Investment in soft targets provides little impact on emissions reductions
A Tesco supermarket in Hatfield, Britain, October 6 2020. Picture: REUTERS/PETER CZIBORRA
After its first sustainability-linked bond in January was criticised for using an emissions goal it had largely achieved, the firm has issued more debt linked to the same target, which covers the reduction of a tiny proportion of its total carbon footprint. Investors lapped it up, bidding more than three times the amount on offer to reduce Tesco’s borrowing costs, but the benefits to the environment look minimal.
Tesco declined to comment. In a press release, it said the note is aligned to its sustainability-bond framework, which follows voluntary principles set out by the International Capital Market Association and is independently assessed by Sustainalytics. The bond “further cements our ambition” to be net-zero in operations by 2035, said CFO Imran Nawaz.
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