Portuguese retailer Sonae MC plans to invest €110 million by 2022 to reduce the ecological footprint of its Continente hypermarkets and supermarkets.
Around €55 million will be loaned by the European Investment Bank (EIB) under the European Fund for Strategic Investments. The financing contract will be formally signed in the coming weeks, as Sonae MC's energy and environmental sustainability project received the green light from the EIB at the end of 2018.
A Sonae MC source told the Expresso newspaper that the company "has an active investment policy in reducing the ecological footprint, energy efficiency and reducing the waste of its food retail brands”, pointing out that the environmental sustainability strategy aims to position the firm as a benchmark setter in the sector.
According to the paper, Sonae MC's project focuses on the efficient use of natural resources and the transition to a 'circular economy' mindset. Much of the investment will be allocated to the developed regions of the country, thus contributing to the greater economic, social and territorial cohesion of the EU.
The EIB loan will also be used to finance investments in the technical infrastructure of the group's stores. As well as consuming water and generating waste, the group's hypermarkets and supermarkets have installed state-of-the-art lighting, heating, ventilation and air conditioning systems, in addition to the latest refrigeration systems.
To reduce its ecological footprint, Sonae MC intends to invest comprehensively in the areas of energy, water, reducing and recovering food waste, and environmental performance. This would lead to energy savings of 10% and lower greenhouse gas emissions, the retailer said.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine