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Pin to quick picksMarks & Spencer Share News (MKS)

Share Price Information for Marks & Spencer (MKS)

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Share Price: 258.30
Bid: 258.30
Ask: 258.50
Change: 3.70 (1.45%)
Spread: 0.20 (0.077%)
Open: 254.60
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Britain's M&S aims to be fully net zero on emissions by 2040

Thu, 30th Sep 2021 00:01

LONDON, Sept 30 (Reuters) - Marks & Spencer pledged
on Thursday to become net zero in carbon emissions across its
own operations, its entire supply chain and its products by
2040, ten years ahead of a government target for Britain.

Britons have become increasingly aware of the urgency of
addressing climate change, spurred on by campaigners including
veteran naturalist and broadcaster David Attenborough and
Swedish teen activist Greta Thunberg.

Retailers have responded by cutting waste and their use of
plastic, although some environmental groups have criticised
these efforts as "greenwashing".

The M&S target is more ambitious than one set out by Tesco
, Britain's biggest retailer, last week.

M&S, which sells food, clothing and homeware, launched a
sustainability programme in 2007 and in 2012 became the first
major carbon neutral retailer for its direct emissions.

It wants to cut its total carbon footprint by a third by
2025 and has committed to zero deforestation in sourcing palm
oil and soy by 2025, using more sustainable fibres by 2025 and
supporting suppliers to advance lower carbon farming methods.

"This won't be easy. We need to transform how we make, move
and sell our products to customers and fundamentally change the
future shape of our business," M&S CEO Steve Rowe said.

To get customers on board, the retailer will now reward the
12.5 million members of its "Sparks" loyalty scheme with treats
if they donate unwanted clothes to British-based charity Oxfam.

In May, Britain reaffirmed its commitment to achieve net
zero greenhouse gas emissions by 2050, a pledge it hopes will
spur on other nations before November's COP26 climate summit.

Last month, M&S upgraded its profit outlook after a jump in
demand for food in its home market and an online clothes sales
surge indicated a turnaround plan was working.
(Reporting by James Davey; Editing by Alexander Smith)

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