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J Sainsbury To Invest £1 Bln Over 20 Years To Become Net Zero By 2040

Retailer J Sainsbury plc (JSAIY.PK,SBRY.L) announced Tuesday its plans to invest 1 billion pounds over twenty years towards becoming a Net Zero business across its own operations by 2040.

The company said its decision is aligned to the highest ambitions of the Paris Climate Change Agreement and a decade ahead of the UK Government's own target.

Sainsbury's will use the investment to implement a programme of changes, with a focus on reducing carbon emissions, food waste, plastic packaging and water usage. Further, the company will increase efforts for recycling, biodiversity and healthy and sustainable eating.

The investment is expected to enable the business to fulfil Scope one and Scope two emissions.

The retailer will work with the Carbon Trust to assess emissions and set science-based targets for reduction, publicly reporting on progress every six months.

The targets will align the business with the goal to limit global warming to 1.5°C, the highest ambition of the Paris Agreement.

Sainsbury said its current carbon footprint is one million tonnes, which is a 35% absolute reduction in the last 15 years despite its space increasing by 46% over the same time frame.

For the last six years Sainsbury's has been awarded an A rating for taking action on Climate Change by the CDP, the highest rating of any UK supermarket.

Sainsbury's planned investment will not impact net debt reduction targets. Sainsbury's continues to expect net debt to reduce by at least £300 million in 2019/20 and £750 million over a three year period.

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