Russia's X5 Retail Group has announced that it has joined the Science Based Targets initiative (SBTi) to decarbonise the company's operations and improve its global sustainability profile.
The food retailer will set science-based emissions reduction targets that align with what climate scientists say is required to meet the goals set in the Paris Agreement.
It will determine the volume and rate of emission reductions that will enable the company to contribute to the common goal of limiting global warming to below 2°C versus pre-industrial levels.
X5 Retail Group, which reported net sales growth of 8.1% in the first quarter of its financial year, operates the Pyaterochka, Perekrestok, and Karusel retail chains in Russia. It also recently announced a planned restructuring of its digital operations.
In December 2019, the company approved a sustainable development strategy based on the United Nation's Sustainable Development Goals (SDGs).
'Sustainable Development Strategy'
CEO of X5 Retail Group, Igor Shekhterman, commented, "In line with its sustainable development strategy, X5 has already made strong efforts to meet its long-term goal of achieving a 30% decrease in GHG emissions by 2030.
"We recognise the importance of international cooperation for delivering on climate change goals and are glad to commit ourselves to the SBTi along with other leading global companies."
The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
It independently assesses corporate emissions reduction targets in line with modern climate science requirements to avoid the worst impact of climate change.
More than 1,000 companies from around the world have responded to the SBTi's urgent call-to-action for companies to set emissions reduction targets.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.