(Alliance News) - Kingfisher PLC on Thursday said it has set ambitious new carbon reduction targets after meeting its earlier goals ahead of schedule, weeks after agreeing a loan facility that will give it a discount for sustainability.
The FTSE 100-listed home improvement retailer, which owns B&Q and Screwfix, said it will cut emissions from property and transport by 38% from 2016 levels by 2025.
Meanwhile, emissions from Kingfisher's supply chain and customers will be cut by 40%, per million pounds of revenue, from the 2017 level by 2025.
Kingfisher said it set the new goals to replace its previous ones, which it met four years ahead of schedule. Those included a 27% cut in emissions since the 2017 financial year.
On June 2, the London-based company signed a GBP550 million revolving credit facility which will carry a lower interest rate if Kingfisher meets environmental and social criteria.
The new targets are approved by the UN-backed Science Based Targets Intiative and are consistent with the Paris agreement to limit global warming to 1.5 degrees Celsius.
"We are proud to join the small number of retailers who have set approved science-based targets in line with a 1.5 degrees Celsius scenario," Chief Executive Thierry Garnier said.
Shares in Kingfisher were down 0.4% to 338.20 pence in London.
By Ivan Edwards; ivanedwards@alliancenews.com
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Kingfisher (KGF)