Online sales giant THG has revealed an “ambitious target” to become “climate positive and offset all of its historic emissions”.
The group, headquartered in Greater Manchester, will present its 2030 sustainability strategy at its inaugural capital markets event for analysts and institutional investors, which will also focus on its Ingenuity division.
THG also aims 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 programs. graduate studies and apprenticeship within the same year.
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The group also confirmed that from 2022, THG CEO Matthew Molding and members of the board and management team will each have “relevant sustainability goals” set that will have an impact on their remuneration.
In terms of climate and nature protection, THG’s objectives are to:
- Publish a net zero roadmap aligned with science goals by 2022
- Offset all historical direct THG emissions by 2025
- Transition to 100% renewable electricity for its own operations by 2025
- 50% of THG Ingenuity suppliers and partners set carbon reduction targets by 2025
- 100% sourced agricultural materials without deforestation for own brands by 2025
- Top 20% of private label suppliers (by impact) to introduce restorative agricultural practices by 2030
- 30% reduction in water consumption at water stress and operating sites by 2030
- 25% of product and ingredient suppliers disclose their water consumption and adopt responsible water management by 2030
By strengthening its supply chain and circularity, its objectives are to:
- Implement a progressive human rights policy by 2023
- All suppliers commit to meeting THG’s ethical sourcing standards by 2025
- 100% of own-brand packaging will be recyclable, reusable or compostable by 2025
- Zero waste to landfill of its own operations by 2030
- Recycle more plastic than it produces by 2030
- 70% of third-party brand packaging will be recyclable, reusable or compostable by 2030
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Regarding “the empowerment of people and communities, the objectives of THG 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 vendors will pay a living wage by 2025
- Achieve 50% female representation and at least 20% ethnic minority representation in graduate and apprenticeship programs by 2025
- Eliminate gender pay gaps and ethnicity across all THG divisions by 2030
- Achieve 50% gender equality and at least 15% ethnic minority representation on board of directors and senior leaders by 2030
- Provide 10,000 people in the community with technology and life skills training by 2030
- Two days of volunteering per year for each THG employee by 2025
Executive Chairman and CEO Matthew Molding said, “We are committed to using our global scale, our world-class talents and our dedication to innovation, to act as a force for good.
“Most importantly, we are using our access to capital to invest 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 be releasing our roadmaps to achieve each milestone goal towards 2030.
“We have always been quick, nimble and responsive to market changes, and our sustainability strategy is no different – as we aim for the year 2030, we will certainly do our best to do more and work in partnership. with others to accelerate the pace of positive change.
“The events of 2020 and 2021 demonstrated both the immensely powerful and unpredictable nature of planet Earth and the unity, collaboration, resilience and desire of society to build a better future.
“Our vision is to leave the world in a better place than we have found it. It will require real responsibility and commitment from each of our employees, suppliers and supporters, working in partnership to help us achieve our common goals. “