H&M, Ikea, B&Q and Walmart have launched a new climate change initiative to drive action on encouraging other retailers to achieve carbon reduction targets. The initiative is known as the Race to Zero Breakthroughs: Retail Campaign and it’s being done in partnership with the COP26 High Level Climate Action Champions and supported by the World Business Council for Sustainable Development (WBCSD).
H&M Group, Ikea retail holding company Ingka Group, B&Q parent company Kingfisher, and Walmart have pledged their support to accelerate a movement in the retail industry to encourage other retailers to set out their plans to achieve 1.5°C aligned carbon reduction targets.
The Race to Zero campaign states that the retail sector faced “unprecedented challenges” due to climate change, which have only been accentuated by the Covid-19 pandemic.
It added that the imperative to take action to limit warming to 1.5°C “has never been higher”.
So far, only five per cent of retail businesses – by total global industry revenues – have committed to taking action to limit global warming in accordance with the Paris Agreement goals.
Retailers can join the Race to Zero effort 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.
The campaign also helps retailers achieve these goals by providing sector-specific guidance and access to networks and best practices, as ...
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