Kingfisher plc (‘Company’, ‘Group’ or ‘Kingfisher’), the international home improvement retailer whose businesses include B&Q and Screwfix, today announces ambitious new carbon reduction targets consistent with reductions required to keep global warming to 1.5°C, the most ambitious goal of the Paris Climate Agreement.
The new targets have now been approved by the Science Based Targets initiative, and replace Kingfisher’s previous targets, which it met four years ahead of schedule.
Kingfisher has committed to:
Reduce Scope 1 & 2 emissions from property and transport by c.38% in absolute terms by 2025, compared to 2016; and
Reduce Scope 3 emissions from the supply chain and customer use of products by 40% per £million of turnover by 2025, compared to 2017.
Thierry Garnier, Chief Executive Officer at Kingfisher plc, said: “Through the great work of all our teams, we met our previous science-based carbon reduction targets well ahead of schedule. We felt it was critical for us to take additional commitments by 2025 and have now committed to make the additional investments needed to meet these ambitious new targets. We are proud to join the small number of retailers who have set approved science-based targets in line with a 1.5°C scenario.”
The new targets build on significant progress already made under Kingfisher’s responsible business plan to cut the environmental footprint of its business and products. This includes:
A 27% cut in operational absolute carbon emissions since FY 2016/17;
B&Q, Screwfix and Brico Dépôt Iberia purchase 100% renewable electricity
A 1.7 million tonne reduction in CO2 emissions from energy-using products, such as appliances, since FY 2017/18;
An 18% reduction in scope 3 emissions compared with FY 2017/18;
A score of A- in the latest CDP Climate Change disclosure initiative; and
A partnership with the Rainforest Alliance to protect, restore and enable the responsible management of tropical forests as part of Kingfisher’s commitment to become Forest Positive by 2025.
“We congratulate Kingfisher plc for setting science-based targets consistent with limiting warming to 1.5°C, the most ambitious goal of the Paris Agreement”, said Cynthia Cummis, Director of Private Sector Climate Mitigation at World Resources Institute, one of the Science Based Targets initiative partners. “By aligning its goals with a 1.5°C future, Kingfisher will be better placed to thrive as the global economy transitions to a zero emissions future.”
Kingfisher is also a founder member of the UN’s Race to Zero Breakthroughs – Retail, a partnership aiming to inspire more of the world’s retailers to take action on climate change.
On 2 June 2021, the Group announced it had entered into a new £550m revolving credit facility agreement. Kingfisher will benefit from a lower interest rate if it delivers ambitious sustainability and community-based targets under the Group’s Responsible Business plan.