H&M Group, Kingfisher, Walmart and Ikea's holding company Ingka Group have launched a new initiative to accelerate a net-zero emissions movement within the retail industry.
Retailers can join the Race to Zero Breakthroughs: Retail Campaign by setting science-based targets, working to halve greenhouse gas emissions by 2030, and committing to achieve net-zero carbon emissions by 2050 at the latest.
Members have pledged their support to accelerate a movement in the retail industry to drive climate action and encourage other retailers to set out their plans to achieve 1.5 degree aligned carbon reduction targets.
The campaign helps retailers achieve these goals by providing sector-specific guidance and access to networks and best practice
“I encourage the retail industry to join us and take immediate climate action to halve global emissions by 2030. Together, we can win the race to zero.” said Nigel Topping, UN high level climate champion for COP26.
The retail sector faces unprecedented challenges due to climate change, which have only been accentuated by the COVID-19 pandemic.
The imperative to take action to limit warming to 1.5°C has never been higher.
However, despite bold actions from some leading retail brands, a decarbonisation pathway for the sector is notably absent, with only 5% of retail businesses – by total global industry revenues – having committed to taking action to limit global warming in accordance with the Paris Agreement goals.
The new climate initiative was launched in partnership with the COP26 High Level Climate Action Champions, and supported by World Business Council for Sustainable Development (WBCSD).
Peter Bakker, president and CEO of the WBCSD, said: “This campaign is a call to retailers everywhere to take ambitious climate action as they increasingly recognize the risks posed by climate change across their supply chains and operations
“The climate emergency, together with the loss of nature and rising inequalities, are the greatest and most complex challenges of our time. Only by joining forces and collectively rethinking the industries, like retail, will it be possible to tackle them.”
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