— Finance

Coles set to reduce emissions to net zero by middle of the century

Major supermarket retailer Coles says all its stores will be powered by renewable energy by at least the middle of the decade.

In a statement to the Australian Stock Exchange on Friday, Coles announced bold new emissions targets that exceed ambitions set under the Paris Agreement.

Under its climate change position statement, Coles has pledged to deliver zero greenhouse gas emissions by 2050.

By the financial year 2025, Coles said its entire store network would be powered entirely by renewable electricity.

Coles chief executive Steven Cain said the company had already accelerated its ambitions to reduce scope 1 and 2 greenhouse gas emissions targets.

“We have already reduced scope 1 and scope 2 greenhouse gas emissions by 36.5 percent since 2009 and have been a leader in securing renewable energy.”

The company also intends to reduce scope 1 and 2 emissions by more than 75 percent over the next decade.

Coles’ pledge follows public moves by rival Woolworths and other major Australian businesses set emission target reduction strategies.

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