H&M, IKEA, Walmart and Kingfisher Launch Race to Zero Group for Retail Industry
H&M, Ikea Ingka’s parent company, Kingfisher and Walmart have launched a new climate change initiative to drive climate action in the global retail industry.
The retail giants have urged other companies to join the new initiative, dubbed Net Zero Breakthroughs: Retail Campaign, by setting science-based targets that put them on track to halve their gas emissions at greenhouse effect by 2030 and achieve net zero emissions by mid-century.
The companies warned that urgent action was needed to engage the retail sector to meet global climate targets, noting that only 5% of retail companies by global revenue had committed to meeting decarbonization targets in line with capping global temperature increases in line with international climate targets. . “A decarbonisation path for the sector is notoriously absent,” they said.
The group will be managed by the World Business Council for Sustainable Development (WBCSD) and will be carried out in partnership with the high-level climate champions of COP26. Companies joining the group will automatically join the UN-backed Race to Zero campaign, which brings together companies, governments, universities, cities and other public and private organizations that are committed to achieving zero net emissions of here the middle of the century.
“This campaign is a call on retailers around the world to take ambitious climate action as they increasingly recognize the risks posed by climate change in their supply chains and operations,” said Peter Bakker, President and CEO of WBCSD. “We need more retailers to join the UNFCCC’s race to zero and show leadership and commitment, like H&M Group, Ingka Group, Kingfisher and Walmart. “
Bakker added that climate and natural emergencies were “the most complex challenges of our time”, alongside rising social inequalities. “Only by joining forces and collectively rethinking industries, such as retail, will it be possible to combat them,” he said.
High-level UN climate champion for COP26, Nigel Topping, urged other retailers to sign up. “I encourage the retail sector to join us and take immediate climate action to halve global emissions by 2030,” he said. “Together we can win the race from zero.”
In the UK, more than 60 chains, including Boots, IKEA, Asos, M&S, Ocado and Sainsbury’s, have pledged to achieve net zero emissions by 2040 by joining the British Retail Consortium Roadmap for climate action.