First Grocery Retailer to Validate FLAG Targets in Climate Action
- Ocado’s net-zero targets validated by Science Based Targets Initiative
- First grocery retailer with SBTi-validated targets including FLAG
- Reducing absolute scope 1, 2 and 3 greenhouse gas emissions by 42% by FY2030
- Active annual sourcing of 100% renewable electricity by FY2030
- Reducing absolute scope 3 FLAG GHG emissions by 30.3% by FY2030
- Net-zero targets: reducing absolute scope 1, 2 and 3 greenhouse gas emissions by 90% by FY2040
- Reducing absolute scope 3 FLAG GHG emissions by 72% by FY2040
- Emission reduction priorities: low-carbon supply, logistics, agriculture, diets and innovation
- Collaboration with industry partners, suppliers, customers and colleagues for transformation
Ocado, the world’s largest online supermarket, has become one of the first grocery retailers to have its net-zero targets validated by the Science Based Targets initiative (SBTi). The company is committed to achieving carbon neutrality by 2040 through its Planet Together strategy. Ocado Retail’s near-term goals include reducing absolute scope 1, 2, and 3 greenhouse gas emissions by 42% by FY2030, sourcing 100% renewable electricity annually by FY2030, and decreasing absolute scope 3 FLAG GHG emissions by 30.3% by the same year. The retailer’s long-term targets involve reducing absolute scope 1, 2, and 3 greenhouse gas emissions by 90% and absolute scope 3 FLAG GHG emissions by 72% by FY2040. Emphasis is placed on low-carbon supply chains, logistics, sustainable agriculture, diets, innovation, and advocacy in their efforts to achieve these ambitious goals. Laura Fernandez, Ocado Retail’s senior sustainability manager, stated that they prioritize action in high-emitting areas with collaboration from industry partners, suppliers, customers, and colleagues for a successful transition towards net-zero.
Factuality Level: 10
Factuality Justification: The article provides accurate information about Ocado’s sustainability targets validated by the Science Based Targets initiative (SBTi) and their commitment to become carbon net-zero by 2040. It includes specific numerical targets for emissions reductions in various scopes and mentions the focus areas for emission reduction. The quote from Laura Fernandez, senior sustainability manager at Ocado Retail, supports the information presented.
Noise Level: 2
Noise Justification: The article provides relevant information about Ocado’s sustainability targets and efforts towards becoming carbon net-zero by 2040. It includes specific goals for emissions reductions in various areas and quotes from a senior sustainability manager. The content is focused on the topic and supports its claims with details of the targets set by SBTi.
Financial Relevance: Yes
Financial Markets Impacted: Ocado’s stock price and related companies in the grocery retail sector
Financial Rating Justification: The article discusses Ocado, a major online supermarket, setting ambitious emissions reduction targets and committing to becoming carbon net-zero by 2040. This can impact its stock price and potentially affect other companies in the grocery retail sector as investors may consider environmental sustainability when making investment decisions.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text.
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