworths has set ambitious goals through its Sustainability Plan 2025. These include sourcing 100 per cent renewable energy to power its operations, eliminating food waste that goes to landfill and slashing its carbon footprint.
Ultimately, the group wants to become ‘net emissions positive’ by 2050, which means that it will remove more carbon from the atmosphere than it produces to benefit the environment.