TIDMKGF
RNS Number : 3970B
Kingfisher PLC
10 June 2021
Kingfisher plc announces new 2025 carbon reduction targets,
now approved by the Science Based Targets initiative (SBTi)
- Kingfisher's new 1.5 degree-aligned carbon reduction targets approved by the SBTi.
- The business has achieved a 27% cut in operational carbon
emissions in four years, meeting its previous target four years
ahead of schedule.
10 June 2021: Kingfisher plc ('Company', 'Group' or
'Kingfisher'), the international home improvement retailer whose
businesses include B&Q and Screwfix, today announces ambitious
new carbon reduction targets consistent with reductions required to
keep global warming to 1.5degC, the most ambitious goal of the
Paris Climate Agreement. The new targets have now been approved by
the Science Based Targets initiative , and replace Kingfisher's
previous targets, which it met four years ahead of schedule.
Kingfisher has committed to*:
-- Reduce Scope 1 & 2 emissions from property and transport
by c.38% in absolute terms by 2025, compared to 2016; and
-- Reduce Scope 3 emissions from the supply chain and customer
use of products by 40% per GBPmillion of turnover by 2025, compared
to 2017.
Thierry Garnier, Chief Executive Officer at Kingfisher plc,
said: "Through the great work of all our teams, we met our previous
science-based carbon reduction targets well ahead of schedule. We
felt it was critical for us to take additional commitments by 2025
and have now committed to make the additional investments needed to
meet these ambitious new targets.
We are proud to join the small number of retailers who have set
approved science-based targets in line with a 1.5degC
scenario."
The new targets build on significant progress already made under
Kingfisher's responsible business plan to cut the environmental
footprint of its business and products. This includes:
-- A 27% cut in operational absolute carbon emissions since FY 2016/17;
-- B&Q, Screwfix and Brico Dépôt Iberia purchase 100% renewable electricity
-- A 1.7 million tonne reduction in CO(2) emissions from
energy-using products, such as appliances, since FY 2017/18;
-- An 18% reduction in scope 3 emissions compared with FY 2017/18;
-- A score of A- in the latest CDP Climate Change disclosure initiative; and
-- A partnership with the Rainforest Alliance to protect,
restore and enable the responsible management of tropical forests
as part of Kingfisher's commitment to become Forest Positive by
2025.
" We congratulate Kingfisher plc for setting science-based
targets consistent with limiting warming to 1.5degC, the most
ambitious goal of the Paris Agreement", said Cynthia Cummis,
Director of Private Sector Climate Mitigation at World Resources
Institute, one of the Science Based Targets initiative partners.
"By aligning its goals with a 1.5degC future, Kingfisher will be
better placed to thrive as the global economy transitions to a zero
emissions future."
Kingfisher is also a founder member of the UN's Race to Zero
Breakthroughs - Retail , a partnership aiming to inspire more of
the world's retailers to take action on climate change.
On 2 June 2021, the Group announced it had entered into a new
GBP550m revolving credit facility agreement . Kingfisher will
benefit from a lower interest rate if it delivers ambitious
sustainability and community-based targets under the Group's
Responsible Business plan.
Footnotes
* Official target wording: Kingfisher commits to reduce absolute
scope 1 and 2 greenhouse gas (GHG) emissions by 37.8% by 2025, from
a 2016 base year. Kingfisher also commits to reduce scope 3 GHG
emissions from use of sold products and purchased goods and
services by 40% per GBPmillion turnover by 2025, from a 2017 base
year. The target boundary includes biogenic emissions and removals
from bioenergy feedstocks.
Contacts
Tel: Email:
Investor Relations +44 (0) 20 7644 investorenquiries@kingfisher.com
1082
Media Relations +44 (0) 20 7644 corpcomms@kingfisher.com
1030
Teneo +44 (0) 20 7420 Kfteam@teneo.com
3184
About Kingfisher plc
Kingfisher plc is an international home improvement company with
approximately 1,400 stores, supported by a team of over 83,000
colleagues. We operate in eight countries across Europe under
retail banners including B&Q, Castorama, Brico Dépôt, Screwfix,
TradePoint and Koçta . We offer home improvement products and
services to consumers and trade professionals who shop in our
stores and via our e-commerce channels. At Kingfisher, our purpose
is to help make better homes accessible for everyone.
Kingfisher's Responsible Business strategy focuses on four key
priorities:
-- Colleagues: becoming a more inclusive company.
-- Planet: helping to tackle climate change and creating more forests than we use.
-- Customers: helping to make greener, healthier homes affordable.
-- Communities: fighting to fix bad housing.
About the Science Based Targets initiative (SBTi)
The Science Based Targets initiative (SBTi) mobilises companies
to set science-based targets and boost their competitive advantage
in the transition to the low-carbon economy. It is a partnership
between the CDP, the United Nations Global Compact, the World
Resources Institute (WRI) and the World Wide Fund for Nature
(WWF).
The SBTi call to action is one of the We Mean Business Coalition
commitments. The initiative defines and promotes best practice in
science-based target setting, offers resources and guidance to
reduce barriers to adoption, and independently assesses and
approves companies' targets.
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