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The Co-operative has unveiled new and “ambitious” sustainability targets, which includes reducing carbon emissions across the supply chain.
This comes as Co-op has already hit its original greenhouse gas target early, ahead of its official 2025 goal.
These new sustainability targets, which are aligned to the retailer’s credit facilities, aim to have two thirds of its suppliers enrolled in the Science Based Targets initiatives by the end of 2025.
Currently, only 37% of the retailer’s suppliers take part in these initiatives.
In addition, Co-op will target a 650-tonne reduction in food waste per year, as well as double the annual funding to its Levy Share which invests thousands in apprenticeships.
According to the group, the new goals align with its commitment to reach net zero status across all of its operations by 2035, and across the whole business by 2040.
This update also comes after Co-op became the first UK retailer to adopt a sustainability-linked financing facility in 2019, with its revolving credit facility being supported by Lloyds Bank, Barclays, NatWest, INH Bank, Handelsbanken, and Bank of Ireland.
Rachel Izzard, CFO of Co-op, said: “These new targets reflect our commitment to the issues which matter most to our member-owners, including environmental stewardship and the reduction of carbon emissions and food waste across our business and supply chains.
“This also marks a further step forward towards our goal of achieving net zero across our operations by 2035.”
She added: “The banks supporting Co-op share our commitment to these important areas, and their backing will go a long way to facilitating the implementation and achievement of our plans.”
