Online retail giant THG has revealed an "ambitious goal" to become "climate positive and offset its entire historical emissions".
The Greater Manchester-headquartered group is to set out its 2030 Sustainability Strategy as part of its inaugural capital markets event for analysts and institutional investors which will also focus on its Ingenuity division.
THG also wants to pay all direct staff, agency workers and contractors a living wage by 2025 as well as achieve 50% female representation and at least 20% ethnic minority representation in graduate and apprenticeship schemes by the same year.
The group also confirmed that from 2022, THG's chief executive, Matthew Moulding, and members of the executive board and senior leadership team will each be set "relevant sustainability-linked objectives" which will impact their pay.
On protecting the climate and nature, THG's targets are to:
- Publish net zero roadmap aligned to science-based targets by 2022
- Offset all of THG's direct historical emissions by 2025
- Transition to 100% renewable electricity for own operations by 2025
- 50% of suppliers and THG Ingenuity partners to set carbon reduction targets by 2025
- 100% sourced agricultural materials to be deforestation-free for own brands by 2025
- Top 20% of own brand suppliers (by impact) to introduce restorative agricultural practices by 2030
- 30% reduction of water use in water stressed and own operation sites by 2030
- 25% of product and ingredient suppliers to disclose water usage and adopt Water Stewardship by 2030
On strengthening its supply chain and circularity its targets are to:
- Implement a progressive Human Rights policy by 2023
- All suppliers to commit to THG's ethical sourcing standards by 2025
- 100% of own brand packaging to be recyclable, reusable or compostable by 2025
- Zero waste to landfill from its own operations by 2030
- To recycle more plastic than its produces by 2030
- 70% of packaging from third party brands to be recyclable, reusable or compostable by 2030
On "empowering people and communities, THG's targets are to:
- Achieve at least 15% improvement in employee engagement score by 2025
- Pay all direct staff, agency workers and contractors a living wage by 2025
- All Tier 1 suppliers to pay a living wage by 2025
- Achieve 50% female representation and at least 20% ethnic minority representation in graduate and apprenticeship schemes by 2025
- Eliminate gender and ethnicity pay gaps across all THG divisions by 2030
- Achieve 50% gender equality and at least 15% ethnic minority representation on the Board and senior leaders by 2030
- Provide 10,000 people in the community with technology and life skills training by 2030
- Two days volunteering per year for every THG employee by 2025
Executive chairman and CEO Matthew Moulding said: "We are committing to use our global scale, our world-class talent and our dedication to innovation, to act as a force for good.
"More importantly, we are using our access to capital to invest in and influence environmental and societal changes that will benefit our planet today and create a sustainable future for generations to come.
"Publishing our goals is our first step, and next year we will publish our roadmaps to achieving each milestone target towards 2030.
"We have always been fast-paced, agile and responsive to changes in the market, and our sustainability strategy is no different - while we have our sights set on the year 2030, we will certainly do our best to achieve more and work in partnership with others to accelerate the pace of positive change.
"Events in 2020 and 2021 have demonstrated both the immensely powerful and unpredictable nature of Planet Earth and the unity, collaboration, resilience and desire from society to build a better future.
"Our vision is to leave the world a better place than we found it. It will take real responsibility and commitment from every one of our people, suppliers and supporters, working in partnership to help us achieve our shared goals."
