Emissions are down with Coles’ new targets

The Australasian Centre for Corporate Responsibility (ACCR) has welcomed Coles Group’s (ASX:COL) new emissions targets, announced today.

Coles has committed to:

● Net zero operational emissions by 2050

● Use 100% renewable energy by 2025

● Reduce operational emissions (Scope 1+2) by 75% by 2030 (2020 baseline)

Commenting on the resolution, Dan Gocher, Director of Climate and Environment at ACCR, said:

“Coles’ previous emissions targets were underwhelming to say the least, but it has really delivered with this set of commitments.

“Coles is now a close second in ambition, after Fortescue Metals Group (ASX:FMG) committed earlier this week to achieve net zero emissions by 2030.

“Coles is not an insignificant emitter—it produced 1.6 million tonnes of CO2e in FY2020—and ranks in the top 50 of Australia’s largest polluters.

“Coles should follow the lead of Rio Tinto, Santos and Woodside and voluntarily adopt a Say on Climate, by giving its shareholders an annual vote on its climate strategy.

“This latest flurry of climate announcements from Australian companies shows the penny has finally dropped on climate risk management. The Federal government would be wise to take heed.”